Statoil Posts Upbeat Q3 Profit

Statoil ASA

reported an upbeat third-quarter net profit. Statoil's quarterly net profit came in at 14.3 billion Norwegian kroner ($2.4 billion), versus a year-ago profit of NOK14.39 billion. However, analysts were expecting a profit of NOK11.67 billion. Its adjusted earnings before interest and taxes rose 1% to NOK40.4 billion, beating estimates of NOK39.98 billion. Its international production climbed 13% to 728,000 barrels a day. Statoil shares closed at $24.11 yesterday.