Wednesday, July 23, 2014

Statoil earnings fall despite sales increase

October 30. 2013 3:37AM
Associated Press

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(AP) Statoil says third quarter earnings fell 6 percent compared to last year due to lower natural gas prices and higher expenses as the Norwegian oil major brings new fields online.

The company says quarterly earnings amounted to 13.7 billion kronor ($2.3 billion), partially helped by a $2.6 billion sale in four North Sea oil fields, while sales for the three-month period were nearly 170 billion kronor ($28.8 billion), a 2 percent increase compared with the second quarter last year.

Statoil said Wednesday that total production from July to September ticked up 2 percent and amounted to 1.8 million barrels of oil equivalent per day.

The Stavanger-based company says the third quarter yielded strong exploration results after the discovery of new offshore fields near Canada and on the Norwegian continental shelf.

Associated Press

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