Norweigian state-backed energy firm Statoil, the largest Nordic company by market capitalisation, has booked a net profit of NOK 27.1 billion ($5.01 billion) in the three months to the end of June as against NOK 3.1 billion in Q2 2010.
Second-quarter adjusted earnings before interest and taxes (EBIT) rose to NOKÂ 43.6 billion ($8.17 billion), compared with a forecast for 45.7 billion in a Reuters poll in which estimates ranged from NOK 41.8 billion to NOK 49.3 billion.
Oil and gas production in the second quarter fell 16 percent year-on-year to 1.49 million barrels of oil equivalent per day (boed), in line with forecasts.
High oil prices and the sale of the Peregrino offshore field to China’s Sinochem in April were the chief contributors to the results which Statoil CEO Helge Lund described a a “record” for the company.
“Statoil delivered record net income in the second quarter of 2011, reflecting an operational performance in line with expectations, the value-creating Peregrino transaction and strong oil and gas prices throughout the period,” said Lund in a company statement. “Production was mainly impacted by previously announced extensive maintenance activities and seasonal variability in gas off-take. We continued to make progress within exploration and project developments in the quarter, staying on track to deliver future growth”.
