EnergyWatch

Statoil delivered a significantly improved result for Q1

The first quarter of the year brought improvements at Statoil, which saw its top as well as bottom line grow big-time.

Photo: Roar Lindefjeld/Woldcam - Statoil PR

Increasing gas sales, higher prices, and lower operating costs helped Statoil finish the first three quarters of the year with a significant step forward on its top as well as bottom line, shows the company's first quarter interim report published Thursday.

The Norwegian oil major saw its profit grow to USD 1.064 billion against USD 611 million in the same quarter, while revenue increased 54 percent compared to the first quarter 2016.

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