Statoil exceeds expectations and triples operating result

Higher oil prices and a major focus on cost reductions helped the Norwegian oil giant emerge in surprisingly strong form from the year's second quarter.

Photo: PR/Statoil

Norway's largest company, Statoil, booked a surprisingly positive report for the year's second quarter, where both revenue and earnings are higher than expected.

In the second quarter, the oil giant had a revenue of USD 14.9 billion, approximately USD 1.7 billion more than analysts had expected. In the same period last year revenue landed at USD 10.8 billion.

Statoil highlights its operating profit at the top of the accounts, which has more than tripled compared to the same period last year, landing at USD 3.2 billion against USD 0.9 billion in the second quarter of 2016. It also exceeds expectations among the 28 analysts who had forecast an operating profit of USD 2.9 billion.

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