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Statoil has solid Q2 performance

Statoil reported a solid performance in the 2nd quarter of the year.

Norwegian operator Statoil reported on July 27, 2017, a solid performance in the 2nd quarter of the year.


The company reports adjusted earnings of $3 billion up from $0.913 billion in Q2 last year.

Adjusted earnings after tax of $1.3 billion in the 2nd quarter of 2017 up from negative $0.028 billion in the same period last year.


IFRS net operating income was $3.2 billion and the IFRS net income was $1.4 billion.


Eldar Sætre, CEO of Statoil, said: «Our solid financial results and strong cash flow are driven by good operational performance with high production efficiency and continued cost improvements. At oil prices around $50 per barrel, we have generated 4 billion dollars in free cash flow, and reduced our net debt ratio by 8.1 % since the start of the year. We expect to deliver around 5% production growth this year, and at the same time realise an additional 1 billion dollars in efficiencies.»


He said, that company drilled 14 exploration wells and made 9 discoveries, its expected to drill around 30 exploration wells in 2017.

Statoil is able to reduce their guidance for exploration spending this year to around 1.3 billion dollars.


Statoil delivered equity production of 1,996 mboe per day in the 2nd quarter, an increase from 1,959 mboe per day in the same period in 2016.

The increase was primarily due to strong operational performance, increased gas offtake and ramp-up of new fields.


Excluding portfolio changes, the underlying production growth was 3% compared to the 2nd quarter last year.

Adjusted exploration expenses in the quarter were $0.224 billion, down from $0.423 billion in the 2nd quarter of 2016.


To read the news in Russian.


Source : Neftegaz.RU