Statoil, the world’s eleventh largest oil and gas Company posted its upbeat third-quarter earnings on Wednesday, following an increase in the company’s oil production.
The Norwegian energy company said its adjusted net income after tax increased by 2% to NOK 12.1 billion ($2.1 billion) from NOK 11.9 billion ($2.02 billion) from the previous year, exceeding analysts’ forecasts of NOK 11.9 billion.
The company’s basic earnings per share rose NOK 4.48 (¢0.78) higher against the consensus of NOK 3.59 (¢0.61), compared to NOK 4.52 (¢0.77) seen in the previous year.
“Statoil delivered strong strategic progress in the third quarter. We added high value barrels through the Bay du Nord discovery offshore Canada, the world’s largest oil discovery this year,” CEO Helge Lund said in a statement. Read more