Norwegian oil and gas company Statoil reported on Thursday its net income in the first quarter of 2017 stood at $1.4 billion compared to a net loss of $302 recorded in the same period last year.
Net operating income jumped from 180 million in the second quarter of 2016 to $3.24 billion in the same period this year, but was down compared to $4.2 billion achieved in the first three months of 2017. Adjusted earnings surged to $3 billion compared to $913 million recorded in the same three months last year.
““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 dollars per barrel, we have generated 4 billion dollars in free cash flow, and reduced our net debt ratio by 8.1 percentage points since the start of the year,” CEO Eldar Saetre said.
Statoil produced 1,996 mboe (one thousand barrels of oil equivalents) per day in the three-month period. Production rose 3% compared to the same quarter last year.
