Statoil announces a net profit of $ 611 million in Q1 2016 against a loss of 4.571 million in the same period last year. According to TDN Finans was expecting a loss of NOK 65 million US dollars.
Earnings per share were $ 0.19, compared with minus $ 1.44 at the same crossroads last year. There were expecting a profit of minus $ 0.02 per share.
The result before tax was 1.685 million, compared with minus 3129 one million US dollars last year. Average expectations of analysts indicated a profit before tax of 783 milllion dollars.
The operating profit was 1.060 million, compared with minus 3303 one million US dollars last year. Here analysts had expected a profit of $ 862 million.
Revenues amounted to 10,087 million, compared with 15.404 million in Q1 2015. Analysts’ expectations were here at 11.380 million dollars.
– Our financial results were impacted by lower oil and gas prices in the quarter. We delivered solid operations across all business areas, high production efficiency and results in line with expectations from refining and trading of oil products. The guidance for 2016 remains unchanged, says Statoil chief Eldar Sætre comments.
– The industry faces challenges. I am therefore pleased to see progress in line with the priorities we presented in February. We have a clear plan to increase efficiency and achieve faster and greater cost reductions. Break-even for our projects radically improved, and we are on track to reduce costs and thereby affect the factors we can control, he points out.
Here is the report and the presentation.
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