Statoil Q2 profit drops

Norwegian oil and gas giant Statoil informed its adjusted earnings were NOK 22.4 billion in the second quarter, as compared to NOK 32.3 billion in the same period in 2014.

The reduction was primarily a consequence of lower oil prices in the second quarter of 2015 compared to the same period last year, Statoil said in a statement on Tuesday.

Adjusted earnings after tax were NOK 7.2 billion, down from NOK 9.9 billion in the same period last year.

Statoil’s net income according to IFRS for the second quarter was NOK 10.1 billion, compared to NOK 12 billion in the same period in 2014.

The gain from the divestment of the Shah Deniz project and the South Caucasus Pipeline was NOK 12.3 billion, impacting the IFRS results, Statoil said.

The company  delivered production of 1.873 million barrels of oil equivalent per day in the second quarter, up 4% compared to the same period in 2014.

Our financial results were characterised by gains from divestments and lower prices. Also in the second quarter, we report a close to neutral free cash flow after dividend and proceeds,” says president and CEO of Statoil ASA, Eldar Sætre.

1 Norwegian krone = 0.122173 U.S. dollars


Image: Statoil