Statoil results fall as oil price stays low / News / The Foreigner

The Foreigner Statoil results fall as oil price stays low. The Norwegian energy giant delivered a Q3 2015 adjusted pre-tax operating result of NOK 16.7bn. Today’s figure is almost half that of what was reported in the same quarter the previous year, which was NOK 30.9bn. “We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices,” said Statoil (NYSE: STO) CEO Eldar Sætre in a statement.

oil, energy, gas



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Statoil results fall as oil price stays low

Published on Wednesday, 28th October, 2015 at 11:08 under the news category, by Michael Sandelson   .

The Norwegian energy giant delivered a Q3 2015 adjusted pre-tax operating result of NOK 16.7bn.



Today’s figure is almost half that of what was reported in the same quarter the previous year, which was NOK 30.9bn.

“We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices,” said Statoil (NYSE: STO) CEO Eldar Sætre in a statement.

Speaking with reporters, he remarked that he “could not comment upon” what was expected regarding the latest figures, calling the result returned “satisfactory”, in his opinion.

“The results are largely influenced by oil prices. In the third quarter of this year, the oil price was 52 per cent lower than what the oil price was last year at the same time. This directly impacts the result. But we’ve had good regularity, production growth, and a consistently strong delivery,” Mr Sætre told western Norway regional publication Stavanger Aftenblad.

Moreover, this year’s third quarter earnings were NOK 3.7bn adjusted after tax. The corresponding figure for Q3 2014 was NOK 9.1bn.

Net operating income according to IFRS (International Financial Reporting Standards) for the third quarter this year was NOK 7.3 billion, compared to NOK 17.0 billion in the same period in 2014.

There are some positive developments regarding Q3 2015’s figures, however.

Net income was -NOK -2.8bn, in accordance with IFRS. This deficit is lower than the one reported in the same quarter last year – which was NOK 4.8bn

Q3 2015 production was 1,909 mboe per day, up 4 per cent Q3 2014’s 1,829 mboe per day.

NCS production rose by 10 per cent (adjusted for divestments) compared with the same quarter in 2014.

“Underlying production growth, after adjusting for divestments, was 7 per cent compared to the third quarter last year,” states Statoil.



Published on Wednesday, 28th October, 2015 at 11:08 under the news category, by Michael Sandelson   .

This post has the following tags: oil, energy, gas.





  
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