Statoil ASA Q1 Profit Rises On Higher Production, Prices - Quick Facts

(RTTNews) - Norwegian energy firm Statoil ASA (STO) reported Wednesday that its first-quarter IFRS net income was $1.3 billion, up from $1.1 billion in the first quarter of 2017.

Adjusted earnings after tax were $1.5 billion, compared to $1.1 billion in the same period last year.

The company recorded solid earnings across all segments. Higher prices for both oil and gas, coupled with high production, contributed to the increase, it said.

IFRS net operating income was $5.0 billion in the first quarter, higher than last year's $4.3 billion. The increase was partially offset by reduced value of derivatives.

Statoil delivered equity production of 2,180 mboe per day, an increase from 2,146 mboe per day in 2017. The increase was primarily due to higher production in the US.

The underlying production growth was more than 2%.

Further, the company said its board of directors has decided on a dividend of $ 0.23 per share for the first quarter, on par with the boards proposal for increased dividend for the fourth quarter of 2017.