Statoil, the world’s eleventh largest oil and gas Company posted its upbeat third-quarter earnings on Wednesday, following an increase in the company’s oil production.
The Norwegian energy company said its adjusted net income after tax increased by 2% to NOK 12.1 billion ($2.1 billion) from NOK 11.9 billion ($2.02 billion) from the previous year, exceeding analysts’ forecasts of NOK 11.9 billion.
The company’s basic earnings per share rose NOK 4.48 (¢0.78) higher against the consensus of NOK 3.59 (¢0.61), compared to NOK 4.52 (¢0.77) seen in the previous year.
“Statoil delivered strong strategic progress in the third quarter. We added high value barrels through the Bay du Nord discovery offshore Canada, the world’s largest oil discovery this year,” CEO Helge Lund said in a statement. “We’re producing as planned, and maintain our production guidance for 2013,” he added.
Statoil – Oil Production
Statoil production increased by approximately 6%, after the effects of divestments on the company, the firm confirmed. The third-quarter output climbed to 1.852 million barrels of oil, compared to the previous year’s figures of 1.811 million barrels, exceeding the company’s average 1.844 million-barrel forecast.
“The company produced as expected in Norway, impacted by start-up and ramp-up, maintenance, divestments and redetermination. Outside Norway, Statoil increased production by 13% to a record 728 million of barrels per day (bpd), mainly due to ramp-up in US onshore, Angola and Brazil,” the company confirmed through a statement released.
Meanwhile Statoil announced a new discovery offshore of Canada during the quarter and the company is expecting to complete approximately 60 explorations until the end of the year.
However the company is still expecting its full-year outlook to drop from an average of 2.004 million barrels of oil because of the sale of the company’s assets and the lower-than-expected growth in the US gas production.
The company confirmed its aim to reach an equity production above 2.5 million barrels daily by 2020.
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