VIDEO From thenewsmarket.com and Statoil: Statoil Announces Q3 2010 Results Extensive Maintenance and Robust Financials

NEW YORK, Nov. 3, 2010 /PRNewswire/ -- See video from Statoil at: http://www.thenewsmarket.com/Releases/StoryDetailPage.aspx?GUID=9bb5cd93-d272-40b2-806a-95d605a3eaec#

Norwegian-based oil and gas company Statoil reported a net operating income NOK 28.2 billion (USD 4.83 billion), compared to NOK 28.3 billion (USD 4.84 billion) in the third quarter of 2009. The quarterly result was positively affected by a 14% increase in liquids prices and an 8% increase in gas prices compared with third quarter last year. In addition, Statoil had a reduction in equity production of 17%, in line with management's expectations, largely caused by extensive maintenance activities impacting both oil and gas production.

Net income in the third quarter 2010 was NOK 13.8 billion (USD 2.36 billion) compared to NOK 6.6 billion (USD 1.13 billion) in 2009. This result reflects higher prices for both oil and gas, a strong net financial income, lower tax rate and reduced impairment losses, partly offset by lower volumes sold and reduced gains on derivatives. Adjusted earnings in the third quarter 2010 were NOK 26.7 billion (USD 4.57 billion), down 14% from last year.

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Story Id: 20321

SOURCE thenewsmarket.com

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