Statoil disappoints in second quarter

Giant Norwegian oil conglomerate Statoil had a disappointing second quarter with a net result of USD 723.6 million in the quarter, compared to an expected bottom line of USD 1.93 billion.

Photo: Øyvind Hagen/Statoil

Revenues reached a dizzying USD 24.9 billion, which was still less than analysts expected - market consensus predicted USD 26.6 billion. Operating profits amounted to USD 5.7 billion, where analysts expected USD 6.8 billion.

The Group's finances were especially weighed down by "financial items" - which amounted to a negative effect of USD 1.1 billion. These were primarily the result of currency fluctuations and "liquidity management," writes Norwegian TDN Finans. Last year brought negative financial items for a total of USD 420.9 million.

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