Statoil presents disappointing 2nd quarter result

The state-owned Norwegian oil company made USD 370.8 million less on operations in the 2nd quarter 2014, though CEO Helge Lund describes the result as solid.

Photo: Trond Isaksen

Norwegian Statoil achieved an operating profit of USD 5.15 billion in the 2nd quarter 2014, a decline of USD 370.8 million - corresponding to a 15 percent drop - compared to the same period 2013, according to the state-owned oil company's interim report, published Friday.

"Statoil delivered solid operational performance in the quarter, with continued high production regularity on the Norwegian continental shelf and project execution according to plan. Our quarterly earnings were impacted by divestments, seasonal effects and lower gas prices," says Statoil CEO Helge Lund.

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