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Billion dollar impairment sends Statoil into the red

Norwegian oil giant Statoil has performed a massive USD 6.1 billion impairment in the first quarter, though the company achieved a higher operating profit than expected.

BY KATRINE GRØNVALD RAUN AND RITZAU FINANS

Statoil was - in spite of declining oil and gas prices - able to deliver an adjusted operating profit of USD 2.9 billion before taxes, and USD 928.2 million after taxes, according to the company's first quarter interim report.

Both figures surpassed analysts' expectations, reports Danish media Ritzau Finans - yet Statoil's net result for the first three months of 2015 still came to a deficit due to a major impairment on assets.

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