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Oil companies' cost reductions now starting to show

A rising oil price and large-scale cost reductions have significantly boosted earnings at oil companies such as Statoil, Shell, and Aker BP in the first quarter. Several of these firms are now gearing up to invest, but the good old days will never return, projects Nordea Markets.

Photo: /ritzau/Magnus Holm

The past two weeks have brought interim reports from oil companies showing that things are starting to pick up for the hard-pressed sector.

On Thursday, Statoil and Shell both published large profits compared to the first quarter 2016, a period in which the oil price hit rock-bottom.

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