Statoil net profit blows past expectations

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil's (STO) Q1 net profit jumped to 23.6B Norwegian kroner ($3.94B) from 6.4B kroner a year earlier and slayed consensus of 12.12B kroner. Earnings were boosted by increased gas prices, particularly in the U.S. amid the harsh winter.

Revenue rose to 169.9B kroner from 162.2B kroner and topped expectations of 162.79B kroner.

Adjusted earnings +9% to 46B kroner.

Oil and gas output slipped 1% to 1.978M barrels of oil equivalent a day.

Proposes a dividend payment of 1.80 kroner a share.

Shares are +4% in Oslo. (PR)