- Statoil (STO) swung to a Q1 net profit of $607M from a net loss of $4.58B last year, when it booked major write-downs, with analysts expecting a loss of $115M. Cost cuts helped reduce the impact of low oil prices.
- Revenue at the Norwegian company dropped 34% on year to $10.09B and missed forecasts of $11.56B.
- Adjusted earnings fell to a record-low of $857M from $2.95B but beat consensus of $589M.
- "We delivered strong operational performance across all business areas, high production efficiency and results in line with expectations from liquids trading and refining," says CEO Eldar Saetre.
- The company received an average of $29 a barrel vs $47 last year. Output was flat at 2.05M barrels of oil equivalent a day.
- Statoil maintained its dividend at $0.2201 per share.
- Shares are +2.1% in Stockholm. (PR)