Record profits for Statoil

Norway’s Statoil earned twice as much last year compared to 2010, despite a slight dip in daily production, new figures show.

AV: erlend skarsaune

2011’s results show a net income of 78.4 billion kroner, compared with 37.6 billion the year before.

“Statoil delivered record financial results, further improved safety and made important strategic progress in 2011,” president and CEO Helge Lund says in a press release.

Operating profits rose from137.3 billion kroner in 2010 to 211.8 billion in 2011, which the company explains was largely due to higher prices. Moreover, Q4 gains on sales of assets were 8.5 billion kroner.

Stockholders can also be pleased with last year’s results. Each share was valued at 6.25 kroner in 2010, whilst an increase to 6.50 is now suggested.

At the same time, Statoil sold decreased amounts of oil and gas last year. Daily production fell to 1.85 million barrels per day in 2011, compared with 1.89 million barrels of oil equivalents the year before.

The company’s aim is to increase this to 2.5 million barrels of oil equivalents (o.e.) in 2020.

Norway state religion history

INTERVIEW: In a historic move, the Norwegian Parliament voted to abolish the state church through a ...
1991 Nobel Laureate to speak at last

Burmese Aung San Suu Kyi is finally to hold her long-awaited Nobel Peace Prize speech in Oslo City H...
Heritage past the Arctic Circle

Svalbard: that mystical, magical Arctic archipelago. For Norwegians, it is an icon of remote adventu...
Higher radiation in Jotunheimen than first believed

New measurements of radioactivity in some areas of Jotunheimen show levels of radioactivity are high...
Bus strike averted

Arbitration to try to avert a bus strike in Norway has been successful.   To view the...

Record profits for Statoil

Kjære debattant, vi vil gjerne ha engasjement, argumenter og dine synspunkter på sakene vi skriver om.