Reuters - Statoil Q2 results slightly above expectations
Petroleumworld 07 28 2017
Norway's Statoil quarterly results on Thursday came slightly above expectations, with company lowering its guidance for exploration spending in 2017.
Statoil reported adjusted operating profit of $3.02 billion in the second quarter, against expectations of $2.97 billion and against $913 million during the same period a year ago.
"Higher prices for both oil and gas, solid operational performance with high production, a reversal of provisions in Angola of $0.754 billion and continued progress on improvement work contributed to the increase," the majority state-owned company said in a statement.
Statoil has reduced its guidance for exploration spending in 2017 to around $1.3 billion from the previous guidance of $1.5 billion, while it still planned to drill about 30 exploration wells as previous planned.
Reporting by Nerijus Adomaitis, editied by Ole Petter Skonnord from Reuters.
07 27 2017
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