Statoil Q1 adjusted earnings $3.3 billionStaff Writer | May 4, 2017
Statoil reports adjusted earnings of $3.3 billion and an IFRS net operating income of $4.3 billion in the first quarter of 2017.
Statoil The IFRS net income was $1.1 billion
Adjusted earnings after tax were $1.114 billion in the first quarter, up from $0.122 billion in the same period last year.
Higher prices for both oil and North American gas, solid operational performance with high production and continued progress on improvement initiatives contributed to the increase.
The increased production resulted in higher royalty costs and production fees, contributing negatively to the results.
IFRS net operating income was $4.250 billion in the first quarter compared to $1.060 billion in the same period of 2016.
IFRS net income was $1.064 billion, up from $0.611 billion in the same period last year. ■