Statoil Profit Returns to Pre-Crash Level After Drastic Cuts
- Highest adjusted net profit since 2014 beats analyst forecast
- Statoil reduces exploration spending, raises output guidance
Hans Jakob Hegge, chief financial officer at Statoil, discusses second-quarter earnings, plans for investment and capital expenditure and his outlook for the business. He speaks on 'Bloomberg Daybreak: Europe.' (Source: Bloomberg)
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Statoil ASA lifted profit back to the highest level since oil prices started collapsing three years ago as the Norwegian company reaped the benefits of drastic cost cuts.
With Brent crude averaging about $50 a barrel in the second quarter, profit reached almost the same level as in the third quarter of 2014, when the benchmark traded at more than double the price.