Statoil reports an operating profit of USD 4.0 billion for the fourth quarter of 2017. That is more the amount for the equivalent period the year before. Record high production both in the 4th quarter and for 2017 as a whole, says CEO Eldar Sætre.
Statoil’s results for the 4th quarter of 2017 was characterized by strong earnings and cash flow, solid operating results with record-high production in both the 4th quarter as well as for 2017 as a whole.
The company can also boast strong progress in project deliveries and improvement work.
- We saw record-high production both for 4Q as well as for 2017 as a whole. We expect long-term growth of underlying earnings, says Sætre. The company has also reduced its investment costs. – We achieve more for less in collaboration with our suppliers and partners, says the CEO.
The increase is largely due to higher flexible gas production benefiting from higher prices, increased land-based production in the USA and upscaling new fields. By the end of 2017, Statoil had completed 28 test wells, half of which were considered worthy of production.