Statoil ASA (NYSE:STO)’s operating earnings dropped 4% YoY on account of excessive depreciation and exploration expenses. Statoil recently released its accounts for 3Q2013 and revealed that its net income has dropped 6% to NOK 13.7 billion in 3Q2013 against NOK 14.5 billion in the same period last year. Adjusted income was up 1% to NOK 40.4 billion. Table 1: Statoil Income Statement 3Q2013 The revenues of the company increased 2% YoY, primarily due to an increase in revenues from development and production activities in Norway. The total oil and gas production of the company has increased 2% YoY, which indicates…
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- Table 1: Statoil Income Statement 3Q2013
- Table 2: Oil and gas production of Statoil in 3Q2013 versus 3Q2012
- Figure 1: Segmental contribution to revenues and operating income in 3Q2013
- Figure 2: Statoil quarterly EPS and share price in NOK and USD per share
- Statoil delivered strong strategic progress
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