Source Pravda.Ru

Statoil Profit Slumps 31% On lower Oil Price

Statoil, Norway's largest oil company, said that first quarter profit slumped by thirty one percent because of lower crude oil prices and a loss from making and selling fuels. Shares in the group fell on the news. Net income declined to 3.01 billion kroner ($363.6 million), or 1.39 krone a share, from 4.33 billion kroner, or 2.19 krone per share, in the same period last year. Analysts expected a profit of 3.15 billion, according to a survey by news service TDN Finans. The stock slid two and a half kroner, or three and a half percent percent, to seventy kroner. Rivals including BP and TotalFinaElf also suffered in the quarter because of a 19 percent drop in average oil prices to $21.40 a barrel. Profit from making fuels such as gasoline fell to a record low in parts of Europe as the slowing economy and a warmer than normal winter hurt demand for oil products. “The numbers from the downstream activities were disappointing,” said Henning Bratlie, a fund manager who helps oversee about 6 billion kroner in stocks and bonds at Skandia Fondsforvaltning's Norwegian funds.

Visit to

&to=http://www.statoil.com/' target=_blank>STATOIL

Comments
Russian Guard to see enemies behind walls
Russian Guard to see enemies behind walls
Turkish President Erdogan issues ultimatum to Washington and Brussels
Having lost in Syria, the West needs to find another victim nation
Russian-Indian defence cooperation in danger after India commits inadmissible act
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Putin in Egypt: Who's the big player in the Middle East?
Putin in Egypt: Who's the big player in the Middle East?
US military men depressed over of Russia's new T-5000 sniper rifle
Turkish President Erdogan issues ultimatum to Washington and Brussels
Turkish President Erdogan issues ultimatum to Washington and Brussels
US military men depressed over of Russia's new T-5000 sniper rifle
Turkish President Erdogan issues ultimatum to Washington and Brussels
Child model from Russia ranked most beautiful girl in the world
Russia works on MiG-41 doomsday fighter jet
US military men depressed over of Russia's new T-5000 sniper rifle
US military men depressed over of Russia's new T-5000 sniper rifle
Russia to rebuild its former Soviet naval base in Syria's Tartus
Lenin planted the seeds that destroyed the USSR
Kim Jong-un's tactic of hard power teaches USA lesson of obedience