Statoil Adjusted Profit Beats Estimates Amid Trading Gains
This article is for subscribers only.
Statoil ASA adjusted profit beat estimates in the first quarter on trading and refining as it wrote down the value of mainly U.S. shale assets by $6.1 billion amid plunging crude prices.
Adjusted net income fell to 7 billion kroner ($928 million) from 15.8 billion kroner a year earlier, the Stavanger-based company said on Thursday. That compared with an estimate of 4.2 billion kroner in a survey of analysts. It took “significant accounting charges” after asset impairments of 46.1 billion kroner, mainly related to U.S. onshore unconventional assets.