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Statoil Posts Surprise Profit as Lower Costs Offset Oil Drop

  • Operational expenses were 20% lower than a year earlier
  • Production of 2.05 million barrels a day beat forecasts
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Statoil CEO Sees Indications Oil Might Be Rebalancing

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Statoil ASA, Norway’s biggest oil company, unexpectedly posted a profit in the first quarter as cost cutting helped offset the lowest crude prices in almost 12 years.

Adjusted earnings after tax fell to $122 million from $902 million a year earlier, the Stavanger-based producer said in a statement Wednesday. The average forecast of 12 analysts surveyed by Bloomberg was for a $125 million loss.