Statoil missed analysts’ expectations for the second quarter with an adjusted net loss $28m compared to a $300m gain expected. All three divisions performed below the estimates. Also, there were some one-offs, such as the change in the fair value of derivatives for $300m. Upstream in Norway, earnings came in at $1.1bn, down 50% yoy and down by $150m compared to Q1 16. Natural gas prices continued to fall in Europe with an average invoiced gas price at $4.95/mmbtu vs. $5.45/mmbtu in Q1 1
27 Jul 2016
First view: disappointing cash flow generation and Norway E&P earnings
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First view: disappointing cash flow generation and Norway E&P earnings
Statoil missed analysts’ expectations for the second quarter with an adjusted net loss $28m compared to a $300m gain expected. All three divisions performed below the estimates. Also, there were some one-offs, such as the change in the fair value of derivatives for $300m. Upstream in Norway, earnings came in at $1.1bn, down 50% yoy and down by $150m compared to Q1 16. Natural gas prices continued to fall in Europe with an average invoiced gas price at $4.95/mmbtu vs. $5.45/mmbtu in Q1 1