As previously mentioned, 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 estimates. A) By division In the E&P division in Norway, the results came down 50% yoy to $1.16bn, mainly driven by lower realised prices. The liquid prices the group realised were 28% lower yoy and natural gas prices in Europe were 32% lower. Adjusted operating and administrative expenses decreased
29 Jul 2016
Lack of catalysts, weak cash flow, pressure on natural gas
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Lack of catalysts, weak cash flow, pressure on natural gas
As previously mentioned, 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 estimates. A) By division In the E&P division in Norway, the results came down 50% yoy to $1.16bn, mainly driven by lower realised prices. The liquid prices the group realised were 28% lower yoy and natural gas prices in Europe were 32% lower. Adjusted operating and administrative expenses decreased