Statoil reports financial results for first quarter 2011

Norwegian petroleum company Statoil has announced its financial results for the first quarter of 2011, in which net operating income was NOK50.7bn — a 28 per cent increase from NOK39.6bn in the first quarter of 2010.

According to Statoil, the quarterly result was mainly affected by a 33 per cent increase in the average prices for liquids measured in NOK, a 20 per cent increase in average gas prices and a 12 per cent decrease in liftings, when compared to the same period last year.