Statoil reports financial results for third-quarter 2010

Nowegian energy company Statoil reported a net operating income of NOK28.2bn (£3bn) in the third quarter of 2010, compared to NOK28.3bn in the same period a year ago.

The quarterly result was positively affected by a 14 per cent increase in liquids prices and an eight per cent increase in gas prices compared with the third quarter last year.

Statoil had a reduction in equity production of 17 per cent, largely caused by extensive maintenance activities impacting both oil and gas production.

Net income in the third quarter 2010 was NOK13.8bn compared to NOK6.6bn in 2009.

Adjusted earnings in the third quarter 2010 were NOK 26.7bn, down 14 per cent from last year.