Statoil’s (OSE: STL, NYSE: STO) total revenues grew almost 30% to 195.4 billion NOK behind strong oil and gas prices and an 11% increase in production volumes. After total operating expenses of 137.5 billion are deducted, net operating income comes in at 57.9 billion, a 14% increase. The adjusted earnings of 59.2 billion is the highest quarterly number to date. Cash flow from operating activities was above 70 billion NOK.
After the effective tax rate of 71.6%, adjusted earnings print at 16.8 billion NOK, up from 11.9 billion. Reported net income of 15.4 billion is slightly lower than a year ago and translates to earnings per share of 4.75 NOK. New fields and production ramp up continues. Out of the 12 completed exploration wells during the quarter, eight were discoveries. The guidance for 2012 is maintained and the stock has responded with a small plus.
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