Statoil Steps Up Cash Generation in 1Q 2018
Despite falling just short of market expectations, no-moat Statoil reported largely uneventful first-quarter 2018 results. Adjusted earnings after tax increased to $1.5 billion compared with $1.1 billion last year, despite only 2% production growth and a weaker refining environment as higher oil and gas price realizations more than offset increased royalty payments, higher depreciation charges and transportation costs, and disadvantageous movements in the NOK/USD exchange rate. Equity production...
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