Statoil Reports Strong First Quarter; Scrip Dividend Remains Despite Good Cash Flow Generation
Statoil reported a significant increase in first-quarter earnings to $3.3 billion from $1.1 billion last year as a result of higher price realizations, organic production growth, and improving gas sales. Development and production benefited from higher liquids and gas prices doubling adjusted earnings in Norway to $2.6 billion and turning international upstream operations to profitability. Organic production growth of 5% was another positive for upstream performance, despite resulting in higher ...
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