Statoil ASA (STO) Thursday posted net income of NOK 6.4 billion for the first quarter, down from NOK 15.4 billion in the corresponding period last year. The company cited lower production and reduced prices that hurt the results.
Adjusted earnings after tax were NOK 12 billion, compared with NOK 16.8 billion for the year earlier period.
Further, Statoil's net operating income was NOK 38 billion, down from NOK 57.9 billion reported for the same period last year.
The company said production was impacted by operational disruptions at Snøhvit, Troll and Peregrino while the net operating income was also impacted by a provision related to the Cove Point terminal in the US.
Looking forward, the firm said it sees production in 2013 lower than in 2102 as previously announced.
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