Statoil Reports Upbeat Q1 Profit

Statoil ASA STO reported its Q1 net profit at NOK15.98 billion ($3.02 billion), versus NOK11.11 billion, in the year-ago quarter. However, analysts were expecting a profit of NOK14.02 billion. Statoil reported its total oil and gas production at 1.765 billion barrels of oil equivalents a day. The company's total equity production dropped 6% from the first quarter of 2010. The company's revenue surged to NOK145.65 billion, from NOK128.7 billion, in the year-earlier quarter. Statoil's Q1 net operating income came in at NOK50.72 billion, versus NOK39.58 billion a year ago and versus estimates of NOK47.96 billion. STO shares fell 3.20% to close at $28.10 yesterday. Read more from Benzinga's Company news.