The result was, however, offset by a 13% decrease in gas prices and a 3% decrease in the average realized oil price, both measured in NOK.
This also affected the company’s net operating income in Q2 2007, which fell 13% to NOK26 billion, compared to NOK29.9 billion in Q2 2006. Net operating income was also impacted by an 11% decrease in liftings of oil on the Norwegian continental shelf, among other factors.
However, Statoil posted revenues of NOK108.9 billion in Q2 2007, up 1% compared to NOK107.6 billion in the same period of 2006.
Statoil’s total oil and gas production in Q2 2007 was 1.1 million barrels of oil equivalent (boe) per day, compared to 1.07 million boe per day in Q2 2006. The 3% increase was mainly related to increased oil production, due to the start-up of new fields, and increased gas production from the Sleipner, Asgard and Gullfaks fields on the Norwegian continental shelf.
In the second quarter of 2007, Statoil’s earnings per share were NOK5, compared to NOK4.42 in the second quarter of 2006.
