Record profits for Statoil, but downside risks to gas production remain

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Norway’s Statoil on Wednesday reported record-high net operating income of $37 billion for visual_editor011, up 54% year on year due to higher hydrocarbon prices. But as expected, Statoil’s global hydrocarbon production was essentially flat year on year at 1.9 million boe/d. Statoil still expects visual_editor01visual_editor output to rise 3% on visual_editor010 levels but deferral of gas production is one of the “most significant risks” to the production guidance, as the company pursues a “value over volume” strategy of deferring gas production into future years when prices are higher.

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