Statoil Releases Strong Results for Q1 2012

Statoil (NYSE:STO) announced its results for the first quarter of 2012.

Helge Lund, President and CEO of Statoil, commented:

Statoil grew production by 11% and realised high oil and gas prices in the first quarter of 2012, generating strong financial results for the period.

We continued to start up new fields and ramp up production, delivering record international production. On the Norwegian continental shelf (NCS), we increased gas production in line with our strategy of gas optimisation. We also delivered stable oil production, as a result of our successful Improved Oil Recovery efforts.

Click here to read the full Statoil (NYSE:STO) press release.