Statoil profits drop as expected

Norwegian oil and gas explorer Statoil posted a drop in profits for the first quarter of 2013, impacted by lower output and reduced prices. The company reported earnings of NOK42.4bn (£4.7bn), compared to NOK 59.2bn in the first quartr of 2012. “As previously announced, production in 2013 will be lower than in 2012,” said president Helge Lund. “We are on track to deliver two to three per cent average annual production growth from 2012 to 2016.”