OSLO Norway's Statoil (STL.OL) posted significantly better-than-expected quarterly results on Thursday, helped by a rise in output and higher crude prices CLc1 year-on-year.
The results are in line with the industry's broader upward trend as oil majors BP (BP.L), ExxonMobil (XOM.N), Chevron (CVX.N) and Total (TOTF.PA) also have reported better than expected earnings.
"Our solid financial result and strong cash flow across all segments was driven by higher prices, good operational performance and an organic production growth of 5 percent," the company said in a statement.
The oil and gas company reported adjusted operating profit of $3.3 billion in the quarter, against expectations of $2.67 billion. A year ago, adjusted operating profit stood at $857 million.
Cash flows from operating activities more than doubled to $5.97 billion in the first quarter from $2.2 billion in the year-ago period with its international operations also delivering positive results.
Statoil's quarterly petroleum production stood at 2,146 million barrels of oil equivalents per day (boed), with production from the Norwegian continental shelf hitting the highest level in five years.
The company kept its 2017 outlook and maintained a dividend of $0.2201 per ordinary share for the first quarter.
(Reporting by Nerijus Adomaitis, editing by Gwladys Fouche and Vyas Mohan)