Profits soared at Statoil in the first quarter of 2017 as the company benefitted from higher oil prices and increased production.
The Norwegian oil major also found an extra $1billion in full-year efficiency savings.
It chalked up pre-tax profits of $4billion, up 139% year-on-year, on revenues of $15.5billion.
The firm said the “significant increase in liquids prices” was “the main cause” for the upturn, though solid operational performance was also cited as a factor.
Brent crude prices were very low during the first quarter of 2016, dropping below $30 at one point, but recovered to between $50 and $60 in the first three months of this year.
First quarter production increased at Statoil by 5% on an underlying basis − which strips out the impact of divestments – to 2.15milllion barrels of oil equivalent per day.
Statoil also pulled off seven discoveries from nine exploration wells drilled in the first quarter, many of which can be brought on stream quickly.
The company also received approval for three development plans and submitted another two applications to the Norwegian authorities.
Exploration costs were lowered by $80million during the three months to $200million.
The firm expects to achieve an additional $1billion in efficiency savings in 2017, taking the total to $4.2billion.
Statoil chief executive Eldar Saetre said: “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%.
“Our production from the Norwegian Continental Shelf was at its highest level in five years, driven by high regularity and ramp-up of new fields.
“Our international portfolio delivered positive results and cash flow per barrel after tax on par with our Norwegian portfolio. We continue to capture efficiency gains and are on track to deliver an additional billion dollars in annual improvements in 2017.”
The business’s board has maintained a dividend of 22cents per share.
