Statoil production dropped in Q3

Statoil has reported a 17 per cent drop in equity production in the third quarter of 2010, largely caused by extensive maintenance activities impacting both oil and gas production.

The company stated that the drop was in line with management expectation, but the news resulted in a 5.4 per cent drop in the Statoil share on the Oslo Stock Exchange Monday.

Statoil's third quarter 2010 net operating income was NOK 28.2 billion, compared to NOK 28.3 billion in the third quarter of 2009.

"Extensive planned maintenance activities throughout the third quarter have affected both our oil and gas production significantly. Our financial performance and cash generation remains solid, reaffirming our financial flexibility to support a continued development of our portfolio. In a period with very high maintenance and modification activities, both offshore and at our gas processing facilities, we are pleased to see that the positive trend for our HSE results is demonstrated also in this quarter," says Statoil's CEO Helge Lund.

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