Norway's Statoil posted a 33 percent rise in the first quarter adjusted operating profit to $4.4 billion compared to a year ago, the company said on Wednesday.
The firm said that higher prices for both oil and gas, coupled with high production, contributed to the increase.
"Following strong results from our improvement work, we have a lower cost base enabling us to capture high value from higher prices and deliver solid earnings across all segments. We continue our strong operational performance, and international production was record high,” said Eldar Saetre, president and CEO of Statoil.
The company said that adjusted earnings after tax were $1.5 billion in the first quarter, up from $1.1 billion for the same period last year.
It added that it delivered equity production of 2,180 million barrels of oil equivalent (mboe), per day in the first quarter, an increase from 2,146 mboe per day during the same period in 2017.
"The increase was primarily due to higher production in the U.S.," Statoil said.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr