Norwegian oil major Statoil posted better than forecast second-quarter profit on Tuesday and maintained its quarterly dividend despite taking a hit due to lower oil prices.
Recovering from a surprise net loss in the previous quarter due to a writedown on its U.S. shale business, Statoil trimmed its capital spending target but kept its exploration costs and production forecasts.
It said adjusted operating profit amounted to 22.4 billion Norwegian crowns ($2.74 billion), down from 32.3 billion in the same quarter a year ago but above expectations for 19.5 billion in a Reuters poll of analysts.
The firm made an adjusted net profit of 7.2 billion crowns in the quarter, also beating analysts' expectation for a profit of 5.6 billion.
The results were boosted by a 4 percent growth in production despite the sale of some assets, the proceeds of which amounted to 13.8 billion crowns.