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Statoil Q1 results significantly better than expected

Norway's Statoil posted significantly better-than-expected quarterly results on Thursday helped by a rise in output and higher crude prices year-on-year.

Statoil reported adjusted operating profit of $3.3 billion in the quarter, against expectations of $2.67 billion and against $857 million during the same period a year ago.

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"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.

Production from the Norwegian continental shelf was at its highest level in five years, driven by high regularity and ramp-up of new fields, it added.

Statoil repeated its outlook guidance.