Q2 profits for Norway's Statoil edges down

[July 26, 2012]  OSLO, Norway (AP) -- Norwegian oil and gas group Statoil ASA says second-quarter profits dipped slightly in the second-quarter, falling just under 2 percent, in large parts due to lower prices for liquids and higher exploration costs.

Thursday's report showed a net profit of 26.43 billion kroner ($4.33 billion), down from the 26.92 billion kroner recorded in the same three months a year ago.

Revenues for the state-controlled company rocketed, reaching 186.48 billion kroner from 159.54 billion kroner in the same quarter in 2011.

[Associated Press]

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