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Investing.com– on Wednesday reported a drop in first-quarter net profit, as higher taxes offset strong revenues and record production.
Net profit came in at $374 million for the three months to March, down from $453 million a year earlier, the Norwegian oil and gas producer said.
Profit before tax rose to $1.41 billion from $1.28 billion a year earlier, while operating profit climbed to $1.31 billion, supported by stronger realised oil and gas prices and higher output.
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Total income increased to $2.67 billion from $1.87 billion in the same period last year, as petroleum revenues jumped to $2.66 billion.
Production averaged a record 406,000 barrels of oil equivalent per day (boepd), up sharply from 272,000 boepd a year earlier, reflecting improved performance across key assets and project ramp-ups.
The company maintained a dividend of $300 million for the first quarter and guided for a similar payout in the second quarter.
Chief Executive Nick Walker said the company was “well positioned in volatile markets,” citing stable operations despite geopolitical tensions and its role as a key supplier of energy from Norway.
The firm reiterated full-year production guidance of 390,000 to 410,000 boepd and expects production costs to remain around $10 per barrel.
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