LNG

July 27 (LNG) - Norwegian energy company Statoil, whose assets include the only export-sized LNG plant in Europe at Hammerfest, reported adjusted second-quarter earnings of US$3.0 billion and adjusted earnings after tax of $1.3Bln compared with a $28 million loss in the same three months of 2016. “Our solid financial results and strong cash flow are driven by good operational performance with high production efficiency and continued cost improvements,” said Chief Executive Eldar Saetre. “At oil prices around $50 per barrel, we have generated $4Bln in free cash flow and reduced our net debt ratio by 8.1 percentage points since the start of the year. We expect to deliver around 5 percent production growth this year, and at the same time realise an additional $1Bln in efficiencies,” added Saetre.