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Statoil Shares Surge After Quarterly Profit Jumps Almost Tenfold

Statoil ASA, Norway’s biggest oil and gas producer, rose the most in five months after first-quarter profit climbed on higher output amid recovering crude prices and as it deepened cost cuts to emerge from a downturn that has battered the industry for more than two years.

Adjusted earnings after tax, a measure that excludes financial and other items, rose to $1.1 billion from $122 million a year earlier, the Stavanger-based company said in a statement Thursday. That beat the average forecast of $736 million in a Bloomberg survey of analysts.

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