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Statoil posts more profits

Norwegian state oil company Statoil logged after-tax profits of NOK 4.1 billion in the third quarter this year, on par with last year's results for the same quarter. Profits through the first nine months hit NOK 14.6 billion, or NOK 7.15 per share, up 28 percent over last year's. Lower oil prices have brought Statoil's windfall profits back to earth, but the company offset the decline with a jump in gas sales and higher gas prices. Statoil also has been aided by advantageous exchange rates. Chief executive officer Olav Fjell called the results "satisfactory."