STAVANGER, Norway, March 19 (UPI) -- Norwegian energy company Statoil said Thursday its productivity for full-year 2014 was strong, though financial results are "highly impacted" by low oil prices.
Statoil said full-year equity production of 1.93 million barrels of oil equivalent for 2014 was a 4 percent increase from the previous year. The company said results show it's among the leading companies in the industry.
"In 2014 we continued to deliver solid operational results," President and Chief Executive Officer Eldar Saetre said in a statement. "Our production efficiency improved significantly, we are on track with our improvement programs and we continued to deliver good safety results."
Momentum for Statoil is building behind the Johan Sverdrup oil field, where production is slated for 2019. Peak production is expected to be as high as 650,000 barrels of oil equivalent per day, which Statoil said will represent about 25 percent of the combined production from the Norwegian continental shelf once it's in full swing.
For its overseas portfolio, the company strengthened its position Wednesday with new acreage in the U.S. waters of the Gulf of Mexico.
A sustained period of low oil prices is forcing the energy company to cut back on spending and staff. Saetre said his company would not be spared by slumping markets.
"The profitability of our industry continues to be challenged and Statoil's financial results are highly impacted by the fall in oil prices," he said.
