Norwegian energy group Statoil’s operating profit rose slightly less than expected in the third quarter, with production hit by maintenance and a strike, but the firm stuck to its 2004 oil and gas output goal.

Lifted by booming oil prices, earnings before interest and tax (EBIT) rose in July-September by 32 per cent from a year ago to 16.09 billion Norwegian crowns ($2.50 billion).
But the result from the Nordic region’s biggest industrial group by revenue slightly lagged analysts’ expectations for EBIT of 16.57 billion crowns on average, although it was well within the range of forecasts of 13.99 billion to 18.10 billion crowns.
“Production during the period was affected by planned maintenance shutdowns and upgrading work on Norwegian fields and at plants in Norway,” Statoil said.
A strike by rig workers cut 6,000 barrels of oil equivalent per day (boed) during the quarter, and maintenance curbed 43,000 boed, above an earlier projection of 30,000, the company said.
Statoil kept its 2004 target for oil and gas production of 1.12 million boed on average, but chief executive Helge Lund said the task would be “demanding.”
Some analysts had expected Statoil to raise its 2004 output target after smaller Norwegian rival Norsk Hydro bumped up its production goal in its third-quarter report last week.