Norway’s Statoil posted a $1.9 billion net profit in the second quarter, more than double that of a year ago. Bloomberg News OSLO—Norwegian oil major Statoil AS A said Friday its second-quarter net profit more than doubled as higher prices offset a 9% production drop on the year, adding it was limiting its gas output on low prices in Europe. Second-quarter net profit was 11.9 billion Norwegian kroner ($1.92 billion), compared with 4.3 billion kroner a year earlier and a SME Direct consensus forecast of 11.47 billion kroner. This figure differs from net profit as reported by U.S. oil companies because it includes changes in the value of inventories. “Our quarterly earnings were impacted by divestments, seasonal effects and lower gas prices,” said Chief Executive Helge Lund. “We have deferred gas production to enhance value, but remain on track for delivering on our production guiding for 2014.” The company […]