Statoil's US Operations Have Turned the Corner
Torgrim Reitan, Statoil's head of U.S. operations (Photo: Ole Jørgen Bratland / Statoil)
Statoil's U.S. operations have turned the corner and could deliver up to $5 billion in net cash flow over the 2018-2020 period at an oil price of around $70 a barrel, Torgrim Reitan, Statoil's head of U.S. operations said on Wednesday.
"As oil prices increase there is a significant potential for both earnings and cash flow here, and at (WTI) $70 a barrel oil, the U.S. business will add $5 billion in surplus cash," he told Reuters after Statoil's fourth-quarter results presentation.
Reporting by Nerijus Adomaitis