EnergyWatch

Maersk Oil emerges with billion-dollar profit

The divested oil division landed a profit of DKK 1.2 billion in 2017, but losses in Drilling and Supply Service pulled down the entire energy division into the red.

Photo: /ritzau/CLAUS BONNERUP

All is well that ends well. Perhaps a relevant mantra for Maersk Oil, which delivered a positive final report before Total's takeover of the Maersk oil company takes effects later this quarter.

With daily production around 220,000 barrels of oil equivalents, the oil firm delivered a profit in 2017 of USD 1.2 billion. The solid result, which is more than 2.5 times bigger than the USD 446 million made in 2016, is attributed to a rise in the oil price. On average USD 54 per barrel was earned relative to USD 46 per barrel in the previous year. The growth is further attributed to repayments from impairments, provisions and taxes.

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