That was a mistake. Statoil reported strong first-quarter results (earnings of $0.82 per share. This result beat the $0.66 consensus and beat last year's 1 quarter results by 22.39%). The growth is mainly attributable to an increase in U.S. gas sales volumes and margins as well as higher prices for both liquids and gas. Statoil is gaining momentum with the start-up of operations on several new oil and gas fields. The company is also planning turnarounds on several oil and gas fields in 2014 to improve recovery of resources in mature fields. Moreover, Statoil boasts of a strong balance sheet, exited from low-profit generating operations and broadened its international asset base. The addition of new projects is expected to produce a CAGR growth rate of 2% 3% annually during the 2014 to 2016 period.