Statoil delivered a solid rather than a spectacular start to 2018. Higher prices pushed up adjusted quarterly net profit by 32% year-on-year. Strong operational cash flow generation also helped the balance sheet. Gearing fell from 29% to 25% over the quarter. Building balance sheet strength remains the priority for now, ahead of increased returns to shareholders. Quarterly dividends were held flat and Statoil remained non-committal on possible share buybacks.