Norwegian energy company Statoil ASA  experienced an unexpected drop in profit in the second quarter, a backlash of the declining gas and oil production and prices.

Calculated net income declined from the NOK 11.5 billion the previous year to NOK 11.3 billion, reported the Stavanger-based company today. The number fell short of the NOK 11.7 billion estimate forecasted by 21 analysts surveyed by Bloomberg.

Net income fell to NOK 4.3 billion from NOK 26.4 billion while company sales decreased 26% to NOK 148.3 billion.

"Our financial results were impacted by lower prices for liquids and gas and weak trading results," remarked Statoil Chief Executive Officer Helge Lund in a statement. "We have maintained good cost control and delivered strong earnings, particularly from our international portfolio."

Statoil, of which Norway's state has a 67% controlling stake, also shared its goal to strengthen production to greater than 2.5 million barrels of oil a day by 2020 as opposed to the current 2 million barrels equivalent.