Statoil delivered disappointing quarterly results

StatoilStatoil.Photo: Norway Today Media

Low prices for oil and gas contributed to Statoil delivering a disappointing performance in the third quarter.

The Norwegian petroleum giant reported adjusted earnings of $636 million. For the same period last year, the result was $ 2 billion.

Revenues fell by $ 1.5 billion, and pretax profit totaled $ 661 million, down over 300 million.

The company says the quarter is characterized by the markets remaining weak. In addition, there were incurred costs for planned maintenance and exploratory wells.

The operation is considered strong, and an improvement program believes everything is on schedule.

‘The financial results were impacted by low oil and gas prices, comprehensive planned maintenance and expenses of exploratory wells from previous periods.

We delivered solid operational performance, with strong cost improvements and good progress in our projects’, says CEO Eldar Sætre.

‘Strict priority to, and continued good results from, the improvement program allows us to reduce forecasts for investment and exploration costs further than 2016’, said Sætre.


Source: NTB scanpix / Norway Today