Statoil cuts 2016 capex by $1 billion

Statoil ASA plans to cut its capital expenditure guidance for 2016 to $12 billion from $13 billion. That includes an exploration guidance reduction to $1.8 billion from $2 billion.

The Norwegian state-owned firm’s production guidance remains unchanged, with expected organic production growth of 1%/year from 2014-17.

Statoil recorded equity production of 1.96 million boe/d in the second quarter. Underlying production growth in the quarter, after adjusting for divestments, was 6% compared with last year’s second quarter.

The firm took a second-quarter net loss of $307 million compared with a net profit of $861 million a year earlier. First-half organic capital expenditure was $5.3 billion.

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