Statoil posts Q3 loss, feels sting of low oil price

The Associated Press

Norwegian oil and gas company Statoil posted a loss in the third quarter despite attempts to slash costs amid declining oil prices.

STOCKHOLM (AP) — Norwegian oil and gas company Statoil posted a loss in the third quarter despite attempts to slash costs amid declining oil prices.

The state-controlled company posted a net loss Wednesday of 2.8 billion kroner ($330 million) in the July-September period, compared with a loss of 4.7 billion kronor in the same quarter last year.

Statoil cited "impairment charges and provisions," but it was also hit by declining revenue, which fell 24 percent to 112 billion kroner.

Low oil prices have put pressure on Statoil's high-cost offshore operations in the North Sea and Barents Sea.

CEO Eldar Saetre said: "I am pleased with the way we are taking costs down, but the continued low prices in the third quarter demonstrates that we must continue to chase further cost efficiencies."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>