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."

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