10/27/2016, 8:18 AM (Source: TeleTrader)
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Statoil attributes $427 mln net loss to low oil prices

Norwegian oil and gas company Statoil reported on Thursday its net loss in the third quarter of 2016 stood at $427 million compared to a net loss of $342 recorded in the same period last year.

Net operating income fell from $883 million in 2015 to $737 million. Adjusted earnings dropped 69% in the three-month period and were $636 million compared to $2.027 billion recorded last year.

“The financial results were affected by low oil and gas prices, extensive planned maintenance and expensed exploration wells from previous periods. We delivered solid operational performance with strong cost improvements and progress on project execution,” CEO Eldar Saetre said.

Statoil produced 1,805 mboe (one thousand barrels of oil equivalents) per day in the third quarter. Production fell 5% compared to the same quarter last year.

Breaking the News / NP