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10/26/2017, 9:14 AM (Source: TeleTrader)
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Statoil's net loss grows 14% to $478 million

Operational performance, high production and and advance in efficiency were highlighted by Norway's flagship oil and gas producer in results for the third quarter, published on Thursday. Statoil ASA posted adjusted earnings of $2.35 billion, a surge of 269% from the same period of last year. Guidance for organic capital expenditure for 2017 was slashed by $1 billion to $10 billion, the company said, claiming it is "getting more fore less" from capital discipline. Revenues rose 12.4% to $13.6 billion. 

Net operating income jumped 48% to $1.1 billion, but there was still a net loss of $478, following a gap of $427 in the three months through September 2016. It translated to a loss of €0.15 per diluted share, one cent more than one year before. The most significant impact came from an impairment charge due to underperforming unconventional onshore assets in North America.

Adjusted earnings after tax came in at $819 million, compared to the previous loss of $261 million. Output was bolstered 13% year over year, to 2.05 million barrels of oil equivalent per day year, or 2.45% from the previous quarter. The outlook for organic growth in 2017 was bumped up by one percentage point to 6%. "In the quarter, we delivered 15% production growth and 11% reduction in underlying operating cost per barrel. In addition, we see strong contribution from our liquids trading and refining business," Eldar Saetre, president and chief executive. The dividend was held at 22.01 cents.

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