Statoil Posts Another Loss, but Continues to Reduce Costs and Cut Spending
Statoil reported a loss for the third quarter as lower oil and natural gas prices; planned maintenance and deferral of gas sales, which reduced production volumes; and the expensing of previously capitalised exploration wells more than offset the benefit of continued cost reductions. Adjusted operating earnings fell to $636 million from $2.0 billion last year, while adjusted net income came in at a loss of $261 million, versus a loss of $28 million last year. As in the second quarter, net income...
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