Business

Statoil reports larger 4th quarter loss after oil price drop

Posted February 04, 2016 6:00 am

The Associated Press

HELSINKI (AP) - Norwegian energy group Statoil posted a net loss of 9.2 billion kroner ($1.08 billion) for the fourth quarter amid the drop in oil prices.

Norway's biggest oil company said Thursday the quarterly results "continue to be severely influenced by low prices," adding the loss was 3 percent larger than a year earlier. Revenue fell to 109.2 billion kroner from 147 billion kroner.

CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.

Average daily production of oil and gas decreased 2 percent to 1.309 million barrels per day in the quarter.

Statoil ASA said the drop was "mainly due to expected natural decline on mature fields, lower gas sales and redetermination, partially offset by increased production from several fields and ramp-up of new fields."

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