Statoil loss widens

Image: Statoil/Harald Pettersen

Norwegian energy giant and LNG operator Statoil on Thursday reported a wider third-quarter loss despite higher oil and gas prices, after booking a number of impairment charges.

The company reported a loss for the third quarter of $478 million, compared with a year-earlier loss of $427 million.

According to Statoil, the most significant impact came from an impairment charge due to underperforming unconventional onshore assets in North America.

On the other side, revenue rose 12 percent to $13.61 billion.

Statoil’s adjusted operating profit reached $2.3 billion in the third quarter, up from $0.7 million during the same period a year ago

The company’s delivered equity production of 2.05 million barrels of oil equivalent a day in the quarter compared with 1.81 million a year earlier.

“With an oil price below 52 dollars per barrel, we have generated 3.6 billion dollars in free cash flow so far this year, based on good contributions from all business segments. This has further strengthened our financial position,” said chief executive Eldar Sætre.

“We continue to realise efficiency improvements and deliver strong progress on project development and execution. We reduce our organic capex guidance for 2017 by 1 billion dollars, to around 10 billion dollars. This is the result of hard work from the organisation, in close collaboration with our suppliers and partners, and strict capital discipline. We are getting more for less,” added Sætre.

Share this article

Follow LNG World News

Posted on October 26, 2017 with tags .


<< Dec 2019 >>
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >