Statoil posts loss amid lower oil price, impairments

By The Associated Press | Posted - Apr. 30, 2015 at 3:20 a.m.



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

STOCKHOLM (AP) — Norwegian oil and gas company Statoil has posted its third consecutive quarterly loss, citing lower oil prices and impairments on shale assets in the U.S.

Statoil on Thursday reported a first-quarter net loss of 35.5 billion kroner ($4.67 billion), compared with a profit of 23.6 billion kroner in the same period in 2014.

Revenue slumped 30 percent to 119.5 billion kroner.

Statoil booked impairment charges of 46.1 billion kronor, mostly related to U.S. shale assets, saying the company is taking "a more cautious view due to the uncertainty in the commodity markets."

Statoil's production in the quarter was 2.06 million barrels of oil equivalent per day, up from 1.98 million barrels daily a year ago.

Statoil shares rose 2.5 percent to 157.40 kroner ($20.70) in Oslo.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast