Statoil’s 4Q loss deepens

Norwegian oil giant Statoil has posted a net loss for the fourth quarter of 2015. Net loss for the quarter was NOK 9.2 billion, down from a net loss of NOK 8.9 billion a year ago. For the full year 2015, the company’s net loss was NOK 37.3 billion.

The company said that its results were mainly affected by lower short term price assumptions leading to impairment charges and provisions.

More specifically, Statoil said that in the fourth quarter of 2014, net operating income was negatively affected by net impairment charges related to certain assets of NOK 20.6 billion and the effect from cancellation of a rig contract of NOK 2.1 billion.

Statoil delivered equity production of 2,046 mboe per day in the fourth quarter, a reduction of 3% compared to the same period in 2014.

Adjusting for divestments, the underlying production was at the same level as in the fourth quarter last year.

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