Norwegian oil major Statoil has booked a bigger loss for the 3rd quarter 2017 compared to the one posted a year ago while its revenues and production increased during the period, the company reported on October 26, 2017.
After tax, Statoil’s adjusted earnings amounted to $0.8 billion in the 3rd quarter of 2017 up from negative $0.3 billion in the same period last year.
IFRS net operating income was $1.1 billion in the 3rd quarter compared to $0.7 billion in the same period of 2016.
Net operating income was impacted by net impairments charges of $0.8 billion, mainly related to an unconventional onshore asset in North America of $0.9 billion, triggered by lower than expected production.
The oil company’s net loss deepened during the 3rd quarter 2017 amounting to $480 million compared to a loss of $432 million in the corresponding period of 2016.
Statoil’s revenues increased totaling $13.6 billion compared to $12.1 billion in the same period last year.
«With an oil price below $52 per barrel, we have generated $3.6 billion in free cash flow so far this year, based on good contributions from all business segments. This has further strengthened our financial position,» said Eldar Sætre, CEO of Statoil.
The company also said in its report that its organic capex guidance for 2017 was reduced by 1 billion dollars, to around 10 billion dollars.
«We are getting more for less,» Sætre said.