Statoil makes further spending cuts as it reports $432m Q3 loss

Statoil makes further spending cuts as it reports $432m Q3 loss:

"Statoil has made another cut to capital expenditure after announcing a net loss for the third quarter in a further sign of the pressure on oil producers from weak prices.

Capital expenditure for the full year is now expected to be $11bn – $1bn lower than previously planned. Exploration expenditure was expected to be $1.5bn, down from $1.8bn. These were the latest in a succession of spending cuts by Statoil and other oil majors as the industry has scrambled to adapt to low prices, writes Andrew Ward.

There have been recent signs of stabilisation in the market as Opec producers edge closer to agreement on curbing output but the relief did not come soon enough to prevent Statoil reporting a net loss of $432m for the three months to September 30. This was a deterioration from the net loss of $307m in the same period last year and worse than the $197m net profit forecast by analysts."



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