Statoil Q3 Net Loss Narrows, Revenues Down; Declares Dividend - Quick Facts

(RTTNews) - Norwegian energy firm Statoil ASA (STO) reported Wednesday that its third-quarter net loss, on IFRS basis, was 2.8 billion Norwegian kroner, narrower than last year's loss of 4.8 billion kroner. Earnings per share were negative 0.89 krone in the quarter, compared to negative 1.48 krone in the same period last year.

The loss mainly reflected net impairment charges and provisions.

Net operating income was 7.3 billion kroner, compared to 17.0 billion kroner in the same period in 2014.

Adjusted earnings were 16.7 billion kroner, lower than 30.9 billion kroner a year ago.

According to the firm, the reduction was primarily a consequence of lower liquids prices and increased depreciation, partially offset by stronger refining margins, good operational performance and reduced underlying operating costs.

Total revenues and other income declined to 111.9 billion kroner from 148.2 billion kroner last year.

Statoil delivered production of 1,909 mboe per day in the third quarter, up 4% from last year. The underlying production growth, after adjusting for divestments, was 7%.

Further, the company said its board of directors has decided to pay a dividend of $0.2201 per ordinary share for the third quarter. From and including the third quarter, dividends will be declared in USD, the company said.