Norway's Statoil reports loss in Q3

Norwegian oil and gas company Statoil on Wednesday reported a net loss of 2.8 billion Norwegian kroner (330 million U.S. dollars) in the third quarter of 2015 due to impairment charges and lower oil prices.

Adjusted earnings were 16.7 billion kroner in the quarter compared to 30.9 billion kroner in the same period in 2014, according to the company's latest quarterly report.

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, the Norwegian company said.

"We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices," Statoil president and CEO Eldar Saetre said in a statement.

"We are progressing our efficiency programs according to the plan we communicated in February, and continue to reduce the underlying operational cost," Saetre said. "I am pleased with the way we are taking costs down, but the continued low prices in the third quarter demonstrates that we must continue to chase further cost efficiencies."

Statoil's production in the quarter was 1.909 million barrels of oil equivalent per day, up 4.0 percent compared to the same period last year. Endit