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Norway's Statoil reports loss in 2015

Xinhua, February 4, 2016 Adjust font size:

Norwegian oil and gas company Statoil on Thursday reported a net loss of 37.3 billion Norwegian kroner (4.4 billion U.S. dollars) in the year of 2015 due to impairment charges and lower oil prices.

For the full year 2015, adjusted earnings were 77.0 billion kroner and adjusted earnings after tax were 19.5 billion kroner, according to the company's latest quarterly report.

Statoil delivered adjusted earnings of 15.2 billion kroner and adjusted earnings after tax of 1.6 billion kroner in the fourth quarter 2015, the company said.

Statoil's net income for the fourth quarter 2015 was negative 9.2 billion kroner, it said.

"The result in the fourth quarter is highly impacted by the weak commodity price. However, we continue to make strong progress on costs and efficiency," Statoil president and CEO Eldar Saetre said in a statement.

"We are now further stepping up our improvement programme, and tightening our capital and exploration expenditures. These are key elements in navigating the business during a period of low oil prices," he said. Enditem