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Norway's Statoil reports net loss of 2.785 bln USD in Q4

Xinhua, February 7, 2017 Adjust font size:

Norwegian oil and gas company Statoil on Tuesday reported a net loss of 2.785 billion U.S. dollars in the fourth quarter of 2016, mainly due to "expensed exploration wells, high maintenance activity and impairment charges" in its international operations.

Statoil's adjusted earnings were 1.664 billion U.S. dollars in the quarter, down 6 percent from 1.778 billion U.S. dollars in the same period in 2015, the company said in a statement.

Net operating income was negative 1.897 billion U.S. dollars in the fourth quarter compared to positive 152 million U.S. dollars in the same period of 2015, it said.

The Norwegian oil and gas giant's adjusted earnings after tax were negative 40 million U.S. dollars in the fourth quarter, down from positive 185 million U.S. dollars in the same period of the previous year. Endit