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2015-02-07 16:20:00

STATOIL CUTS $2 BLN

STATOIL CUTS $2 BLN

Statoil ASA has reduced its organic capital expenditure to $18 billion in 2015 from $20 billion in 2014. The move comes on the heels of a fourth quarter in which the Norwegian multinational firm reported net losses of $1.18 billion, compared with a $1.98-billion gain in fourth-quarter 2013.

The company has increased its improvement program by 30% to $1.7 billion/year from 2016, and expects organic production growth of 2% to 2016 and 3% from 2016 to 2018.

"Through our significant flexibility in our investment program we are well prepared for continuous market weakness and uncertainty," commented Eldar Saetre,…

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Tags: STATOIL, OIL, PRICES
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