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2016-07-28 18:30:00

STATOIL CUTS $1 BLN

STATOIL CUTS $1 BLN

OGJ wrote, Statoil ASA plans to cut its capital expenditure guidance for 2016 to $12 billion from $13 billion. That includes an exploration guidance reduction to $1.8 billion from $2 billion.

The Norwegian state-owned firm's production guidance remains unchanged, with expected organic production growth of 1%/year from 2014-17.

Statoil recorded equity production of 1.96 million boe/d in the second quarter. Underlying production growth in the quarter, after adjusting for divestments, was 6% compared with last year's second quarter.

The firm took a second-quarter net loss of $307 million compared with a net profit of $861 million a year earlier. First-half organic capital expenditure was $5.3 billion.

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Earlier: 

STATOIL NET LOSS $302 MLN 

NORWEGIAN OIL & GAS DOWN BY $50 BLN 

NORWEGIAN MERGER 

NORWEGIAN OIL WILL DOWN 

THE NEW NORWEGIAN LICENSES

 

 

Tags: STATOIL, NORWAY, OIL, GAS
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