Statoil ASA, Norway’s biggest oil company, stepped up cuts in its investments and delayed projects after third-quarter earnings missed forecasts amid a collapse in crude prices.
The Stavanger-based company cut planned investments in 2015 by $1 billion to $16.5 billion and pushed production start of its Aasta Hansteen and Mariner fields to the second half of 2018 from 2017, it said Wednesday in its quarterly earnings report.
Adjusted net income, which excludes financial and other items, fell to 3.7 billion kroner ($436 million) from 9.1 billion kroner a year earlier, missing a 5.1 billion-krone estimate in a Bloomberg poll of analysts. The company reported a net loss of 2.8 billion kroner after booking net impairment charges of 4.8 billion kroner.
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