News » Money
Oct 29, 6:56 AM EDT

Norway's Statoil in third-quarter $727 million net loss, hit by lower oil and gas prices

Business Video

Buy AP Photo Reprints
Producers Tap Old Wells in Search of Oil

HELSINKI (AP) -- Norwegian energy company Statoil says impairment charges and lower oil and gas prices pushed it into net loss of 4.8 billion kroner ($727 million) in the third quarter.

Earnings fell from a net profit of 14.3 billion kroner in the same period in 2013. Revenue dropped 9 percent to 147 billion kroner.

The company said Wednesday that it "delivered strong operational performance" in the period even as operating income fell by more than half to 17 billion kroner.

Statoil said it continues to expect capital expenditure of some $20 billion this year and that total exploration activities, of some 50 wells, would amount to $3.5 billion this year.

Two weeks ago, CEO Helge Lund resigned and was replaced by Eldar Saetre, a senior Statoil executive.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.