Third quarter 2016 – Statoil reports net operating income of USD 737 million and adjusted earnings of USD 636 million in the third quarter of 2016
The third quarter was characterised by
- Continued weak markets, planned maintenance and expensed exploration wells
- Strong operational performance and improvement programme on track
- Positive net cash flow and reduced net debt ratio
- Lowering 2016 capex and exploration guidance
“The financial results were affected by low oil and gas prices, extensive planned maintenance and expensed exploration wells from previous periods. We delivered solid operational performance with strong cost improvements and progress on project execution”, says Eldar Sætre, President and CEO of Statoil ASA. ….