Statoil Logs Net Loss on U.S. Impairments, Low Oil Prices

OSLO--Norway's Statoil ASA (STO) said Thursday it swung to a first-quarter net loss from a year earlier, its third quarterly net loss in a row, amid material impairments on its U.S. unconventional assets and lower oil prices.

The company's net loss for the three months through March was 35.5 billion Norwegian kroner ($4.71 billion), compared with a net profit of 23.6 billion kroner a year earlier. Analysts had expected a net profit of 3.53 billion kroner. Revenue fell 30% to 119.5 billion kroner, against expectations of 119.34 billion kroner.

Statoil recorded impairments of 46.1 billion kroner, mainly in U.S. onshore unconventional assets, due to a revision of its planning assumptions.

"We take a more cautious view due to the uncertainty in the commodity markets," said Statoil Chief Executive Eldar Saetre. "The underlying quality of the assets and the operational performance remains unchanged."

Write to Kjetil Malkenes Hovland at [e-mail]

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