Statoil Deepens Spending Cuts as Profit Tumbles on Oil Slump
- Investments cut by $1 billion to $16.5 billion in 2015
- CEO says keeps `very strong' commitment to dividend policy
Statoil 3Q Adj. Net Income Misses Estimates
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Statoil ASA, Norway’s biggest oil company, stepped up cuts in investments and delayed projects, renewing its commitment to shield dividends after third-quarter earnings missed analyst estimates amid a collapse in crude prices.
Statoil cut planned investments in 2015 by $1 billion to $16.5 billion and delayed the start of production at its Aasta Hansteen and Mariner fields to the second half of 2018 from 2017, the Stavanger-based company said Wednesday in its quarterly earnings report. Statoil has a “very strong commitment” to its dividend policy, under which it maintained payouts this year, said Chief Executive Officer Eldar Saetre.