Statoil Declines After Output Cut, Missing Estimates
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Statoil ASA, Norway’s largest oil and natural gas company, fell the most since May in Oslo trading after cutting its full-year production target because of halts at fields and missing analysts’ estimates for adjusted profit.
The output guidance for this year was cut to 1.9 million barrels of oil equivalent a day, from 1.925 million to 1.975 million a day, the Stavanger-based company said today. Adjusted net income fell 8 percent to 8.5 billion kroner ($1.4 billion), missing the 9.2 billion-krone estimate in a survey of analysts.