Statoil Deepens Cuts to Maintain Dividends Amid Crude Slump

  • Statoil cuts investments to $13 billion, 35% lower than 2014
  • Introduces scrip dividend, maintains 22 cents for quarter

Statoil ASA, Norway’s biggest oil company, deepened investment cuts and offered to pay dividends in stock as it pledged to maintain shareholder payouts even as a collapse in crude prices eroded earnings. The shares surged.

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