Statoil Loss Result of Weak Commodity Environment: CEO
Statoil ASA, the first of the major oil companies to report third-quarter earnings, posted an unexpected loss amid lower energy prices and reduced its projected investments this year. The adjusted loss, which excludes financial and other items, was $261 million compared with a profit of $445 million a year earlier, Norway’s biggest oil company said Thursday. That missed the $136 million average profit estimate of 18 analysts surveyed by Bloomberg. Statoil CEO Eldar Saetre discusses with Manus Cranny on "Bloomberg Daybreak: Europe."