- Statoil (STO) -3.1% premarket after reporting a NOK2.8B net loss ($330.3M) on NOK112.2B in revenues, a narrower loss than a year ago but below analyst expectations for a net profit of NOK4.9B on revenues of NOK119.5B.
- STO says it will delay the production start at the Aasta Hansteen gas field in Norway and the U.K. Mariner field to H2 2018 from 2017.
- STO says costs had increased by ~9% at Aasta Hansteen and by more than 10% at Mariner since the planning stage, while costs had been reduced by 7% at the giant Johan Sverdrup field off Norway.
- STO's overall production for Q3 rose 4% Y/Y to 1.9M boe/day.
- Says its capex for the current year will total $16.5B, down from a previous forecast of $17.5B, and that it is seeking to save $1.7B/year through a cost-cutting plan that includes thousands of job cuts.