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Statoil Q3 lags forecast, cuts capex again

Norwegian oil firm Statoil cut its 2016 capital expenditure again after posting third-quarter earnings below forecast on Thursday due to lower-than-expected output and persistently low oil prices.

Like other oil companies, Statoil has been slashing investments, jobs and projects to cope with a 56-percent decline in the price of crude since mid-2014.

Bloomberg | Bloomberg | Getty Images

On Thursday it said it would cut its capital expenditure for 2016 to $11 billion from $12 billion and its exploration spending to $1.5 billion from $1.8 billion.

In July, the company had already reduced those figures from $13 billion and $2 billion respectively.

"The financial results were affected by low oil and gas prices, extensive planned maintenance and expensed exploration wells from previous periods," Statoil CEO Eldar Saetre said in a statement.

The firm's adjusted operating profit fell to $636 million in the third quarter from $2 billion a year ago, well below analysts' expectations for $950 million. All three divisions of the company missed forecasts.

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