Statoil posts first-quarter loss amid lower oil price, impairments

STOCKHOLM – Norwegian oil and gas company Statoil has posted its third consecutive quarterly loss, citing lower oil prices and impairments on shale assets in the U.S.

Statoil on Thursday reported a first-quarter net loss of 35.5 billion kroner ($4.67 billion), compared with a profit of 23.6 billion kroner in the same period in 2014.

Revenue slumped 30 per cent to 119.5 billion kroner.

Statoil booked impairment charges of 46.1 billion kronor, mostly related to U.S. shale assets, saying the company is taking “a more cautious view due to the uncertainty in the commodity markets.”

Statoil’s production in the quarter was 2.06 million barrels of oil equivalent per day, up from 1.98 million barrels daily a year ago.

Statoil shares rose 2.5 per cent to 157.40 kroner ($20.70) in Oslo.