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Statoil disappoints in second quarter

Giant Norwegian oil conglomerate Statoil had a disappointing second quarter with a net result of USD 723.6 million in the quarter, compared to an expected bottom line of USD 1.93 billion.

Photo: Øyvind Hagen/Statoil

Revenues reached a dizzying USD 24.9 billion, which was still less than analysts expected - market consensus predicted USD 26.6 billion. Operating profits amounted to USD 5.7 billion, where analysts expected USD 6.8 billion.

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