Statoil takes big hit from low oil price in 2015

2015 finished as a massive deroute for the Norwegian oil major which took a big hit from the low oil price and large-scale impairments. The adjusted bottom line was cut in half compared to last year.

Photo: Harald Pettersen - Statoil

Like so many other major global players in the oil industry, Norway's Statoil was hit hard by the all-time low energy prices and, in particular, the rock-bottom oil prices. According to the annual report from the state-owned Norwegian oil unit, the net operating income declined to USD 1.74 billion in 2015 against USD 12.80 billion in 2014.

The adjusted net result for the full year came to USD 9.00 billion, a 43 percent setback from USD 15.90 billion in 2014.

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