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Statoil's profit more than halved in Q3

Dipping oil prices continue to plague Norwegian oil giant Statoil, with its adjusted earnings before tax dropping by 60 percent in Q3 to USD 436 million. The company is cutting back on investments.

Photo: Statoil

Norway's Statoil has seen a significant drop in adjusted earnings after tax, which came to USD 436 million in the third quarter of the year - a drop of 60 percent compared with the same period of 2014 when it bagged more than USD 1 billion, the interim report, published Wednesday morning, shows.

The falling oil price continues to take its toll on the oil group, which – like many of its rivals - has cut significantly back on investments for coming years and laid off thousands of workers.

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