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Statoil Q2 profits hit by lower oil prices, higher costs

2015-07-28 10:27:19| Oil & Gas - Topix.net

Norwegian energy company Statoil says it was hit by lower oil prices, increased depreciation and higher drilling costs in the second quarter, causing net profit to fall 16 percent to 10.1 billion kroner . CEO Eldar Saetre said Tuesday that the company "delivered encouraging operational performance with good production growth and high regularity" in the quarter, adding that it will continue to cut costs as part of an efficiency program that was "on track."

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