ECONOMY


Statoil Q4 loss widens on charges, lower revenues

Baku, February 7, AZERTAC

Norwegian energy firm Statoil ASA (STO) reported Tuesday that fourth-quarter net loss attributable to equity holders of the company was $2.79 billion or $0.87 per share, wider than loss of $1.13 billion or $0.35 per share a year ago.

The latest quarter's results were impacted by $2.3 billion in net impairment charges mainly due to reduced long term price assumptions.

Adjusted earnings for the quarter were $1.66 billion, down 6 percent from $1.78 billion in the same period in 2015.

Adjusted earnings after tax were negative $40 million in the quarter, compared to positive $185 million in the same period last year.

Total revenues and other income for the quarter declined to $12.76 billion from $13.09 billion a year ago.

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