Helge Lund (left), CEO of Norwegian energy company Statoil, speaks with Statoil Joint Venture Manager Cesar Alvarez (facing away) and Talisman Energy Frac Specialist Nabila Larsen (right) at a Talisman Energy fracking site near Cotulla, Texas. Statoil is working with Talisman energy to develop oil and gas ventures in the Eagle Ford shale formation in south central Texas. (Photo: JOHN DAVENPORT/SAN ANTONIO EXPRESS-NEWS)
OSLO, Norway — Norwegian oil company Statoil ASA says its fourth-quarter profits plunged 50 percent as revenue dropped because of lower oil and gas prices.
The state-controlled company said net profit in the period was 13.0 billion kroner ($2.37 billion), down from 25.5 billion kroner a year earlier.
Revenue declined by 8 percent to 159.2 billion kronor, with higher gas volumes partly offsetting a drop in prices.
The report was clouded by a terror attack last month on a jointly operated gas field in Algeria. Five of the dozens killed were Statoil employees.
Statoil said the attack highlighted the “uncertainties related to production” from the field.
