Statoil sees 2Q earnings sink on weak oil prices

OSLO, Norway (AP) — Norway’s Statoil says second quarter earnings sunk 84 percent compared to a year ago due to lower prices for oil and gas and poor trading results.

The oil company says profit from April to June amounted to 4.3 billion kronor ($725 million) compared to 26.6 billion a year ago. Consolidated revenues totaled 148 billion kronor ($25 billion), down 26 percent from the 200 billion kronor posted last year.

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Statoil said Thursday that aggregate oil and gas production for the quarter fell 1 percent to just under 2 million barrels of oil equivalent per day as output at some of the company’s mature fields began to decline.

CEO Helge Lund says the quarter was still “solid” operationally as the company posted record output from fields outside of Norway.