Statoil cuts costs, investments after posting fourth-quarter loss due to oil price slump

Norwegian energy group Statoil ASA says it will cut back on investments and costs as the slump in oil prices prompted a loss in the fourth quarter despite higher production.

Statoil's net loss in the fourth quarter was 8.9 billion kroner ($1.2 billion) compared to a profit of 14.8 billion kroner in the same period in 2013.

Revenue was stable at 147 billion kroner.

Statoil said Friday its earnings were eroded by sagging oil prices and impairment losses linked to its international operations.

The state-controlled company said it would reduce planned capital spending by 10 percent this year to 18 million kroner and deepen its cost-cutting program by 30 percent to 1.7 billion kroner annually from 2016.

Statoil's production rose nearly 8 percent to 2.1 million barrels per day.