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Statoil Blames Refining, Volatility as Quarterly Earnings Lag Forecasts

Norwegian oil giant Statoil (STO) on Tuesday promised to cut capital spending after it posted its first-ever quarterly adjusted loss after tax, blaming weak and volatile oil markets and lower refining margins.

Net operating profit tumbled to $180 million, down 95% on the same quarter last year, and about 33% below analyst consensus. Statoil made a net loss of $302 million for the quarter, down from a profit of $866 million a year earlier. Sales for the quarter...