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Statoil says profit falls on lower oil, gas prices

State-backed Norwegian oil giant said on Thursday that second-quarter profit fell more than expected due to sliding oil and gas prices and weaker results from its trading division. Net profit in the April to June period fell to 4.3 billion kroner (548.95 million euros, $725 million) from 26.4 billion a year ago, when results were strengthened by one-off items and higher oil and gas prices. Statoil's results suffered from a seven-percent dip in oil prices and an 11 percent decline in gas sales, and from lower profits in its trading division.

Statoil says profit falls on lower oil, gas prices

State-backed Norwegian oil giant said on Thursday that second-quarter profit fell more than expected due to sliding oil and gas prices and weaker results from its trading division. Net profit in the April to June period fell to 4.3 billion kroner (548.95 million euros, $725 million) from 26.4 billion a year ago, when results were strengthened by one-off items and higher oil and gas prices. Statoil's results suffered from a seven-percent dip in oil prices and an 11 percent decline in gas sales, and from lower profits in its trading division.
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