Statoil profits halved in Q4 on lower oil prices

Thursday - 2/7/2013, 6:00am EST

OSLO, Norway (AP) -- 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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.