Statoil Earnings, Production Targets Miss Estimates

Statoil, Norway's largest oil company, reported third-quarter earnings slightly below estimates, with an adjusted net income of 9.1 billion Norwegian kroner against an expected 9.3 billion. The company faces a significant leadership change as CEO Helgeland resigns to join BG, a smaller rival. Statoil is committed to maintaining its strategy of cost-cutting to enhance shareholder returns, despite scrapping earlier production growth targets. The company is also implementing efficiency programs to manage investments and dividends. Oil production for the quarter was below expectations, and the search for a new chief executive is underway.

What efficiency program did Statoil start implementing this year?

What was Statoil's oil output for the quarter, and how did it compare to estimates?