Norwegian energy company Statoil said Thursday it was cutting spending for the year in an effort to position its portfolio for growth once the market recovers. The company outlined a capital spending plan for 2016 of around $13 billion, down about 11 percent from last year. Earnings for the fourth quarter were down 44 percent year-on-year to $1.75 billion. President and CEO Eldar Saetre said fourth quarter results were largely a reflection of lower crude oil prices. The price for Brent crude oil, the global benchmark, is down more than 25 percent from the start of the fourth quarter. “We are now further stepping up our improvement program, and tightening our capital and exploration expenditures,” he said in a […]