Norwegian oil and gas giant Statoil said second quarter profits were hit by asset sales, lower gas prices and seasonal effects.
Net operating income totalled £3billion, down by £218million from the same three months a year earlier.
Chief executive Helge Lund said: “Statoil delivered solid operational performance in the quarter, with continued high production regularity on the Norwegian continental shelf and project execution according to plan.
“We have deferred gas production to enhance value, but remain on track for delivering on our production guiding for 2014.
“Our quarterly earnings were impacted by divestments, seasonal effects and lower gas prices.
“For the first half of the year, earnings were around the same level as in the same period last year.”
He added: “Our cash flow from operations before tax is NOK 118billion (£11.2billion) so far this year, and we have a strong balance sheet.
“We continue progressing our programmes to reduce cost and improve capital efficiency.
“Reductions of around 1000 positions in our staffs and support services are already implemented.
“We have also established six specific high-impact projects addressing technical efficiency across the company, and we are now executing the first wave.”