Statoil ASA, the first of the major oil producers to report third-quarter earnings, posted an unexpected loss for a second quarter in a row as maintenance and exploration expenses compounded the impact of lower crude and gas prices. The company also deepened spending cuts. The adjusted loss, which excludes financial and other items, was $261 million, compared with a profit of $445 million a year earlier, Norway’s biggest oil company said Thursday. That missed the $136 million average profit estimate of 18 analysts surveyed by Bloomberg. “The financial results were affected by low oil and gas prices, extensive planned maintenance and expensed exploration wells from previous periods,” Chief Executive Officer Eldar Saetre said in a statement. “Strict prioritization and continued good results from our improvement program” allow further cuts to 2016 capital expenditure and exploration guidance, he said. Statoil, 67 percent owned by the government, and rivals such as […]