Statoil’s Reitan Sets Sights on U.S. Shale Oil Cost Cutting
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Torgrim Reitan, who’s about to take charge of Statoil ASA’s U.S. business after serving as chief financial officer since 2011, has one priority: improve profitability by cutting costs.
Norway’s state-controlled oil producer has already reduced onshore operating costs in the U.S. by 30 percent this year as part of a company-wide efficiency program that Reitan, 46, helped to introduce, Statoil said Tuesday.