Statoil second quarter lags forecasts, cuts 2016 capex outlook

* Q2 adjusted operating profit $913 mln vs fcast $1.4 bln

* Cuts 2016 capex outlook to $12 bln from $13 bln

* Maintains dividend at $0.2201 per share (Adds analysts, updates shares)

By Stine Jacobsen and Gwladys Fouche

OSLO, July 27 (Reuters) - Norway's Statoil (LSE: 0M2Z.L - news) cut its 2016 capital spending guidance as it missed quarterly earnings forecasts on Wednesday, hit by persistently low crude prices and higher-than-expected costs.

Statoil's adjusted operating profit fell almost 70 percent to $913 million in the second quarter from $2.9 billion a year ago, well below analysts' expectations for about $1.4 billion.

It (Other OTC: ITGL - news) was the second oil major this week after BP to post below-par results and to announce yet another reduction in 2016 investments.

"(The) consensus was too optimistic on cost reduction," said RBC Capital Markets analyst Biraj Borkhataria, noting that, at $2.9 billion, capital expenditure far outstripped a cash inflow of $1.1 billion in the quarter.

Statoil is slashing jobs, projects and investments to cope with a 60-percent drop in the price of crude since mid-2014.

In February, it pledged to increase cost-cutting by 50 percent to $2.5 billion on an annual basis from this year and axe up to 19 percent of its workforce compared with the height of the crude price boom.

Statoil shares were down 2 percent at 1245 GMT, the worst performance in a European oil and gas sector up 0.89 percent.

The fall was tempered by Statoil's plan to cut its 2016 target for capital spending to $12 billion from $13 billion and its 2016 exploration spending target to $1.8 billion from $2 billion.

All three divisions of the company missed forecasts and it was Statoil's worst-ever adjusted operating profit, apart from that posted in its first quarter.

"What this set of results does do ... is serve as a reminder of how challenging a $45 per barrel environment really is," Barclays (LSE: BARC.L - news) said in a note.

COSTS

Statoil's key Norwegian exploration and production division produced less oil and gas than expected, had higher exploration costs and higher-than-expected operating expenses and general and administrative expenses, Swedbank (LSE: 0H6T.L - news) analyst Teodor Sveen-Nielsen (EUREX: 11400372.EX - news) said in a note.

For the international division, "at first glance it looks like the miss is solely explained by high opex (operating expense)," he added.

For its third division, marketing, midstream and processing, Statoil cited weaker refinery margins - as did BP.

"Our financial results were affected by low oil and gas prices in the quarter," Chief Executive Eldar Saetre said during a presentation, adding maintenance activity in the quarter led to higher costs.

Though oil prices have climbed more than 60 percent from a near 13-year low in January, they remain more than 60 percent below their June 2014 peak.

Statoil kept its quarterly dividend at $0.2201 per share, as promised, and repeated it would pay the same in the third quarter.

It also maintained its production guidance, expecting annual organic production growth of around 1 percent from 2014 to 2017.

Saetre said he saw "clear signs" the oil market would reach a balance between supply and demand "in the course of this year." (Editing by David Holmes and Mark Potter)