CORRECTED - UPDATE 1-Statoil's Q3 profit down 41%, says still cautious

(Corrects adjusted operating profit for Q3 2008 to 52.4 billion crowns from 47 billion crowns, and percentage fall to 41 percent instead of 34 percent)

* Adjusted EBIT off 41 pct at 31 bln crowns, tops forecasts

* Oil price down 31 pct, gas 32 pct, refining margins 59 pct

* Production up 10 pct at 1.71 mln boed, affirms 2009 target

* Maintains $13.5 bln 2009 capex forecast

(Adds further details, comments)

OSLO, Nov 4 (Reuters) - Norway's Statoil (STL.OL) posted a slightly smaller than expected drop in third-quarter operating profit on Wednesday, affirmed its 2009 oil and gas output target and said it must remain cautious amid scant evidence of a sustainable recovery.

Hit by lower energy prices compared with a year ago, Statoil's adjusted operating profit slumped to 31.2 billion Norwegian crowns ($5.42 billion) in July-September from 52.4 billion crowns in the same period of 2008.

The result was slightly above the average forecast of 30.5 billion given in a Reuters poll of 22 analysts, whose predictions had ranged between 27.8 billion and 35.5 billion crowns.

"Although we see signs of improvement in the global economy, there is no firm evidence that industry investment, employment and private consumption have recovered in a sustainable way," Chief Executive Helge Lund said in a statement.

"This calls for cautiousness. Statoil is continuing to reduce cost, and we still have the flexibility to adjust our activity in response to a volatile business environment."

It said maintenance would not materially impact its production in the fourth quarter. Statoil said its refining margins slumped by 59 percent from a year ago and would remain low "at least in the near term".

Statoil said the price of its oil fell 31 percent from a year ago, while natural gas slumped by 32 percent. Its entitlement production rose to 1.71 million barrels of oil equivalent per day from 1.55 million a year ago, and just missing an average analyst forecast of 1.72 million.

Statoil maintained its equity production guidance for 1.95 million barrels of oil equivalent per day in 2009, rising to 2.2 million in 2012. It also kept its 2009 capex target of $13.5 billion and this year's exploration budget of $2.7 billion.

Shares in Statoil will resume trading at 0800 GMT. ($1=5.757 Norwegian crowns) (Reporting by Oslo newsroom; Editing by Greg Mahlich)