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Research Tree provides access to ongoing research coverage, media content and regulatory news on STATOIL ASA. We currently have 19 research reports from 3 professional analysts.

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Date Source Announcement
22Feb17 06:49 GNW Statoil ASA: Ex dividend and ex rights to participate in dividend issue
14Feb17 06:55 GNW Statoil ASA: Information relating to the dividend for fourth quarter 2016
07Feb17 06:49 GNW Statoil ASA: Share capital increase for issue of dividend shares in connection with payment of dividend for third quarter 2016
07Feb17 06:47 GNW Statoil ASA: Information relating to the dividend issue for third quarter 2016
07Feb17 05:43 GNW Statoil ASA: 2016 fourth quarter results
15Dec16 11:32 GNW Statoil ASA: Completion of share capital increase in connection with the Dividend Issue for second quarter 2016
15Dec16 07:23 GNW Statoil ASA: Result of the Dividend Issue for the second quarter 2016
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Q4 16: below expectations but good cash generation, more cost cutting

  • 09 Feb 17

The company published its annual results while also attended its capital market day 2017. Q4 results Statoil posted results below expectations with adjusted profit at $1.66bn vs. $2.27bn expected. The group’s production was 2,095mbpd, up from 2,045mbpd a year earlier. The group also had an impairment of $2.3bn as it reduced its long-term price assumptions. The group now expects Brent crude to reach $75/bbl in 2020 (vs. $83/bbl earlier) and $80/bbl in 2030 (vs. $100/bbl earlier). Also, losses on derivatives and inventory hedge contracts lowered the net results by $0.8bn. Therefore the net loss was, when other one-offs are integrated, $2.8bn in Q4 16. By division: 1) In D&P Norway, production in Q4 16 increased by 5% yoy to 1.37mbpd due to the effect of the redetermination of the Ormen lange, ramp-up of new fields and stronger operational performance at several fields. Adjusted net income came in at $1.97bn, down 2% yoy, driven by lower natural gas prices. 2) In D&P International, production in Q4 16 decreased 2% yoy to 0.72mbpd, due to planned maintenance activity and an expected natural decline at various partner-operated fields. Adjusted earnings were a negative $681m in Q4 16, broadly the same as in Q4 15. This negative development was mainly due to lower entitlement production and higher exploration and depreciation expenses. 3) In the marketing, midstream and processing division adjusted earnings rose by 22% to $514m thanks to the strong trading results and higher sales of gas volumes. Natural gas volumes were up 10% yoy to 14.9bn bcm due to higher entitlement production on the Norwegian Continental Shelf and the higher volumes of third parties. Natural gas prices in Europe strengthened during the quarter but were still down 14% yoy, while in the US they increased by 27%. Cash flow from operations (excluding working capital) was $3.8bn, capex $3.8bn and the dividend $400m. Due to an increase in working capital, net debt increased by $2.3bn during the quarter to reach $19.4bn, vs. $17.1bn at the end of Q3 16 and $14.7bn a year ago. The firm maintained its dividend policy (quarterly dividend at $0.2201 a share). Capex will be broadly the same in 2017 as in 2016, at $11bn. Capital markets day The group also highlighted during its capital markets day its three priorities: - investing in its next generation portfolio with radically improved break-evens; - maintaining financial capacity with clear funding visibility and the ability to be cash flow positive at $50/bbl; - pursuing its sharpened high value, low carbon strategy. Statoil has improved it average break-even for its next generation portfolio with planned start-ups before 2022 to $27/bbl thanks to efficiencies over the last few years. For 2017, Statoil targets an additional improvement of $1bn on the already achieved $3.2bn, on top of the $2.5bn expected. Capex for 2016 came in at around $10bn, below the initially guided $13bn mainly due to increased efficiencies, strict prioritisation and also very disciplined management project execution. Statoil also said its estimates 4-5% production growth in 2017 from rebased 2016 production and organic production growth of around 3% from 2016 to 2020.