Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STATOIL ASA. We currently have 15 research reports from 3 professional analysts.
|05Dec16 06:51||GNW||Statoil ASA: Subscription price set for the Dividend Issue for the second quarter 2016 under the Scrip Dividend Programme|
|21Nov16 06:51||GNW||Statoil ASA: Commencement of subscription period for the Dividend Issue for the second quarter 2016 under the Scrip Dividend Programme|
|18Nov16 06:17||GNW||Statoil's share saving plan allocates shares|
|16Nov16 06:00||GNW||Statoil ASA: Notifiable trading|
|09Nov16 06:49||GNW||Statoil ASA: Announcement of dividend per share for the second quarter 2016 in NOK|
|02Nov16 06:01||GNW||Statoil ASA: Execution of debt capital market transactions|
|02Nov16 06:56||GNW||Statoil ASA: Ex dividend and ex rights to participate in dividend issue|
Frequency of research reports
Research reports on
GMP FirstEnergy ― UK Energy morning research package
17 Nov 16
Tag Oil (TAO CN); BUY, C$1.25: no major changes to estimates | Great Eastern Energy (GEEC LN) (not covered): Half Yearly Results ended 30 September 2016 | Santos (STO AU) (not covered): Farms into Papua New Guinea license | Premier Oil (PMO LN); SPEC. BUY; £1.20: 3Q16 Trading Update | DNO (DNO NO) (not covered): MoU in Iran | Orca Exploration (ORC.B CN): 3Q16 Results | Statoil (STL NO) (not covered): FID at Tanzania LNG delayed by five years
Johan Sverdrup: lower cost, higher production
29 Aug 16
Statoil is the operator of Sverdrup and owns a 40% stake, Lundin Petroleum holds 22.6%, Det Norske 11.5%, Petoro 17.4% and Maersk 8.44%. The company announced on Monday morning (29 August) that the Johan Sverdrup field costs have decreased even more than expected. According to the company, the first phase is currently estimated to be NOK99bn (capex numbers in nominal terms based on the project’s currency), a reduction of NOK24bn since the PDO was submitted. The present break-even is now reduced to below $25/bbl for phase 1. The improvements for phase 1 have been achieved by higher drilling and well efficiency, and the high quality of project planning and execution. The Johan Sverdrup project will be developed in several phases, and a comprehensive effort has been made to develop the concept for the full-field development of Johan Sverdrup. The estimate for the full-field investment has been improved from a range of NOK170–220bn in 2015 to NOK140–170bn. The improvements made for the Johan Sverdrup full-field development are mainly a result of optimisation and simplification of the development concept for future phases, in close cooperation with the supplier industry. Phase 1 production capacity is currently estimated at 440kbpd. The PDO originally estimated the phase 1 production capacity to be between 315kbpd and 380kbpd. So far, the Johan Sverdrup partners have agreed on expanding the production capacity on Johan Sverdrup by introducing an extra processing platform at the field centre. This will increase the expected full production capacity on the Johan Sverdrup full field to 660kbpd Since the PDO for the first phase was submitted the range of the full-field resource estimate has improved from 1.7-3.0 to 1.9-3.0 billion barrels of oil equivalent. The PDO for phase 1 of Johan Sverdrup originally called for the project’s pre-sanction (DG2) of future phases in 2016 and the final investment decision at the end of 2017. According to an updated plan, the project’s pre-sanction will be made in the first half of 2017, and a final investment decision will be reached and PDO will be submitted in the second half of 2018. Full-field production start will be in 2022, as originally planned. For more details: http://www.statoil.com/en/NewsAndMedia/News/2016/Pages/JSaug2016.aspx
Acquisition in Brazil
29 Jul 16
Statoil announced it is to acquire a 66% stake in a Brazil offshore licence from Petrobras for $2.5bn. The acquisition includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years. Statoil estimates the recoverable volumes within the BM-S-8 licence to be in the range of 0.7bn to 1.3bn barrels of oil. In addition to the Carcará discovery, BM-S-8 holds an exploration upside that may significantly increase its resource base. The licence is in its final exploration phase with one remaining exploration commitment well to be drilled by 2018.
Lack of catalysts, weak cash flow, pressure on natural gas
29 Jul 16
As previously mentioned, Statoil missed analysts’ expectations for the second quarter with an adjusted net loss $28m compared to a 300m gain expected. All three divisions performed below estimates. A) By division In the E&P division in Norway, the results came down 50% yoy to $1.16bn, mainly driven by lower realised prices. The liquid prices the group realised were 28% lower yoy and natural gas prices in Europe were 32% lower. Adjusted operating and administrative expenses decreased, mainly due to the results of efficiency gains from on-going costs improvements and the NOK/USD exchange rate development. Production was up by 5% to 1.2mbpd. International E&P Upstream still showed a loss of $500m, compared to $800m in Q1 16 and $-16m a year ago. The negative results were also driven by lower energy prices. There were also cost impairments thanks to efficiency but this was partially offset by operating costs from the new field coming on stream, higher transportation expenses in the US and portfolio changes. Production increased by 3% to 0.75mbpd. In the MMP division, the lower results ($329m, -52% yoy) were due to the lower refining margin because of planned maintenance at Kalundborg and Tjelbergodden. Mongstad will have a planned maintenance stop during Q3 16. The division reported earnings down 52% yoy to $329m, after $431m in Q1 16. For the MMP business, there were no changes in guidance, the group expecting to see volatility within a range of $250m and $500m. B) Cash flow Cash flow from operations was $1.1bn, down from $2.2bn in Q1 16 despite the better oil price environment. Capex was $2.9bn and the dividend $0.4bn, meaning that the group was again not able to cover its investment and dividend, by far. The board has approved a second quarter dividend of $0.22/share with a scrip option with a 5% discount for the quarter. C) Other The group reported a $733m one-off mainly related to an impairment in the Gulf of Mexico asset and a mark-to-market valuation effect of derivatives in the MMP segment. The tax rate was above 100% as a result of the earnings composition (high MMP earnings, low in Norway due to the uplift production and loss in the international division).
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.