Statoil ASA

Statoil ASA

den 18 februari 2016

Important legal information


Statoil ASA is a primarily state owned Norwegian oil and gas firm ranked among the 25 top players of its industry according to Forbes. The multinational company operates oil and gas fields all over the world.

The company was recently hit by the slump in oil prices and reported weaker than expected fourth quarter revenues and a negative net income. In total, the write-downs for the past year amount to 65 billion kroner. Only time will tell whether the giant oil multinationals can properly react to the current low oil price environment and implement necessary structural changes to achieve positive results again.

Statoil already announced an improvement program and managed to reduce its average break-even-price per barrel for planned projects from $70 in 2013 to $41. Additionally, Statoil ASA plans to further intensify its cost-cutting program and to reduce capital expenditure. While the dividend is expected to stay at its current level, the company announced in its last quarterly report plans to change it to a scrip dividend; investors will get newly issued shares instead of cash. The company will also center a gradual growth in the new energy business with focus on offshore wind and the creation of new energy solutions.

According to Bloomberg, consensus analyst estimates are positive with 4 analysts giving Statoil ASA a BUY, 1 a HOLD and 1 a SELL recommendation.

 

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2022-12-01 15:45:03