Seeking Alpha
Editor's notes: Long-term investors could see over 70% upside to STO's valuation - which is substantially below all other oil majors - as production grows and a price fixing investigation is resolved.

Norwegian oil and gas giant Statoil (STO) announced first quarter 2013 results that disappointed analysts. The company's results missed the Street's estimate by 12% although it only missed the Zacks' estimate by 6.35%. This is likely one reason for the recent pressure on the ADR price. There are other reasons too which will be discussed later in this article. However, none of these things changes the long-term fundamentals for the company which remain remarkably similar to what they have been for quite some time.

Here are the highlights from the company's first quarter results:

  • The company's net operating income was NOK 38.0 billion in the first quarter. This compares rather unfavorably to the prior year quarter's

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