- Statoil's (STO) Q4 net operating profit dropped 4% to 43.9B kroner ($7.1B), just below consensus of 44.3B kroner.
- Net income 14.8B kroner vs 13B kroner a year earlier.
- Equity production in 2013 was 1.945M boe per day, 20,000 boe below expectations. Output was 2M boe in 2012.
- Statoil has cut its investment plans for the next three years by over $5B and pushed back its 2020 targets by 3-4 years. Statoil intends to increase investment to $20B in 2014 from $19B in 2013 and then keep that level steady.
- Statoil proposes to increase its dividend to 7 kroner for 2013 from NOK 6.75 in 2012, and it plans to introduce quarterly dividends, subject to shareholder approval. The company also intends repurchase stock "more actively."
- Shares are -1.3% in Oslo. (PR)
Statoil profit slips, to rein in investment
Feb 7 2014, 03:46 ET