Statoil profit slips, to rein in investment

|About: Statoil ASA (STO)|By:, SA News Editor

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)