Statoil net profit blows past expectations


Statoil's (STO) Q1 net profit jumped to 23.6B Norwegian kroner ($3.94B) from 6.4B kroner a year earlier and slayed consensus of 12.12B kroner. Earnings were boosted by increased gas prices, particularly in the U.S. amid the harsh winter.

Revenue rose to 169.9B kroner from 162.2B kroner and topped expectations of 162.79B kroner.

Adjusted earnings +9% to 46B kroner.

Oil and gas output slipped 1% to 1.978M barrels of oil equivalent a day.

Proposes a dividend payment of 1.80 kroner a share.

Shares are +4% in Oslo. (PR)

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Comments (1)
  • Michael Fitzsimmons
    , contributor
    Comments (10970) | Send Message
     
    Good Action! Great quarter from STO. Higher US nat gas prices bode well for Enerplus (ERF), which like STO has significant Marcellus production. STO set to double over next 4-5 years while throwing off a significant dividend stream:

     

    http://seekingalpha.co...
    29 Apr 2014, 09:28 AM Reply Like
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