Statoil ASA (STO) - NYSE
  • Tue, May 3, 9:55 AM
    • Statoil (STO -2.9%) agrees to pay $68M plus its 15% stake in the Edvard Grieg oil field in the North Sea to Lundin Petroleum (OTCPK:LNDNF) in exchange for an increased stake in the company.
    • The deal increases STO's share of the North Sea's Johan Sverdrup oil field, a $13B project estimated to hold up to 3B barrels of crude which has a breakeven of less than $30/bbl for the first phase of the project.
    • Following completion of the deal, STO will own ~68.4M shares of Lundin, or 20.1% of the shares and votes.
    | Tue, May 3, 9:55 AM | 1 Comment
  • Mon, May 2, 4:33 PM
    • EQT Corp. (NYSE:EQT) -1.7% AH after agreeing to acquire 62.5K net acres and current natural gas production of 50M cfe/day from Statoil (NYSE:STO) for $407M.
    • EQT says the deal increases its core undeveloped acreage in the Marcellus Shale by 29%, much of it contiguous with its existing development in the area.
    • To fund the deal, EQT says it is launching a public offering of 9.5M common shares, with an underwriters option to purchase up to an additional 1.425M shares.
    | Mon, May 2, 4:33 PM | 7 Comments
  • Sun, May 1, 1:08 PM
    • A new study finds that fracking of U.S. shale fields is causing a global surge in ethane emissions. Ethane is known to contribute to global warming and dangerous air pollution.
    • Global ethane levels had been falling since the 1980s, but in 2010 a sensor in Europe picked up a surprise increase. U.S. shale fracking was thought to be the culprit. More recently, a single field in the North Dakota and Montana Bakken Formation has been found to be emitting 2% of the worldwide total.
    • "Two percent might not sound like a lot, but the emissions we observed in this single region are 10 to 100 times larger than reported in inventories. They directly impact air quality across North America. And they're sufficient to explain much of the global shift in ethane concentrations," said Eric Kort, the first author of the new study published in Geophysical Research Letters.
    • Ethane emissions from other U.S. fields, especially the Texas Eagle Ford, likely contributed as well, the research team says. The findings illustrate the key role of shale oil and gas production in rising ethane levels.
    • Baaken stocks include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
    • Eagle Ford stocks include: APC, APA, COG, CRZO, CHK, COP, ECA, XOM, MUR, PXD
    • See the full study here »
    | Sun, May 1, 1:08 PM | 363 Comments
  • Fri, Apr. 29, 6:19 PM
    • Statoil (NYSE:STO) has halted production at its Gullfaks B platform off the coast of Bergen, Norway, following a helicopter crash in the North Sea that killed at least 11 of the 13 on board.
    • Eleven bodies were recovered and the other two were presumed dead as the helicopter, which had departed the platform, was completely destroyed.
    • The passengers worked for different companies but were on assignment for Statoil, the company said, calling it one of the worst accidents in Norwegian oil history.
    • The cause of the crash is unknown, but Norway has imposed a temporary ban on flying the type of helicopter involved -- a Eurocopter EC225LP made by Airbus (OTCPK:EADSY -0.8%).
    • Now read Oil Majors Lose Faith In The North Sea - 100 Shutdowns Looming »
    | Fri, Apr. 29, 6:19 PM | 1 Comment
  • Wed, Apr. 27, 4:01 AM
    • Statoil (NYSE:STO): Q1 adj. net income of $857M
    • Revenue of $10.18B (-35.0% Y/Y) misses by $2B.
    • Press Release
    | Wed, Apr. 27, 4:01 AM | 6 Comments
  • Wed, Apr. 27, 3:54 AM
    • Statoil (NYSE:STO) swung to a Q1 net profit of $607M from a net loss of $4.58B last year, when it booked major write-downs, with analysts expecting a loss of $115M. Cost cuts helped reduce the impact of low oil prices.
    • Revenue at the Norwegian company dropped 34% on year to $10.09B and missed forecasts of $11.56B.
    • Adjusted earnings fell to a record-low of $857M from $2.95B but beat consensus of $589M.
    • "We delivered strong operational performance across all business areas, high production efficiency and results in line with expectations from liquids trading and refining," says CEO Eldar Saetre.
    • The company received an average of $29 a barrel vs $47 last year. Output was flat at 2.05M barrels of oil equivalent a day.
    • Statoil maintained its dividend at $0.2201 per share.
    • Shares are +2.1% in Stockholm. (PR)
    | Wed, Apr. 27, 3:54 AM | 6 Comments
  • Mon, Apr. 25, 7:58 AM
    • Statoil (NYSE:STO) says it is partnering with E.ON to develop the €1.2B ($1.35B) Arkona offshore wind project in the Baltic Sea off the coast of Germany.
    • STO says it is acquiring 50% of the 385 MW project, which will be operated by E.ON and could supply enough electricity to fuel 400K German homes when it begins operating in 2019.
    • STO had invested in offshore wind only in the U.K., where it operates the 317 MW Sheringham Shoal project and is developing the $2.2B 402 MW Dudgeon project, set to start producing late 2017.
    • Now read Norway's high carbon tax prompts Statoil to try "Batwind"
    | Mon, Apr. 25, 7:58 AM | 3 Comments
  • Wed, Apr. 20, 6:58 PM
    | Wed, Apr. 20, 6:58 PM | 2 Comments
  • Wed, Apr. 20, 10:49 AM
    • Statoil (STO +0.9%) is looking to a rebound in exploration activity offshore Norway in the next few years with a focus on the Arctic, its exploration chief for Norway tells Reuters.
    • STO is unveiling a new set of technologies tailored for the Barents Sea, known as Cap-X, designed to reduce costs and increase the efficiency of subsea developments - technology that will prove critical in ensuring the Barents can be economic.
    • Exploration activity in the coming years is crucial to secure STO's future production in its home base, which faces a decline from current levels after 2025 if mature fields are not replaced by new resources.
    • Now read Norway's high carbon tax prompts Statoil to try "Batwind"
    | Wed, Apr. 20, 10:49 AM | 3 Comments
  • Tue, Apr. 19, 5:57 PM
    • The highest carbon tax of any oil producing nation has prompted Norway’s Statoil (NYSE:STO) to experiment with batteries and wind turbines as an alternative for supplying electricity to offshore rigs, Bloomberg reports.
    • In Norway's Batwind project, STO plans to park its floating Hywind turbines next to rigs, using lithium-ion batteries to store energy for times when the wind is not blowing; if it succeeds, the technology may spread to the fish farming industry, which also has big offshore electricity needs.
    • STO already has committed $214M to the Hywind offshore wind plant, which will supply 30 MW when complete in Scotland in 2017; only ~8 MW of floating offshore wind currently is working worldwide.
    • Norway’s carbon tax of as much as 436 krone ($53) per metric ton is the fourth highest in the world behind Sweden, Finland and Switzerland, none of which produce significant quantities of fossil fuels.
    • Now read Statoil to test battery storage at Hywind wind project
    | Tue, Apr. 19, 5:57 PM | 2 Comments
  • Tue, Apr. 19, 10:23 AM
    • Exxon Mobil (XOM +0.2%) says oil production has started under budget and ahead of schedule at the Julia oil field in the Gulf of Mexico.
    • XOM says the first production well is now online, a second well will start production in the coming weeks, and a third well is expected to come online early in 2017; production results will assist in the evaluation of additional wells included in the initial development phase, which has a design capacity of 34K bbl/day of oil.
    • Operator XOM and Statoil (STO +3.3%) each hold a 50% interest in the Julia development, which is located 265 miles southwest of New Orleans in water depths of more than 7K ft.
    • Now read Is Exxon Mobil still a buy?
    | Tue, Apr. 19, 10:23 AM | 3 Comments
  • Fri, Apr. 15, 6:30 PM
    | Fri, Apr. 15, 6:30 PM | 89 Comments
  • Fri, Apr. 15, 9:58 AM
    • Exxon Mobil (XOM -0.3%) is shipping a cargo of crude produced from its deepwater Julia field in the Gulf of Mexico to its refinery in the Netherlands, Reuters reports, marking the first export of offshore oil to leave a U.S. port since the ban was lifted.
    • The modest 18K-barrel shipment departed from Gramercy, La., in early April and is expected to arrive in Rotterdam on April 19, according to the report.
    • Initial testing on the Julia field, a joint venture with Statoil (STO -2%), began in March; it is not clear whether XOM will continue to export Julia crude, but the company anticipates an initial production of 34K bbl/day following the startup of the field during Q2.
    • Now read Is Exxon Mobil still a buy?
    | Fri, Apr. 15, 9:58 AM | 13 Comments
  • Thu, Apr. 14, 6:44 AM
    | Thu, Apr. 14, 6:44 AM | 19 Comments
  • Mon, Mar. 28, 12:37 PM
    • The world’s biggest oil companies are draining their petroleum reserves faster than they are replacing them, a symptom of how the oil price decline is reshaping the energy industry’s priorities, WSJ reports.
    • The seven biggest publicly traded Western energy companies - including Exxon Mobil (NYSE:XOM), Royal Dutch Shell (RDS.A, RDS.B), BP and Statoil (NYSE:STO) - last year replaced only 75% of the oil and natural gas they pumped; among the group, only Chevron (NYSE:CVX), Total (NYSE:TOT) and Eni (NYSE:E) added more new barrels than they pumped.
    • For XOM, 2015 marked the first time in more than two decades it did not fully replace production with new reserves, replacing 67% of its 2015 output, but it certainly is not about to run out of crude, retaining enough reserves to last 16 years at the current rate of production.
    • Low oil prices mean “it becomes less important” to replenish stockpiles, says Eni's chief exploration officer, one of several oil producers that have shifted spending in favor of squeezing more out of fields that are already producing.
    | Mon, Mar. 28, 12:37 PM | 77 Comments
  • Tue, Mar. 22, 12:58 PM
    • Statoil (STO +0.3%) says industry studies show low risk of any spill from the Arctic Barents Sea reaching the polar ice cap, as oil and sea ice tend to drift in the same direction.
    • "There is no health, environmental or safety challenge that is so significant that it can’t be appropriately mitigated," according to the chair of the Barents Sea Exploration Collaboration, a venture set up by STO and 15 other companies including Royal Dutch Shell (RDS.A, RDS.B).
    • Norway is opening more of the Barents Sea off its northern tip to oil explorers as it seeks to boost national crude production that has dropped by half since 2000; the government plans to award licenses before summer in the Barents Sea Southeast, which includes the northernmost blocks it has ever offered.
    | Tue, Mar. 22, 12:58 PM | 4 Comments
Company Description
Statoil ASA explores, produces, transports, refines and markets petroleum and petroleum-derived products. The company operates through four segments: Development & Production Norway, Development & Production International, Marketing Processing & Renewable Energy and Other. The Development &... More
Industry: Major Integrated Oil & Gas
Country: Norway