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.
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.
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)
Feb. 7, 2014, 3:46 AM|4 Comments
Feb. 7, 2013, 4:35 AM
Statoil (STO):Q4 net profit -49% to 12.98B Norwegian kroner ($2.36B), or 4.07 kroner per share, and vs consensus of 11.94B kroner. Adjusted EBIT +5.2% to 48.3B kroner vs 46.46B kroner. Revenues -12% to 160.6B kroner vs 164.22B. Proposes dividend of 6.75/share. (PR) Feb. 7, 2013, 4:35 AM|1 Comment