Statoil: shares up after 'strong' earnings; dividend raised
(CercleFinance.com) - Oil firm Statoil said it recorded "strong" fourth-quarter results and cash flow from all business segments, citing a "recovering market.
"
Adjusted earnings after tax were 1.3 billion dollars in the fourth quarter, up from a loss of 40 million dollars in the same period last year, driven by higher prices and a record production level.
Thanks to increased US onshore production and the ramp-up of new fields, Statoil delivered equity production of 2,134 million barrels of oil equivalent per day (boe/d) in fourth-quarter, up from 2,095m boe/d in the same period of 2016.
The company also said it plans to increase its dividend by 4.5% to 0.23 dollar per share for the fourth quarter, which sent the shares up 2.9% on the Oslo Stock Exchange this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"
Adjusted earnings after tax were 1.3 billion dollars in the fourth quarter, up from a loss of 40 million dollars in the same period last year, driven by higher prices and a record production level.
Thanks to increased US onshore production and the ramp-up of new fields, Statoil delivered equity production of 2,134 million barrels of oil equivalent per day (boe/d) in fourth-quarter, up from 2,095m boe/d in the same period of 2016.
The company also said it plans to increase its dividend by 4.5% to 0.23 dollar per share for the fourth quarter, which sent the shares up 2.9% on the Oslo Stock Exchange this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.