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Statoil reports 2017 financial results

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LNG Industry,

Statoil reports adjusted earnings of US$4.0 billion and US$1.3 billion after tax in the fourth quarter of 2017. IFRS net operating income was US$5.2 billion and the IFRS net income was US$2.6 billion.

Q4 highlights:

  • Strong earnings and underlying cash flow. Net debt ratio at 29.0%.
  • Solid operational performance with record production in Q4 and 2017. The 2017 underlying production growth was above 6%. The reserve replacement ratio (RRR) was 150%.
  • Strong progress on project deliveries and efficiency improvements. 2017 organic capex was US$9.4 billion.
  • Increase in dividend by 4.5% to US$0.23 per share, subject to annual general meeting approval.

"In a recovering market, we delivered strong earnings and cash flow from all business segments. We had record high production both in the Q4 and for the full year, supported by continued solid operational performance. We expect long-term underlying earnings growth, and in line with our dividend policy the board proposes to increase the dividend by 4.5% to US$0.23 per share," says Eldar Sætre, President and CEO of Statoil ASA.

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