Statoil Q4 Loss Widens - Quick Facts

(RTTNews) - Statoil (STO) reported a fourth-quarter net loss attributable to equity holders of 9.2 billion Norwegian Kroner compared to a loss of 8.9 billion Kroner, last year. Loss per share widened to 2.89 Kroner from a loss of 2.81 Kroner. Statoil delivered adjusted earnings of 15.2 billion Kroner and adjusted earnings after tax of 1.6 billion kroner, in the fourth quarter 2015.

"The result in the fourth quarter is highly impacted by the weak commodity price. However, we continue to make strong progress on costs and efficiency. We are now further stepping up our improvement programme, and tightening our capital and exploration expenditures. These are key elements in navigating the business during a period of low oil prices", said president and CEO of Statoil ASA, Eldar Sætre.

Statoil's net operating income according to IFRS for the quarter was 1.7 billion Kroner, compared to 9.0 billion Kroner in the same period in 2014. Net impairment charges of 10.1 billion Kroner related to impairment of various assets, provisions of 4.8 billion Kroner and gain on sale of assets of 3.2 billion Kroner impacted the IFRS results.

Revenues were 109.2 billion Kroner compared to 147.0 billion Kroner, previous year. Total revenues and other income decreased to 112.1 billion Kroner from 152.6 billion Kroner.

The Board of Statoil will propose to the AGM to maintain a dividend of $0.2201 per share fourth quarter 2015 and the introduction of a two-year scrip dividend programme starting from the fourth quarter 2015.