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Statoil (STO) Incurs Loss in Q4, Revenues Increase Y/Y
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Statoil ASA posted fourth-quarter 2016 adjusted loss of 2 cents per ADR, which compared unfavorably with the Zacks Consensus Estimate of earnings of 17 cents. A significant drop in liquids prices resulted in the quarterly loss. The company had posted adjusted earnings of 5 cents per share in the year-earlier quarter.
In the fourth quarter, total revenue inched up 0.8% year over year to NOK 113.6 billion ($13.55 billion). In 2016, total revenue fell nearly 17% year over year to NOK 393.8 billion ($47.0 billion).
Operational Performance
In the reported quarter, total equity production of liquids and gas increased 2.4% year over year to 2,095 million barrels of oil equivalent per day (MMBOE/d). The improvement is attributable to the ramp-up of new fields and strong operational performance.
In the reported quarter, total entitlement production of liquids and gas grew 0.7% to 1,934 MMBOE/d (54% liquids and 46% natural gas), primarily due to lower equity production.
The company's realized liquids prices averaged $43.8 per barrel, down 14.1% year over year.
As of Dec 31, 2016, Statoil completed 23 wells. Adjusted exploration expenses in the reported quarter were $607 million compared with $490 million in the fourth quarter of 2015.
Financials
During the quarter, total organic capital investment was $10.1 billion. In 2016, the company generated cash flow from operations worth $10.7 billion. Net debt-to-capital employed ratio was 35.6% in the year.
Statoil expects organic capital expenditure in 2017 to be $11 billion. Production for 2017 is projected to grow between 4% and 5%.
Organic production growth for 2016–2020 is expected at a CAGR of about 3% from a 2016 level rebased for production. Growth is expected from the commissioning of new projects.
In 2017, exploration activity is estimated at about $1.5 billion.
Zacks Rank
Statoil currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Denbury Resources Inc. , Holly Energy Partners LP and W&T Offshore Inc. (WTI - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted a positive earnings surprise of 100.00% in the last reported quarter. It had an average earnings surprise of 283.33% in the four trailing quarters.
Holly Energy Partners posted a negative earnings surprise of 23.26% in the preceding quarter. It had an average negative earnings surprise of 0.96% in the four trailing quarters.
W&T Offshore posted a positive earnings surprise of 44.19% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 31.49% in the four trailing quarters.
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Statoil (STO) Incurs Loss in Q4, Revenues Increase Y/Y
Statoil ASA posted fourth-quarter 2016 adjusted loss of 2 cents per ADR, which compared unfavorably with the Zacks Consensus Estimate of earnings of 17 cents. A significant drop in liquids prices resulted in the quarterly loss. The company had posted adjusted earnings of 5 cents per share in the year-earlier quarter.
In the fourth quarter, total revenue inched up 0.8% year over year to NOK 113.6 billion ($13.55 billion). In 2016, total revenue fell nearly 17% year over year to NOK 393.8 billion ($47.0 billion).
Operational Performance
In the reported quarter, total equity production of liquids and gas increased 2.4% year over year to 2,095 million barrels of oil equivalent per day (MMBOE/d). The improvement is attributable to the ramp-up of new fields and strong operational performance.
In the reported quarter, total entitlement production of liquids and gas grew 0.7% to 1,934 MMBOE/d (54% liquids and 46% natural gas), primarily due to lower equity production.
The company's realized liquids prices averaged $43.8 per barrel, down 14.1% year over year.
As of Dec 31, 2016, Statoil completed 23 wells. Adjusted exploration expenses in the reported quarter were $607 million compared with $490 million in the fourth quarter of 2015.
Financials
During the quarter, total organic capital investment was $10.1 billion. In 2016, the company generated cash flow from operations worth $10.7 billion. Net debt-to-capital employed ratio was 35.6% in the year.
Statoil ASA Price, Consensus and EPS Surprise
Statoil ASA Price, Consensus and EPS Surprise | Statoil ASA Quote
Outlook
Statoil expects organic capital expenditure in 2017 to be $11 billion. Production for 2017 is projected to grow between 4% and 5%.
Organic production growth for 2016–2020 is expected at a CAGR of about 3% from a 2016 level rebased for production. Growth is expected from the commissioning of new projects.
In 2017, exploration activity is estimated at about $1.5 billion.
Zacks Rank
Statoil currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Denbury Resources Inc. , Holly Energy Partners LP and W&T Offshore Inc. (WTI - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted a positive earnings surprise of 100.00% in the last reported quarter. It had an average earnings surprise of 283.33% in the four trailing quarters.
Holly Energy Partners posted a negative earnings surprise of 23.26% in the preceding quarter. It had an average negative earnings surprise of 0.96% in the four trailing quarters.
W&T Offshore posted a positive earnings surprise of 44.19% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 31.49% in the four trailing quarters.
Just Released – Driverless Cars: Your Roadmap to Mega-Profits Today
In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>