EARNINGS PREVIEW: Statoil 1Q Net Profit Seen Up 89% -- Market Talk
29 April 2014 - 4:05AM
Dow Jones News
Statoil ASA (STO): 1Q Earnings
Due: Apr 29, at 0500 GMT
FactSet Survey of 9 Analysts
Average Revenue: NOK162.79B, up 0.4% (NOK 162.2B in 1Q 2013)
Average Adjusted Ebit: NOK42.14B, down 0.6% (NOK 42.4B in 1Q 2013)
Average Net Profit: NOK12.12B, up 89.4% (NOK 6.4B in 1Q 2013)
Note: Net profit is expected to nearly double on the year,
despite lower prices and output, partly due to a negative year-ago
one-off. Statoil's shares rose significantly on promises of cost
cuts and stricter capital discipline to counter rising oil-sector
costs. The company in February postponed its 2020 production target
of 2.5 million barrels a day, and promised more share buybacks and
higher dividends to shareholders, and analysts are waiting for it
to deliver.
(kjetilmalkenes.hovland@wsj.com)
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