Statoil Posts Better-Than-Expected Q4 Profit

Statoil ASA

reported a better-than-expected fourth-quarter profit. Statoil's quarterly net profit declined 49% to 12.98 billion Norwegian kroner ($2.36 billion), or NOK4.07 a share. However, analysts expected a profit of NOK11.94 billion. Statoil's adjusted earnings before interest and tax rose to NOK48.3 billion from NOK45.9 billion, versus estimates of NOK46.46 billion. Its revenue came in at NOK160.6 billion, compared to analysts' expectations of NOK164.22 billion. It also proposed a dividend of NOK6.75 per share for 2012. Statoil also expects its production to drop in 2013. Statoil shares closed at $26.44 yesterday.