Statoil (Buy, TP: NOK193.00) - Solid Q4 and guidance
Q4 adjusted EBIT of USD3.96bn was 5% above consensus and 4% above our forecast. The 2018 production guidance of 2,104kboed was 1.6% below consensus. The 2018–2019 production guidance has been raised by 4.0% since the 2017 CMD. The 2018 capex guidance of USD11bn is in line with consensus. The proposed quarterly DPS of USD0.23 is up 4.5% YOY. We expect a 2–3% positive share price in a neutral market. The Q4/CMD presentation is scheduled for 12:30 CET today (www.statoil.com).Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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