Statoil Posts a Loss, but Outlook on Capital Spending and Dividend Coverage Positive
We increase our fair value estimate to $16.5/NOK 140 from $12/NOK 96 after incorporating the new guidance on lower operating expenses, decreasing our assumptions for capital expenditure, and updating our oil and gas price deck. The moat rating is unchanged at none.At its capital markets day, Statoil showed good progress on its cost-cutting efforts. Despite a full-year loss of $208 million in adjusted earnings, versus a profit of $2.5 billion last year, Statoil delivered promising results on the...
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