Oil giant Statoil is celebrating a strong return in 2017 by announcing more than £9billion in income, an increase of over £8.8million from 2016.
Statoil’s total revenues jumped from £32billion in 2016 to £43billion in 2017.
The Norwegian company attributed the rise to strong operational performance.
Eldar Sætre, president and CEO of Statoil ASA, said: “In a recovering market, we delivered strong earnings and cash flow from all business segments. We had record high production both in the fourth quarter and for the full year, supported by continued solid operational performance. We expect long-term underlying earnings growth, and in line with our dividend policy the board proposes to increase the dividend by 4.5% to USD 0.23 per share.
“We have taken down our capital expenditure to 9.4 billion dollars from an initial guiding of 11 billion dollars. This has been achieved from continued improvement efforts and strong project deliveries. In cooperation with our suppliers and partners, we are getting more for less.
“Our cash flow generation was strong across the business. At an average oil price of around 54 dollars per barrel, we generated 3.1 billion dollars in free cash flow in 2017 and strengthened our financial position. We reduced our net debt ratio by more than 6 percentage points during this year, after having done several value-enhancing acquisitions.”
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