Statoil (OSE:STL, NYSE:STO)Q4 2011 net operating income grew by more than 40% vs. corresponding quarter in 2010 to top 60 billion NOK. Full year financial result was an all time high with net operating income at 211.8 billion. Higher prices will liquids and gas plus an 8.5 billion NOK gain on sale of assets drove Q4 results.
Of the 41 exploration wells drilled in 2011, 22 were discoveries. This added over a billion barrels to resources with organic resource replacement ratio above 1.0. The company feels that the current resource base supports continued strong reserve replacement going forward.
Statoil guides for 17 billion USD in 2010 CAPEX with 40 exploration wells in the pipeline for an exploration activity or around 3 billion USD. The Board is proposing a dividend hike of 25 øre per share to 6.5 NOK. The stock has gained 2.5% and is now trading at 153 NOK.
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