Statoil ASA (ADR) (NYSE:STO) operating income dropped 4% in 4Q2013, to NOK 43.9 billion while adjusted earnings dropped 12% YoY to NOK 42.3 billion during the same period. Company annual net operating income dropped 25% to NOK 155.5 billion in 2013 versus NOK 206.6 billion in the previous year.
Table 1: Financial highlights of 2013
Production shortages in 2013 drag down revenues
Earnings were driven down primarily by a decline in the top line accompanied by a massive increase in expenses. Sales were driven down by a
Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets.
She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.
Over a year ago, Burgundy did a complete reassessment of our research costs based on new financial rules from Europe called MiFID II.
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