Statoil ASA is trading at 14,705, down 1.3%, and the stock has been drifting lower over the past two weeks. In October the firm revealed third-quarter net income of NOK 13.7 billion, while revenue was NOK 170 billion, which was a 2% increase on 2012’s Q3 revenue. The oil and gas producer stated that its third quarter had been good in terms of exploration, due to the discovery of new fields close to Canada.
The Norwegian company recently announced that it will cut 100 jobs, as it has been hit by rising costs. A slowdown in business development means that the focus will be on existing projects.
The consensus is for fourth-quarter net income of NOK 12.8 billion. If that estimate proves to be accurate, it would equate to a full-year net income of NOK 48.2 billion, whereas in 2012 the equivalent figure was NOK 55.1 billion.
Statoil’s share price has risen 4.6% since the third-quarter results were announced, and if the company beats estimates on Friday we could trader higher. The stock is finding support around the 14,600 level and the upward trend line since August.