Market info

Statoil saves $292million cash as investors take chunk of dividend as shares

Statoil news

Statoil has saved $292 million in cash as investors chose to take 43% of their total net dividend payout in shares.

The Norwegian firm published the result of the dividend issue for the fourth quarter 2015 which revealed subscriptions were made for a total of 18,298,942 dividend shares.

Analysts had predicted that a majority of shareholders would opt for the scrip dividend, given the 5% price discount on the shares.

Statoil has cut investments by 35% from a peak of $20 billion in 2014 after oil prices sank. It introduced the scrip dividend in a bid to further bolster cash flow, while avoiding cutting shareholder payouts outright.

The company’s board intends to give 22 cents a share for all dividends payable in 2016.

Payment of the cash dividend will occur on or around 24 June 2015, the company said.

Read the latest opinion pieces from our Energy Voice columnists

Cancel