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Stock Market & Financial Investment News

News Breaks
March 11, 2014
05:32 EDTSTOFinanstilsynet finds Statoil's FY12 statements not in accordance with IFRS
Finanstilsynet, the Financial Supervisory Authority of Norway, has completed a periodic review of the consolidated financial statements of Statoil ASA or 2012. The review has covered selected areas of Statoil's financial reporting for 2012. Finanstilsynet has identified three issues where it considers Statoil's practice not to be in accordance with IFRS. Statoil's view is that the company's practice has been in line with IFRS. Having considered the three issues, Statoil has nevertheless decided to adapt its future practices in line with Finanstilsynet's view for two of the issues, as Statoil considers Finanstilsynet's view also to reflect an acceptable solution. Statoil will appeal the third issue to the Ministry of Finance. Both the current auditor, KPMG, and the auditor in the period up to and including 2011, concurred with Statoil's assessments as part of their audits of the financial statements. The changes following from Finanstilsynet's evaluation of the two issues that Statoil is taking note of, will be reflected in the accounts for 2013. These relate to the calculation of value in use estimates applied for impairment purposes and the definition of cash generating units. Statoil has assessed the impact of the two issues on its previously published financial statements in accordance with IAS 8, and has concluded that the issues in sum are not material for the historical periods in question. Finanstilsynet's conclusions regarding these issues will consequently not result in any changes to previously published accounts.
News For STO From The Last 14 Days
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January 29, 2015
06:58 EDTSTOGE partners with Statoil on anti-pollution research, FT says
General Electric (GE) and Norway's Statoil (STO) are launching an R&D partnership centered on reducing greenhouse gas emissions, reports the Financial Times, citing statements by Statoil CEO Eldar Sætre and GE Oil & Gas CTO Eric Gebhardt. The companies are also looking at ways of reducing costs and natural resource expenditure within the industry, believing regulations will be tightened in the future. Projects include using oilfield gas to power drill rigs rather than flaring it off, using liquid carbon dioxide instead of water during fracking operations, and crowd-sourcing ideas for using less sand during fracking. Reference Link
January 27, 2015
10:00 EDTSTOOn the Fly: Analyst Downgrade Summary
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06:35 EDTSTOStatoil downgraded to Underperform from Neutral at Credit Suisse
January 23, 2015
07:08 EDTSTONorwegian Statoil seeks to cut costs as oil prices drop, WSJ says
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