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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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September 12, 2014
05:26 EDTSTOStatoil exits two assets on NCS for $1.3B
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September 10, 2014
09:07 EDTSTOGE, Statoil, Ferus Natural Gas Fuels announce pilot project expansion
A joint venture of GE (GE) and Ferus Natural Gas Fuels,along with Statoil (STO) announced the planned expansion of a pilot project to capture flare gas and use it to power up to six of Statoilís drill rigs and one frac fleet in North Dakota. The expansion is the first step by Statoil to move into full commercial adoption of the GE and Ferus NGF joint ventureís Last Mile Fueling Solution, which is expected to reduce emissions and provide cost-savings and logistics solutions for the companyís Bakken oilfield operations. The company anticipates this new commercial expansion will increase its flare gas capture to between 3M-5M standard cubic feet per day by the end of 2014, equating to GHG emissions reductions of between 120K and up to 200K metric tons per year, or the equivalent of removing between 25K-45K cars from the road.
September 8, 2014
14:46 EDTSTODrilling of Statoil well off Norway held up by Greenpeace gripe, Bloomberg says
Drilling of Statoil's first well off Norway in the Barents Sea may be delayed following a complaint from Greenpeace, Bloomberg reports. Drilling can't begin until the Norwegian Environment Agency handles the appeal this week, Bloomberg added, citing an e-mail from Reidar Evensen, a spokesman for the agency. Greenpeace says the arctic well being pursued by Statoil is an oil-spill hazard and that "the field is too close to vulnerable resources such as Bear Island and the the ice edge." Reference Link
September 5, 2014
10:05 EDTSTOOn The Fly: Analyst Upgrade Summary
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06:19 EDTSTOStatoil upgraded to Neutral from Underweight at HSBC

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