Dividend policy

It is Statoil’s ambition to grow the annual cash dividend, measured in USD per share, in line with long term underlying earnings. Statoil announces dividends on a quarterly basis. 

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The Board approves Q1—Q3 interim dividends based on an authorisation from the Annual General Meeting (AGM), while the AGM approves the Q4 (and total annual) dividend based on a proposal from the Board. 

When deciding the interim dividends and recommending the total annual dividend level, the Board will take into consideration expected cash flow, capital expenditure plans, financing requirements and appropriate financial flexibility.

In addition to cash dividend, Statoil might buy back shares as part of total distribution of capital to the shareholders.

In May 2017, the AGM approved to continue the scrip dividend programme through the third quarter of 2017. See below for more details. 

To subscribe for dividend shares, use your reference number and password from the personalised letter you have received. The subscription period starts on 20 November 2017 at 09:00 a.m CET and ends on 4 December 2017 at 11:59 p.m CET.

Subscription material

Norwegian text

About the Scrip dividend programme

In May 2016, the Annual general meeting (AGM) approved the introduction of a two-year scrip dividend programme commencing from the fourth quarter of 2015.  In May 2017, the AGM approved to continue the programme through the third quarter of 2017. The Board of Directors considers the dividend policy an important commitment to the company’s shareholders and the dividend policy remains firm. 

Photo from the Annual General Meeting 2017
AGM meeting 2017

Anchored in the dividend policy, the Board of Directors proposed to introduce a two-year scrip dividend programme commencing from the fourth quarter 2015.

The scrip dividend programme offers shareholders the option to receive all or part of the quarterly dividends in cash or in newly issued shares in Statoil. The scrip dividend programme is envisaged to cover all distributions of dividend until and including the third quarter 2017. 

The scrip dividend programme is expected to strengthen Statoil’s financial robustness in a low price environment. This initiative comes in addition to other measures such as strict financial discipline and significant efficiency improvements. Further, the scrip dividend programme is a tool to strengthen Statoil's financial capacity to invest in profitable projects in a low, volatile and uncertain price environment.

Archive of terms and conditions

Information related to dividend issues under Statoil's scrip dividend programme 
Quarterly dividend Subscription period start  Subscription period end  Completion of share capital increase  Subscription price Oslo Børs (NOK)  Subscription price NYSE (USD)  Total number of shares issued  Total number of shares post dividend issue 
2017              
Q2 2017 20 Nov 2017 4 Dec 2017          
Q1 2017 28 Aug 2017 8 Sept 2017 21 Sep 2017 NOK 141.12 USD 18.23 18.829.884 3.305.658.317
2016              
Q4 2016 29 May 2017 12 Jun 2017 22 Jun 2017 139.99 16.48 20,272,652 3,286,828,433
Q3 2016
13 Mar 2017 24 Mar 2017 6 Apr 2017 137.33 16.18 21,506,370 3,266,555,781
Q2 2016 21 Nov 2016 2 Dec 2016 15 Dec 2016 142.35 16.87 18,134,091 3,245,049,411
Q1 2016 29 Aug 2016 9 Sept 2016 22 Sept 2016 126.57 15.49 19,969,275 3,226,915,320
2015              
Q4 2015 30 May 2016  10 June 2016  23 June 2016  130.64  15.97  18,298,942  3,206,946,045 

Dividend dates and payments

Dividends we pay with respect to shares or ADRs will generally be qualified dividend income and subject to 15% withholding tax.

Dividend amount

From and including the third quarter of 2015, dividend is declared in USD, and the NOK dividend will be calculated and communicated four business days after the record date for Oslo Børs shareholders. The NOK dividend will be based on average USD/NOK fixing rates from Norges Bank in the period plus/minus three business days from record date, in total seven business days.

Statoil announced the second quarter dividend in both USD and NOK, based on the effective exchange rate. The dividend for the second quarter of 2015 is declared in USD in order to achieve exact NOK 1.80, using the official USD/NOK fixing rate from Norges Bank on 27 July 2015.

OSE – QUARTERLY DIVIDEND PAYMENTS
Quarter Cash
dividend
Announcement
date
Ex-dividend
date
Record
date
Payment
date
Exchange
rate
Cash
dividend
NOK
2017              
Q2 2017 0.2201 USD 27.07.2017 01.11.2017 02.11.2017 On or around 15.12.2017 8.1570
1.7953
Q1 2017 0.2201 USD 04.05.2017 09.08.2017 10.08.2017 22 .09.2017 7.9482 1.7494
2016              
Q4 2016 0.2201 USD 07.02.2017 12.05.2017 15.05.2017 23.06.2017 8.5344 1.8784
Q3 2016 0.2201 USD 27.10.2016 22.02.2017 23.02.2017 07.04.2017
8.3528 1.8384
Q2 2016 0.2201 USD 27.07.2016 02.11.2016 03.11.2016 16.12.2016 8.2092 1.8068
Q1 2016 0.2201 USD 27.04.2016 10.08.2016 11.08.2016 23.09.2016 8.2938 1.8255
2015              
Q4 2015 0.2201 USD
04.02.2016 12.05.2016 13.05.2016 24.06.2016 8.2277 1.8109
Q3 2015 0.2201 USD 28.10.2015 17.02.2016 18.02.2016 26.02.2016 8.6017 1.8932
Q2 2015* 0.2201 USD 28.07.2015 13.11.2015 16.11.2015 25.11.2015 8.1769 1.8
Q1 2015 1.80 NOK 30.04.2015 14.08.2015 17.08.2015 27.08.2015   1.8
2014              
Q4 2014 1.80 NOK 06.02.2015 20.05.2015 21.05.2015 29.05.2015   1.8
Q3 2014 1.80 NOK 29.10.2014 16.02.2015 17.02.2015 27.02.2015   1.8
Q2 2014 1.80 NOK 25.07.2014 14.11.2014 17.11.2014 28.11.2014   1.8
Q1 2014 1.80 NOK 29.04.2014 14.08.2014 18.08.2014 28.08.2014   1.8

* The USD/NOK exchange rate is set by Norges Bank on 27.07.2015
*) subject to  approval 11 May 2017 by the annual general meeting  (AGM)

NYSE – QUARTERLY DIVIDEND PAYMENTS
Quarter Cash
dividend
NOK
Cash
dividend
USD
Ex-dividend
date
Record
date
Payment
date
Exchange
rate
2017            
Q2 2017   0.2201 01.11.2017 02.11.2017 On or around 18.12.2017  
Q1 2017   0.2201
08.08.2017 10.08.2017 25.09.2017  
2016            
Q4 2016   0.2201 11.05.2017 15.05.2017 26.06.2017
Q3 2016   0.2201 21.02.2017 23.02.2017  10.04.2017
Q2 2016   0.2201 01.11.2016 03.11.2016  19.12.2016
Q1 2016   0.2201 10.08.2016 11.08.2016  23.09.2016
2015            
Q4 2015   0.2201 12.05.2016 13.05.2016 24.06.2016
Q3 2015   0.2201 16.02.2016 18.02.2016 04.03.2016
Q2 2015   0.2201 12.11.2015 16.11.2015 02.12.2015
Q1 2015 1.8 0.215581 13.08.2015 17.08.2015 03.09.2015 8.3495
2014            
Q4 2014 1.8 0.230911 19.05.2015 21.05.2015 04.06.2015 7.7952
Q3 2014 1.8 0.235509 12.02.2014 17.02.2015 05.03.2015 7.643
Q2 2014 1.8 0.258253 14.11.2014 17.11.2014 05.12.2014 6,9699
Q1 2014 1.8 0.290739 14.08.2014 18.08.2014 05.09.2014 6.1911

*) subject to  approval 11 May 2017 by the annual general meeting  (AGM)


  

ANNUAL DIVIDEND PAYMENTS  
Year Cash dividend
(NOK)
Proposed
(date)
Approval
(date)
Payment date Risk amount
(NOK)*
2013 7 06.02.2014 14.05.2014 28.05.2014
2012 6.75 07.02.2013 14.05.2013 29.05.2013
2011 6.5 08.02.2012 15.05.2012 30.05.2012
2010 6.25 09.02.2011 19.05.2011 01.06.2011
2009 6 11.02.2010 19.05.2010 02.06.2010
2008 7.25 17.02.2009 19.05.2009 03.06.2009
2007 8.5 27.02.2008 20.05.2008 30.05.2008
2006 9.12 18.12.2006 15.05.2007 05.06.2007 0.83
2005 8.2 13.02.2006 10.05.2006 30.05.2006 0.89
2004 5.3 14.02.2005 11.05.2005 31.05.2005 3.26
2003 2.95 11.02.2004 05.05.2004 25.05.2004 2.43
2002 2.9 18.02.2003 08.05.2003 23.05.2003 2.77
2001 2.85 19.02.2002 07.05.2002 28.05.2002 None

* Risk is the Norwegian abbreviation for the variation in the company's retained earnings after tax during the ownership of the shareholder.

ADR Dividends (STO)      
  GROSS NET*      
Year Cash dividend
(USD)
Cash
dividend
Ex
date
Payment
date
Exchange
rate
2013 1.175 0.9934 15.05.2014 04.06.2014 5.960
2012 1.145 0.9683 17.05.2013 05.06.2013 5.895
2011 1.068042 0.907836 17.05.2012 11.06.2012 6.0859
2010 1.150165 0.97764 20.05.2011 13.06.2011 5.434
2009 0.920909 0.782772 21.05.2010 14.06.2010 6.5153
2008 1.140206 0.969175 20.05.2009 15.06.2009 6.3585
2007 1.654501 1.40632 21.05.2008 09.06.2008 5.1375
2006 1.518355 1.2906 11.05.2007 15.06.2007 6.0065
2005 1.341513 1.14028 09.05.2006 09.06.2006 6.1125
2004 0.817587 0.6949 06.05.2005 10.06.2005 6.4825
2003 0.429715 0.3652 03.05.2004 04.06.2004 6.6865
2002 0.430298 0.3657 06.05.2003 02.06.2003 6.7395
2001 0.353094 0.3001 03.05.2002 07.06.2002 8.0715

* Dividends we pay with respect to shares or ADRs will generally be qualified dividend income and subject to 15% withholding tax.

Share buyback

Statoil carries out share buybacks as an integrated part of its dividend policy.

The Annual General Meeting in Statoil ASA on 11 May 2016 authorised the board of directors to acquire own shares in the market. The authorisation applies to the acquisition with a face value of up to NOK 187,500,000, at a price of between NOK 50 and NOK 500 per share. Within these limits, the board of directors shall itself decide at what price and at what time such acquisition shall take place. Repurchased shares acquired under this authorisation may only be annulled through a capital reduction.*

Statoil ASA and the Norwegian State represented by the Ministry of Petroleum and Energy have entered into an agreement which regulates the redemption and annulment of a proportional share of the State's shares, ensuring that the State's owner interest in Statoil ASA remains unchanged.

On redemption of the shares, Statoil ASA will pay a price to the State for each share corresponding to a volume-weighted average of the prices paid by Statoil ASA for shares purchased in the market, plus an agreed interest compensation calculated from the date of the individual repurchases.

Statoil ASA will not repurchase own shares just before the results of a reporting period are announced or the annual Capital Markets Day.

Any buyback transactions will be disclosed to the Oslo Stock Exchange and U.S. Securities and Exchange Commission, and on this website.

* The Annual General Meeting has also authorised the Board of Directors to acquire own shares in the market in order to implement the share saving plan for employees.