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.
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.
About the Scrip dividend programme
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 |
| 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 | |||||||
| Q1 2017 | 0.2201 USD | 04.05.2017 | 09.08.2017 | 10.08.2017 | On or around 22 September 2017 | ||
| 2016 | |||||||
|---|---|---|---|---|---|---|---|
| Q4 2016 | 0.2201 USD | 07.02.2017 | 12.05.2017 | 15.05.2017 | On or around 23.06.2017 | 8.5344 | 1.8784 |
| Q3 2016 | 0.2201 USD | 27.10.2016 | 22.02.2017 | 23.02.2017 | On or around 07.04.2017 |
8.3528 | 1.8384 |
| Q2 2016 | 0.2201 USD | 27.07.2016 | 02.11.2016 | 03.11.2016 | On or around 16.12.2016 | 8.2092 | 1.8068 |
| Q1 2016 | 0.2201 USD | 27.04.2016 | 10.08.2016 | 11.08.2016 | On or around 23.09.2016 | 8.2938 | 1.8255 |
| 2015 | |||||||
| Q4 2015 | 0.2201 USD |
04.02.2016 | 12.05.2016 | 13.05.2016 | On or around 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 | ||||||
| Q1 2017 | 0.2201 USD | 04.05.2017 | 08.08.2017 | 10.08.2017 | On or around 25 September 2017 | |
| 2016 | ||||||
|---|---|---|---|---|---|---|
| Q4 2016 | 0.2201 | 11.05.2017 | 15.05.2017 | On or around 26.06.2017 | — | |
| Q3 2016 | 0.2201 | 21.02.2017 | 23.02.2017 | On or around 10.04.2017 | — | |
| Q2 2016 | 0.2201 | 01.11.2016 | 03.11.2016 | On or around 19.12.2016 | — | |
| Q1 2016 | 0.2201 | 10.08.2016 | 11.08.2016 | On or around 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) |
Payout (date) |
Risk amount (NOK)* |
| 2001 | 2.85 | 19.02.2002 | 07.05.2002 | 28.05.2002 | None |
| 2002 | 2.9 | 18.02.2003 | 08.05.2003 | 23.05.2003 | 2.77 |
| 2003 | 2.95 | 11.02.2004 | 05.05.2004 | 25.05.2004 | 2.43 |
| 2004 | 5.3 | 14.02.2005 | 11.05.2005 | 31.05.2005 | 3.26 |
| 2005 | 8.2 | 13.02.2006 | 10.05.2006 | 30.05.2006 | 0.89 |
| 2006 | 9.12 | 18.12.2006 | 15.05.2007 | 05.06.2007 | 0.83 |
| 2007 | 8.5 | 27.02.2008 | 20.05.2008 | 30.05.2008 | — |
| 2008 | 7.25 | 17.02.2009 | 19.05.2009 | 03.06.2009 | — |
| 2009 | 6 | 11.02.2010 | 19.05.2010 | 02.06.2010 | — |
| 2010 | 6.25 | 09.02.2011 | 19.05.2011 | 01.06.2011 | — |
| 2011 | 6.5 | 08.02.2012 | 15.05.2012 | 30.05.2012 | — |
| 2012 | 6.75 | 07.02.2013 | 14.05.2013 | 29.05.2013 | — |
| 2013 | 7 | 06.02.2014 | 14.05.2014 | 28.05.2014 | — |
* 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 |
Pay date |
Exchange rate |
| 2001 | 0.353094 | 0.3001 | 03.05.2002 | 07.06.2002 | 8.0715 |
| 2002 | 0.430298 | 0.3657 | 06.05.2003 | 02.06.2003 | 6.7395 |
| 2003 | 0.429715 | 0.3652 | 03.05.2004 | 04.06.2004 | 6.6865 |
| 2004 | 0.817587 | 0.6949 | 06.05.2005 | 10.06.2005 | 6.4825 |
| 2005 | 1.341513 | 1.14028 | 09.05.2006 | 09.06.2006 | 6.1125 |
| 2006 | 1.518355 | 1.2906 | 11.05.2007 | 15.06.2007 | 6.0065 |
| 2007 | 1.654501 | 1.40632 | 21.05.2008 | 09.06.2008 | 5.1375 |
| 2008 | 1.140206 | 0.969175 | 20.05.2009 | 15.06.2009 | 6.3585 |
| 2009 | 0.920909 | 0.782772 | 21.05.2010 | 14.06.2010 | 6.5153 |
| 2010 | 1.150165 | 0.97764 | 20.05.2011 | 13.06.2011 | 5.434 |
| 2011 | 1.068042 | 0.907836 | 17.05.2012 | 11.06.2012 | 6.0859 |
| 2012 | 1.145 | 0.9683 | 17.05.2013 | 05.06.2013 | 5.895 |
| 2013 | 1.175 | 0.9934 | 15.05.2014 | 04.06.2014 | 5.960 |
* 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.