Statoil board approves dividend for fourth quarter 2017 and new company name

Posted On May 15th, 2018 - 9:24 pm | by Oil and gas press

On 15 May 2018, the annual general meeting (AGM) of shareholders in Statoil ASA (OSE: STL, NYSE: STO) approved the annual report and accounts for Statoil ASA for 2017, as proposed by the board of directors.

The annual accounts and the annual report for Statoil ASA and the Statoil group for 2017 were approved, and a dividend of USD 0.23 per share will be distributed for the fourth quarter of 2017. The dividend accrues to the holders of the American Depository Receipts (ADRs) listed on the New York Stock Exchange and to the company’s shareholders on Oslo Stock Exchange (Oslo Børs) as of 15 May 2018, and as registered in Statoil’s shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 18 May 2018 (Record date). Record date for ADR holders is 17 May 2018.

As of 16 May 2018, ADRs listed on the New York Stock Exchange and shares listed on Oslo Børs will be traded ex-dividend.
The expected dividend payment date for Statoil’s shares on Oslo Børs is on or around 30 May 2018. The expected payment date for dividends under the ADR program on NewYork Stock Exchange is on or around 31 May 2018. The AGM authorised the board of directors to resolve quarterly dividend payments until the next ordinary annual general meeting, but not beyond 30 June 2019.

The AGM approved the board of directors’ proposal to change the company name to Equinor ASA. The Articles of Association is amended to “Equinor ASA” as the company name.

A proposal from a shareholder had been submitted in advance, suggesting that the board should present a strategy for business transformation from producing energy from fossil sources to renewable energy to ensure the company’s long-term sustainability, and shareholder value. This proposal was not adopted.

Furthermore, a shareholder had proposed that Statoil ASA refrains from drilling exploration wells in PL859 (Korpfjell) and PL857 (Gjøkåsen), whilst the question of whether the licenses granted in the 23rd licensing round are illegal, is still pending in the court. The shareholder’s proposal was not adopted.

Source / More : Statoil

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