Norway's Statoil will raise its dividend, investments and exploration spending in 2018, as it announced fourth-quarter earnings above forecasts, the latest oil company to benefit from an upturn in the sector.
Like other oil companies, Statoil slashed jobs, investments and projects in recent years, but is now benefiting from rising crude prices.
"We expect long-term underlying earnings growth, and in line with our dividend policy the board proposes to increase the dividend by 4.5% to $0.23 per share," Statoil's chief executive Eldar Saetre said.
The oil and gas producer will also increase its capital expenditure this year to $11 billion from $9.4 billion spent last year.
It also plans to lift exploration spending to $1.5 billion from $1.3 billion it had planned to spend in 2017.
Its adjusted operating profit for the three months from October to December rose to $3.96 billion, more than double what it posted in the same quarter of 2016, while analysts on average had expected earnings of $3.81 billion.
