Statoil beat market expectations with a strong set of fourth quarter results. Net income rebounded, annual production was up 5% and capital investment came in below guidance. There was also further progress on the flagship Johan Sverdrup field with another round of cost reductions and reserve increases. A 4.5% dividend hike rounded off the good news for investors. Statoil's capital markets update also provided guidance out to 2020. Strategy remains focused on capital discipline and efficiency, enhanced project returns and increasing returns to shareholders.