Statoil: 2013 first quarter results
(Thomson Reuters ONE) -
Statoil's (OSE:STL, NYSE:STO) first quarter 2013 net operating income was NOK
38.0 billion. Adjusted earnings were NOK 42.4 billion.
"We deliver financial results impacted by lower production and reduced prices.
We continue to deliver good industrial progress according to plan. As previously
announced, production in 2013 will be lower than in 2012. We are on track to
deliver 2 to 3% average annual production growth from 2012 to 2016 and
production above 2.5 million barrels of oil equivalent per day in 2020," says
Helge Lund, Statoil's president and CEO.
In addition to the expected lower production in the quarter, production was
impacted by operational disruptions at Snøhvit, Troll and Peregrino. Statoil's
net operating income was also impacted by a provision related to the Cove Point
terminal in the US. Adjusted earnings [5] were down 28% compared to the first
quarter 2012. The underlying cost development in the period is stable.
Statoil's cash flows provided by operating activities decreased by 19% compared
to the first quarter of 2012, explained by the lower production and reduced
prices.
"Statoil delivered record international production, with an increase of 6%
mainly due to start-up and ramp-up of fields. We started production from new NCS
fields, including four fast-track projects, and continued our exploration
success by making a new high impact discovery in Tanzania," says Lund.
Statoil completed 12 exploration wells in the first quarter, six on the NCS and
six internationally, with seven discoveries: four on the NCS, two in Tanzania
and one in the Gulf of Mexico. This gives a 58% success rate in the period.
On 19 April, Statoil also announced considerable additional resources in the
Gullfaks licence in the North Sea, providing new volumes that can give highvalue
production in the short term as well as new and promising perspectives for the
field and the installations.
"We continue to efficiently execute on our highly competitive project portfolio,
while maintaining a firm financial framework, a predictable dividend to our
shareholders and a solid balance sheet," says Lund.
First quarter results 2013
Statoil's net operating income was NOK 38.0 billion compared to NOK 57.9 billion
in the first quarter of 2012.
Adjusted earnings [5] were NOK 42.4 billion, compared to NOK 59.2 billion in the
first quarter of 2012.
Adjusted earnings after tax [5] were NOK 12.0 billion, compared to NOK 16.8
billion in the first quarter of 2012.
Net income was NOK 6.4 billion compared to NOK 15.4 billion in the first quarter
of 2012.
Key events since fourth quarter 2012:
* Statoil has initiated an investigation to determine the relevant chain of
events before, during and after the In Amenas terrorist attack in order to
enable the company to further improve within the areas of security, risk-
assessment and emergency preparedness.
* Production start-up from two of the three production trains at In Amenas.
* Delivering continued good industrial progress, by selecting development
concept for the Johan Castberg (Skrugard) field in the Barents Sea and
Bressay in the UK; putting four new fast-track projects on stream: Hyme,
Vigdis, Skuld, Stjerne; and securing approval for the field development
plans for Aasta Hansteen in Norway and the Mariner heavy oil field in the
UK.
* Revitalising Statoil's legacy position on the NCS, through a significant
high-value discovery at Gullfaks in the North Sea; and ramping up production
from Skarv.
* Continuing to develop into a leading exploration company, with a new high-
impact discovery in Block 2 offshore Tanzania, bringing further robustness
into a future decision on a potential LNG project; and continuing the
appraisal program on the Johan Sverdrup field in Norway.
* Building material positions in offshore clusters, securing 15 leases in the
Gulf of Mexico lease sale; and signing a Memorandum of understanding (MoU)
with SOCAR to explore new Caspian acreage.
References
To see end notes referenced in main table and text please download our complete
report from our website -
http://www.statoil.com/en/InvestorCentre/QuarterlyResults/Pages/default.aspx
Further information from:
Investor relations
Hilde Merete Nafstad, senior vice president investor relations,
+ 47 957 83 911(mobile)
Morten Sven Johannessen, vice president investor relations USA,
+ 1 203 570 2524 (mobile)
Press
Jannik Lindbæk jr, vice president for media relations,
+ 47 977 55 622 (mobile)
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation 1st quarter 2013 Torgrim Reitan CFO:
http://hugin.info/132799/R/1698484/560027.pdf
Financial statements and review 1st quarter 2013:
http://hugin.info/132799/R/1698484/559992.pdf
Press release Results 1st quarter 2013:
http://hugin.info/132799/R/1698484/559993.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statoil via Thomson Reuters ONE
[HUG#1698484]
Unternehmensinformation / Kurzprofil:
Datum: 02.05.2013 - 07:29 Uhr
Sprache: Deutsch
News-ID 255316
Anzahl Zeichen: 6150
contact information:
Town:
Stavanger
Kategorie:
Business News
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