Statoil ASA: 2015 first quarter results
(Thomson Reuters ONE) -
Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL,
NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion
after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to
impairments.
"Statoil's first quarter reported figures are significantly impacted by
impairment charges. Our adjusted earnings and cash flows were affected by the
reduced price levels. We continue to deliver strong underlying operational
performance and solid results from marketing and trading. The free cash flows
after dividend were positive in the first quarter", says president and CEO of
Statoil ASA, Eldar Sætre.
Adjusted earnings for the first quarter of 2015 were NOK 22.9 billion compared
to NOK 46.0 billion in the first quarter of 2014. The reduction was mainly a
result of the significant drop in the liquids prices, lower European gas prices
and increased depreciation and operating costs. The increase in depreciation and
operating cost was largely a result of starting and ramping up production, and
was impacted by the strong USD/NOK exchange rate. Adjusted earnings after tax
were NOK 7.0 billion, compared to NOK 15.8 billion in the same period last year.
Statoil's net operating income in the first quarter of 2015 was negatively
impacted by significant accounting charges related to asset impairments of NOK
46.1 billion, most of which are related to the US onshore unconventional assets.
The impairments were a result of a revision of Statoil's long term economic
planning assumptions.
"We take a more cautious view due to the uncertainty in the commodity markets.
It is important to maintain a solid foundation for our decisions. The underlying
quality of the assets and the operational performance remains unchanged", says
Sætre.
Statoil's equity production in the first quarter was 2,056 mboe per day,
compared to 1,978 mboe per day in the same period in 2014. The production
increase was a result of start-up and ramp-up of production on various fields as
well as higher gas sales from the Norwegian continental shelf (NCS) compared to
the first quarter of 2014. The equity production outside of Norway was 759 mboe
per day.
"We continue to see progress from our cost and capital efficiency programmes and
our systematic effort to improve safety continues. I am pleased to see reduced
field and modification costs on the NCS, reduced international operating
expenses per barrel measured in dollar, in addition to improved drilling and
well performance. Our financial position remains robust. The board of directors
has decided to pay NOK 1.80 per share in dividend for the quarter," says Sætre.
In the first three months of 2015 Statoil reported cash flows from operations of
NOK 29.1 billion compared to NOK 55.0 billion in the first quarter of 2014. The
decrease was a result of falling prices, partially offset by lower taxes paid in
the first quarter of 2015. The free cash flows, after investments, proceeds from
transactions and dividend payments were positive in the first quarter of 2015.
At the end of the quarter, Statoil's adjusted net debt to capital employed
increased to 24 % impacted by impairments as well as currency changes.
Statoil's success on exploration activities continues to perform in the first
quarter of 2015, and has resulted in four discoveries. Discoveries in Tanzania,
the Gulf of Mexico as well as in Norway underline Statoil's position as a global
top explorer. The adjusted exploration expenses amounted to NOK 2.7 billion,
down from NOK 3.3 billion in the first quarter of 2014 as a higher portion of
current exploration expenditures was capitalised in the first quarter this year.
The serious incident frequency (SIF) was 0.7 in the first quarter of 2015
compared to 0.6 in the first quarter of 2014.
The Statoil share will trade ex-dividend on Oslo Stock Exchange (Norway) 14
August 2015.
Key events since fourth quarter 2014:
* Progressing Johan Sverdrup: Plan for Development and Operation (PDO) was
submitted to the authorities in February, and contracts for more than NOK
16 billion were awarded in the quarter.
* New projects on stream: The Valemon field came on stream and production
commenced from Oseberg Delta 2 in the North Sea.
* Developing new projects: Statoil together with its partner submitted
development plan for the Peregrino Phase II.
* Optimising projects: The partners in the Johan Castberg and Snorre 2040
licences decided to spend more time to mature the projects.
* Top tier exploration results: A small oil discovery and a gas discovery on
the NCS and the eighth discovery in Block 2 offshore Tanzania. In April
Statoil announced an oil discovery in the Yeti prospect in the Gulf of
Mexico (GoM).
* Debt capital market transactions: EUR 3.75 billion secured in February.
* Changes to the board of directors: Grace Reksten Skaugen and Catherine
Hughes have resigned from the board of directors, and Rebekka Glasser
Herlofsen was elected as new shareholder representative.
Further information from:
Investor relations
Peter Hutton, Senior vice president Investor relations, +44 7881 918 792
(mobile)
Press
Jannik Lindbæk jr., Vice president Media relations, +47 977 55 622 (mobile)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Presentation 1st quarter 2015 Torgrim Reitan CFO:
http://hugin.info/132799/R/1917110/685785.pdf
Financial statements and review 1st quarter 2015:
http://hugin.info/132799/R/1917110/685783.pdf
Press release First quarter results 2015:
http://hugin.info/132799/R/1917110/685784.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1917110]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2015 - 06:59 Uhr
Sprache: Deutsch
News-ID 389673
Anzahl Zeichen: 6900
contact information:
Town:
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Kategorie:
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