Statoil ASA: 2015 third quarter results
(Thomson Reuters ONE) -
Statoil (OSE:STL, NYSE:STO) delivered adjusted earnings of NOK 16.7 billion and
adjusted earnings after tax of NOK 3.7 billion in the third quarter. Statoil
reported net income in accordance with IFRS of negative NOK 2.8 billion, mainly
due to net impairment charges and provisions.
"We continue to reduce underlying operational costs and deliver a quarter with
strong operational performance and solid results from marketing and trading. In
the third quarter, our financial results continued to be affected by low liquids
prices. The results enable us to increase our guided production growth to above
3% for 2015, as well as reduce the guided capital expenditure level with USD 1
billion to around USD 16.5 billion. We have generated a strong cash flow in the
current environment and have a solid balance sheet with a net debt ratio of
24%," says president and CEO of Statoil ASA, Eldar Sætre.
Adjusted earnings were NOK 16.7 billion in the third quarter compared to NOK
30.9 billion in the same period in 2014. The reduction was primarily a
consequence of lower liquids prices and increased depreciation, partially offset
by stronger refining margins, good operational performance and reduced
underlying operating costs. Realised average liquids prices in the quarter were
down 37% measured in NOK compared to the third quarter last year. Adjusted
earnings after tax were NOK 3.7 billion, compared to NOK 9.1 billion in the same
period last year.
Statoil's net operating income according to IFRS for the quarter was NOK 7.3
billion, compared to NOK 17.0 billion in the same period in 2014. Net impairment
charges of NOK 4.8 billion related to exploration assets and various other asset
impairments and reversals, provisions for disputes of NOK 3.3 billion and net
other adjustments of NOK 1.3 billon impacted the IFRS results. Earnings per
share were negative NOK 0.89 in the quarter, an improvement compared to negative
NOK 1.48 in the same period last year.
"We are progressing our efficiency programs according to the plan we
communicated in February, and continue to reduce the underlying operational
cost. I am pleased with the way we are taking costs down, but the continued low
prices in the third quarter demonstrates that we must continue to chase further
cost efficiencies," says Sætre.
Statoil delivered production of 1,909 mboe per day in the third quarter, up 4%
compared to the same period in 2014. The underlying production growth, after
adjusting for divestments, was 7% compared to the third quarter last year. The
production from the Norwegian continental shelf (NCS) grew 10% in the third
quarter of 2015 compared to last year, adjusted for divestments. Equity
production outside of Norway was 735 mboe per day, a 4% increase compared to the
same period last year, adjusted for divestments.
Statoil is pleased with the development of Johan Sverdrup with cost estimates
coming down by 7%. However, Statoil and its partners have decided to accept a
delayed timetable for the commencement of production from the Aasta Hansteen and
Mariner fields from 2017 to the second half of 2018. The updated cost estimate
for Aasta Hansteen has been increased by around 9% since the plan for
development and operation (PDO). In addition, a currency effect of NOK 2.4
billion brings the total cost estimate to around NOK 37 billion. For Mariner,
the cost increase is slightly above 10% as compared to the original plan.
In the third quarter Statoil made two discoveries on the NCS, as well as one on
the UK Continental Shelf. As of 30 September, Statoil had completed 33 wells,
with five wells on-going. Adjusted exploration expenses in the quarter were NOK
3.4 billion, marginally down from NOK 3.6 billion in the third quarter of 2014.
Cash flow from operations amounted to NOK 90.2 billion in the first nine months
compared to NOK 99.1 billion last year. Statoil maintained a strong capital
structure, and net debt to capital employed at the end of the quarter was 24%.
Organic capital expenditure was USD 11.6 billion in the first nine months.
The board of directors has decided to pay a dividend of USD 0.2201 per ordinary
share for the third quarter and Statoil shares will trade ex-dividend on Oslo
Børs commencing 17 February 2016. From and including the third quarter,
dividends will be declared in USD, with the NOK dividend calculated and
communicated four business days after the record date for the Oslo Børs
shareholders.
The serious incident frequency (SIF) for the 12 months period ending 30
September 2015 was 0.5 compared to 0.6 the same period last year.
Key events since second quarter 2015:
* The plan for development and operation (PDO) for Johan Sverdrup, Phase One,
was approved by the Ministry of Petroleum and Energy in August
* The Peregrino field offshore Brazil passed a significant milestone, with
100 million barrels of oil produced since April 2011
* Statoil and its partners put the first subsea gas compression facility on
line at Åsgard in the Norwegian Sea, adding more than 300 million barrels of
oil over the field's life
* The final pipe in the 482 kilometer long Polarled Pipeline was laid at the
Aasta Hansteen field at a depth of 1,260 meters in the Norwegian Sea.
Polarled was delivered under budget and is the first pipeline on the NCS to
cross the Arctic Circle
* In October Statoil acquired a 24% equity share in the UK part of Alfa
Sentral, a gas and condensate field planned to be developed as a tie-back to
the existing infrastructure for Sleipner on the NCS
* Two new compressors on the Troll A platform were started up, increasing the
gas recovery from the field by 83 billion cubic meters
* Wenche Agerup was elected as new member of the board of directors, replacing
Catherine Hughes who withdrew from the board in April
Further information from:
Investor relations
Peter Hutton, Senior vice president Investor relations,
+44 7881 918 792 (mobile)
Press
Knut Rostad, Media relations,
+47 9054 8990 (mobile)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Financial statements and review 3rd quarter 2015:
http://hugin.info/132799/R/1961948/715492.pdf
Press release 3rd quarter results 2015:
http://hugin.info/132799/R/1961948/715494.pdf
Presentation 3rd quarter 2015 Hans Jakob Hegge CFO:
http://hugin.info/132799/R/1961948/715493.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#1961948]
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Datum: 28.10.2015 - 06:58 Uhr
Sprache: Deutsch
News-ID 429912
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