Statoil ASA: 2017 second quarter and first half results
(Thomson Reuters ONE) -
Statoil (OSE:STL, NYSE:STO) reports adjusted earnings of USD 3.0 billion and
adjusted earnings after tax of USD 1.3 billion in the second quarter of 2017.
IFRS net operating income was USD 3.2 billion and the IFRS net income was USD
1.4 billion.
The second quarter was characterised by:
* Solid earnings and strong cash flow. Net debt ratio [5] reduced to 27.5%
* Good operational performance and high regularity. Around 5% production
growth expected in 2017
* Project deliveries and efficiency improvements on track
"Our solid financial results and strong cash flow are driven by good operational
performance with high production efficiency and continued cost improvements. At
oil prices around 50 dollars per barrel, we have generated 4 billion dollars in
free cash flow, and reduced our net debt ratio by 8.1 percentage points since
the start of the year. We expect to deliver around 5% production growth this
year, and at the same time realise an additional one billion dollars in
efficiencies," says Eldar Sætre, President and CEO of Statoil ASA.
"Together with the supplier industry, we continue to make strong progress on
project development and execution. Gina Krog has started production, and we are
progressing Johan Sverdrup and other important projects like Aasta Hansteen,
Mariner, Oseberg Vestflanken, Peregrino II, Dudgeon and Hywind. On the NCS, we
have received approval for three new projects and submitted one additional plan
for development," says Sætre.
"So far this year, we have drilled 14 exploration wells and made nine
discoveries. Several of these can quickly be put into profitable production. Our
exploration programme in the Barents Sea started with the Kayak discovery and
gives us the opportunity to test several new prospects. We expect to drill
around 30 exploration wells in 2017. Based on strict prioritisation and
efficient drilling operations we are able to reduce our guidance for exploration
spending this year to around 1.3 billion dollars," says Sætre.
Adjusted earnings were USD 3.023 billion in the second quarter, up from USD
0.913 billion in the same period in 2016. Adjusted earnings after tax were USD
1.289 billion in the second quarter, up from negative USD 0.028 billion in the
same period last year. Higher prices for both oil and gas, solid operational
performance with high production, a reversal of provisions in Angola of USD
0.754 billion and continued progress on improvement work contributed to the
increase.
IFRS net operating income was USD 3.244 billion in the second quarter compared
to USD 0.180 billion in the same period of 2016. IFRS net income was USD 1.436
billion, up from negative USD 0.302 billion in the same period last year.
Statoil delivered equity production of 1,996 mboe per day in the second quarter,
an increase from 1,959 mboe per day in the same period in 2016. The increase was
primarily due to strong operational performance, increased gas offtake and ramp-
up of new fields. Excluding portfolio changes, the underlying production growth
was 3% compared to the second quarter last year.
Adjusted exploration expenses in the quarter were USD 0.224 billion, down from
USD 0.423 billion in the second quarter of 2016.
Cash flows provided by operating activities in the first half of 2017 amounted
to USD 9.931 billion compared to USD 3.349 billion for the same period last
year. Organic capital expenditure was USD 4.5 billion in the first half of
2017. At the end of second quarter, net debt to capital employed [5] was reduced
to 27.5%.
The board of directors has decided to maintain a dividend of USD 0.2201 per
ordinary share for the second quarter and continue the scrip programme this
quarter giving shareholders the option to receive the dividend in cash or newly
issued shares in Statoil at a 5% discount.
The twelve-month average Serious incident frequency (SIF) was 0.8 for the twelve
months ended 30 June 2017, compared to 0.7 in the same period a year ago.
Further information from:
Investor relations
Peter Hutton, Senior vice president Investor relations,
tel +44 7881 918 792 (mobile)
Morten Sven Johannessen, vice president Investor Relations North America
tel +12035702524 (mobile)
Press
Bård Glad Pedersen, vice president Media relations,
tel +47 918 01 791 (mobile)
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2nd quarter 2017 Financial statements and review:
http://hugin.info/132799/R/2123411/809916.pdf
2nd quarter 2017 press release:
http://hugin.info/132799/R/2123411/809917.pdf
CFO presentation 2Q 2017:
http://hugin.info/132799/R/2123411/809918.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statoil via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2017 - 06:44 Uhr
Sprache: Deutsch
News-ID 554094
Anzahl Zeichen: 5649
contact information:
Town:
Stavanger
Kategorie:
Business News
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