Statoil: 2012 fourth quarter results
STAVANGER, NORWAY -- (Marketwire) -- 02/07/13 -- Fourth quarter and
preliminary 2012 Operating and Financial review
Statoil's (OSE:STL, NYSE:STO) fourth quarter 2012 net operating
income was NOK
45.8 billion. In 2012, net operating income was NOK
Statoil delivered equity production of 2,004 mboe per day in 2012,
increased by 8% from 1,850 mboe per day in 2011. Adjusted earnings
increased by 7% to NOK
193.2 billion in 2012, from NOK 179.9 billion
in 2011. Statoil achieved an organic reserve replacement ratio (RRR)
of 1.1 in 2012.
"2012 was a year of strong strategic and operational progress for
grew our production by 8% in 2012, in line with the target
we announced in 2011, and we deliver strong earnings growth. We are
well underway to deliver
profitably on our ambition of producing more
than 2.5 million barrels of oil
equivalents per day in 2020," says
Helge Lund, Statoil's president and CEO.
"Statoil's strategy remains firm. We continue our strong exploration
performance, adding more than 1.5 billion barrels in new resources,
and we are
maturing our high quality project portfolio, including the
Johan Sverdrup and
Skrugard fields. We continue to manage our balance
sheet and enter 2013 from a robust financial position," says Lund.
Statoil's Board of Directors will propose to increase the dividend to
per share for 2012. This is in line with the company's
dividend policy and an
increase from NOK 6.50 in 2011.
Statoil maintains its ambition of producing more than 2.5 million
barrels of oil equivalents per day by 2020 and estimates organic
capital expenditures for 2013
at around USD 19 billion. The company
will complete around 50 exploration wells
in 2013 with a total
exploration activity level at around USD 3.5 billion.
Terror attack in Algeria
On 16 January 2013, Statoil together with our partners BP and
hit by a terror attack on the In Amenas gas production
facility in Algeria. Five
esteemed and dear Statoil-colleagues lost
their lives in the attack. Twelve of
our employees managed to escape
to safety. Many colleagues from partners and
suppliers are confirmed
dead or remain unaccounted for.
"What happened in Algeria is brutal, international terrorism of the
This affects innocent people from a variety of nations and
innocent victims from
a number of companies and countries have been
subjected to senseless violence.
The whole of Statoil is strongly
affected by the terror attack. We continue to
assist and support the
families, friends and colleagues who have lost those dear
The safety of our staff and partners will remain our highest
Statoil will conduct an investigation to determine the relevant chain
before, during and after the In Amenas terror attack in
order to enable Statoil
to further improve within the areas of
security, risk-assessment and emergency
Capital Markets Update
Today, Statoil presents the Capital Markets Update, focusing on our
position as the leading oil and gas operator in Norway and the second
largest gas supplier
"On the Norwegian continental shelf, we announce that we are on track
our ambition of producing more than 1.4 million barrels of oil
day in 2020," says Lund.
"We also announce that Statoil's gas sales in the European markets
high in 2012, at solid prices. We see a strong outlook
for the European gas markets and are well positioned to capture value
as the markets develop," says
Statoil also announces today increased gas volumes for the Block 2
offshore Tanzania to 7-9 Tcf in total recoverable
Fourth quarter results 2012
Statoil's net operating income was NOK 45.8 billion compared to NOK
in the fourth quarter of 2011.
Adjusted earnings were NOK 48.3 billion, compared to NOK 45.9 billion
fourth quarter of 2011.
Adjusted earnings after tax were NOK 15.1 billion, up from NOK 14.5
the fourth quarter of 2011.
Net income was NOK 13.0 billion compared to NOK 25.5 billion in the
fourth quarter of 2011.
Key events since third quarter 2012
* Creating value from a superior gas position, by entering into a
gas sales agreement with Wintershall for the delivery
of a total of 45 billion cubic meters (bcm) to the German and
other North-West European markets.
* Building new growth on the NCS through submission of the Dagny
Hansteen development plans (PDO), start-up of Visund
South and approval of
the Svalin fast-track development.
* Building material positions in offshore business clusters, by
decisions to develop the Mariner oil field
(Statoil-operated) in the UK North Sea and the Hebron development
project offshore Canada.
* Continuing the development of Statoil as a leading global
exploration company, by making a third discovery offshore
Tanzania, adding additional
acreage in the Espirito Santo Basin
offshore Brazil, and added barrels to
the Johan Sverdrup field.
* Continuing portfolio management and expanding in unconventionals,
the acquisition of around 70,000 operated net acres in
the liquid rich part
of the central Marcellus area.
* Further strengthening our financial position through the
execution of USD 2 billion in debt capital market transactions at
highly competitive terms.
This information is subject of the disclosure requirements pursuant
5-12 of the Norwegian Securities Trading Act.
4th quarter 2012 Press release:
4th quarter 2012 Financial statements and review:
Capital Markets Update 4th quarter and full year 2012 Strategy
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
(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
Further information from:
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)
Jannik Lindbaek jr
Vice President for Media Relations
+ 47 977 55 622 (mobile)
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