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Statoil: 2013 second quarter results

Statoil: 2013 second quarter results 
STAVANGER, NORWAY -- (Marketwired) -- 07/25/13 --  Statoil's
(OSE:STL, NYSE:STO) second quarter 2013 net operating income was NOK
34.3 billion. Adjusted earnings were NOK 38.0 billion. 
"Statoil delivered an operationally solid quarter. We produced as
planned, delivering record production from our portfolio outside
Norway. We are on track
and maintain our guidance for 2013," says
Helge Lund, Statoil's president and
CEO. 
"Our financial results were impacted by lower prices for liquids and
gas and
weak trading results. However, we have maintained good cost
control and delivered strong earnings, particularly from our
international portfolio," says
Lund. 
In the quarter, Statoil ramped up several fields. The company
continues to have
a high activity level in projects on the Norwegian
continental shelf, with major
field developments ongoing such as
Gudrun, Asgard subsea compression and
Valemon. 
"The activity level on new field developments is high. We are
executing our projects according to plan," says Lund. 
Statoil continued its exploration progress with five discoveries in
the quarter.
The company has accessed attractive exploration acreage
in Norway, Russia, Azerbaijan, Tanzania and Australia, further
strengthening its position for profitable long-term growth. 
Second quarter results 2013 
Statoil's net operating income was NOK 34.3 billion compared to NOK
62.0 billion
in the second quarter of 2012. 
Adjusted earnings were NOK 38.0 billion, compared to NOK 45.8 billion
in the
second quarter of 2012. 
Adjusted earnings after tax were NOK 11.3 billion, compared to NOK
11.5 billion
in the second quarter of 2012. 
Net income was NOK 4.3 billion compared to NOK 26.6 billion in the
second quarter of 2012. 
Key events since first quarter 2013: 
* Revitalising Statoil's legacy position on the Norwegian
continental shelf (NCS) by progressing new projects as planned,
including Gudrun, Asgard subsea gas compression, Valemon and Aasta
Hansteen. Two category-J rigs acquired by the licence partners of
Gullfaks and Oseberg Area Unit to increase recovery and extend field
life. Johan Castberg project postponed for review, due to updated
project estimates and pending clarification in the fiscal framework. 
* Accessing attractive acreage in the Barents Sea, Brazil,
Tanzania, Russia, Caspian and Australia. Oil discoveries announced
offshore Newfoundland in Canada and in the Grane area in Norway.
Important Johan Sverdrup appraisal completed, confirming the extent
and characteristics of the reservoir. 
* Stepping up our activity in unconventional resources by assuming
operatorship for all activities in the eastern part of our Eagle Ford
asset in Texas. Statoil now has operational activities in all onshore
assets in the US (Bakken, Marcellus and Eagle Ford). 
* Building offshore clusters by sanctioning the Julia and
Heidelberg developments in the Gulf of Mexico. 
* Creating value from a superior gas position: The Shah Deniz
consortium announced that it has selected the Trans Adriatic Pipeline
(TAP) to deliver gas from the Shah Deniz Stage 2 project. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
Press release Results 2nd quarter 2013:
http://hugin.info/132799/R/1718616/571800.pdf 
Financial statements and review 2nd quarter 2013:
http://hugin.info/132799/R/1718616/571799.pdf 
Presentation 2nd quarter 2013 Torgrim Reitan CFO:
http://hugin.info/132799/R/1718616/571801.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#1718616] 
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 Lindbaek
jr, vice president for media relations
+ 47 977 55 622 (mobile)
 
 
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