Statoil : Statoil: 2013 second quarter results
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,"
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, Åsgard 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, Åsgard
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.
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 Lindbæk jr, vice president for media relations,
+ 47 977 55 622 (mobile)
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
Financial statements and review 2nd quarter 2013
Presentation 2nd quarter 2013 Torgrim Reitan CFO
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information contained therein.
Source: Statoil via Thomson Reuters ONE
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