Statoil Reports Dramatic Increase in Net Income

Thursday, July 28, 2011

Statoil's second quarter 2011 net operating income was NOK 61 billion, a 129% increase compared to NOK 26.6 billion (nearly $11.3 billion) in the second quarter of 2010. The quarterly result was mainly affected by a 32% increase in the average prices for liquids measured in NOK, a 28% increase in average gas prices, a NOK 8.8 billion (over $1.6 billion) gain related to the 40% Peregrino divestment and an 18% decrease in lifted volumes, when compared to the same period last year.

"Statoil delivered record net income in the second quarter of 2011, reflecting an operational performance in line with expectations, the value-creating Peregrino transaction and strong oil and gas prices throughout the period. Production was mainly impacted by previously announced extensive maintenance activities and seasonal variability in gas off-take. We continued to make progress within exploration and project developments in the quarter, staying on track to deliver future growth," says Helge Lund, Statoil's chief executive officer.

Net income in the second quarter of 2011 was NOK 27.1 billion (over $5 billion) compared to NOK 3.1 billion (over $572.2 million) in the same period last year. This result reflected higher prices for both liquids and gas, a gain on sale of asset of NOK 7.5 billion (almost $1.4 billion) net of tax, reduced exploration expenses and higher net financial income, partly offset by reduced liftings. The tax rate for the quarter was 56%.

Adjusted earnings in the second quarter of 2011 were NOK 43.6 billion (more than $8 billion), compared to NOK 36.5 billion (over $6.7 billion) in the second quarter of 2010. Adjusted earnings after tax were NOK 12.8 billion (almost $2.4 billion) in the second quarter of 2011. Adjusted earnings after tax exclude the effect of tax on net financial items, and represent an effective adjusted tax rate of 71% in the second quarter of 2011.

Total equity production was 1,692 mboe per day in the second quarter of 2011 compared to 1,957 mboe per day in the second quarter of 2010.

Highlights since first quarter 2011:
 
    * The sale of 40% of the Peregrino offshore field in Brazil was completed and a gain of NOK 8.8 billion before tax is recorded.
    * Successful exploration drilling activities in Norway and internationally.
    * The approval of the Plan for development and operation (PDO) for the Hyme field (formerly Gygrid) on the NCS.
    * The approval of the Plan for development and operation of the Valemon gas and condensate field on the NCS.
    * The approval of the Plan for development and operation of the Valemon gas and condensate field on the NCS.
    * The approval of the Plan for development and operation for Visund South fast track on the NCS.
    * Statoil awarded the contract for construction of two new specially designed category D drilling rigs.
    * First shipment of Peregrino crude.
    * Strengthened position in Eagle Ford through acquiring new leases.

 

(Source: Statoil Press Release)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Offshore

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Energy

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1509 sec (7 req/sec)