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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Offshore

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

ABB hands over Germany’s DolWin1

DolWin1 integrates 800 megawatts (MW) of clean energy into the German transmission grid ABB, the leading power and automation technology group, has successfully

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

Energy

Idreco Delivers Dredger for Hydro-Dam in Congo

Idreco (International Dredger Constructions) of the Netherlands informs it has designed, built and installed its second dredger, an ISD 600 with a digging depth of 30 meters,

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

Damen Delivers First Twin Axe FCS for O&G

Damen Maaskant Shipyards Stellendam have a decade-long relationship with the family-run Groen Offshore, Guard & Support, having built seismic research vessels and

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.3511 sec (3 req/sec)