Statoil Presents 2013 Performance Reports
Statoil presented on its website the company’s annual and sustainability reports for 2013, along with the US Form 20-F report. “Our 2013 operational performance was good; with safety improvements, production as expected and strong project execution. We delivered leading exploration results and strengthened our reserve base,” states CEO Helge Lund in his introduction to the annual and sustainability reports. Statoil recorded in 2013 the best exploration results in the industry measured in conventional volumes.
Statoil to Cut Expenditure by $5 Billion
Statoil's fourth quarter 2013 net operating income was NOK 43.9 billion. In 2013, net operating income was NOK 155.5 billion. At today's Capital Markets Update, Statoil presents its plan for reduced capital expenditure by more than $5 billion (USD) from 2014-16 compared to previous plans. This will enable positive organic free cash flow after dividend from 2016. Statoil expects to deliver around 3 % average rebased organic production growth from 2013-16. Adjusted earnings for the fourth quarter of 2013 were NOK 42.3 billion, compared to NOK 48.3 billion in the fourth quarter of 2012.