Statoil: Third quarter 2011 Results

press release
Thursday, October 27, 2011
Helge Lund, Statoil's chief executive officer

Statoil's third quarter 2011 net operating income was NOK 39.3 billion, a 39% increase compared to NOK 28.2 billion in the third quarter of 2010.

 

"Statoil delivered strong financial results in the third quarter of 2011, reflecting operational performance in line with expectations and strong oil and gas prices throughout the period," says Helge Lund, Statoil's chief executive officer. Statoil presented the long term strategy and long term growth outlook on its capital markets day in June 2011, where revitalisation of the NCS with high value barrels and expansion in unconventionals are among key building blocks.
 

"The giant Aldous/Avaldsnes discovery clearly reaffirms the strong potential of the Norwegian continental shelf, and we continue our long-term effort to position Statoil as an industrial player and operator within unconventionals through the offer to acquire all shares of the Brigham Exploration Company," says Lund.

 

The quarterly result was mainly affected by a 30% increase in the average prices for liquids measured in NOK, a 13% increase in average gas prices, a 13%increase in lifted volume compared to the same period last year, and a net impairment loss of NOK 4.8 billion mainly related to the refinery business. Net income in the third quarter of 2011 was NOK 9.9 billion compared to NOK 13.8 billion in the same period last year. The decrease stems primarily from lower gain on net financial items and higher tax rates, and was only partly offset by higher net operating income. The tax rate for the quarter was 76.6%.

 

Adjusted earnings in the third quarter of 2011 were NOK 43.1 billion, a 62% increase compared to NOK 26.7 billion in the third quarter of 2010. Adjusted earnings after tax were NOK 11.4 billion in the third quarter of 2011. Adjusted earnings after tax exclude the effect of tax on net financial items, and represent an effective adjusted tax rate of 73.5% in the third quarter of 2011. Total equity production was 1,764 mboe per day in the third quarter of 2011 compared to 1,552 mboe per day in the third quarter of 2010.


Highlights since second quarter 2011:

 

  • Successful exploration, highlighted by the Aldous/Avaldsnes oil discovery in the North Sea, one of the largest finds ever on the Norwegian continental shelf. Statoil holds a 40% interest in both licences. In total, 9 discoveries on 13 completed wells by 30 September.
  • Further expanding in unconventionals, through a merger agreement between Statoil and Brigham Exploration Company for Statoil to acquire all the outstanding shares of Brigham through an all-cash tender offer. If the tender offer is successful, the acquisition adds 375,000 net acres in the Williston Basin with potential for oil production from the Bakken and Three Forks formations. The transaction builds on Statoil's stepwise build-up in the United States and establishes Statoil as an operator in unconventional plays.
  • Maturing the project portfolio, including August start-up of the Pazflor development in Angola. Statoil has a 23.33% interest and Pazflor is expected to contribute with 47 000 barrels per day in equity capacity when plateau is reached in the first quarter next year.
  • Industrial progress, as plans for development and operation (PDO) are submitted to the authorities for the Skuld field in the Norwegian Sea and for the subsea gas compression project at Åsgard, to maintain production from the Mikkel and Midgard reservoirs. PDO for Stjerne and Vigdis North East has been approved.
  • Participating interests in two exploration licences in Camamu-Almada basin offshore Brazil have been farmed down 10% and 15% respectively to Gran Tierra Energy. The agreement is subject to approval by Brazilian authorities and other conditions.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

VSTEP Wins Mexican Navy Simulator Contract

The Mexican Navy selected VSTEP to supply a Class A NAUTIS Full Mission Bridge (FMB) Simulator and 24 NAUTIS desktop trainer stations for the Naval Academy in Veracruz.

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

S.Korea Ferry Boss's Driver Turns Self In

The driver of a South Korean businessman wanted over the sinking of a ferry that killed 304 people turned himself in on Tuesday, potentially unlocking the mystery

Offshore

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Finance

Private Equity Drives New Ship Buys

Ship Registries are an excellent bellwether of industry health and trends, and when Maritime Reporter & Engineering News sought answers to some topical questions,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

Energy

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.2812 sec (4 req/sec)