Statoil Second Quarter Results 2013

MarineLink.com
Thursday, July 25, 2013

Statoil's 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," said 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," Lund said.

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.
     
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

Roll-iT Reacts to Growing Demand

Roll-iT reaches new peaks with SCHEUERLE Self-Propelled Modular Transporters Roll-iT from Stabroek, Belgium is a co-partnership of Aertssen Kranen (Aertssen

Ferguson Norge Unveils New NORSOK Workshops

As a result of market demand for NORSOK workspace modules, Ferguson Norge, specialists in the rental of DNV 2.7-1 / EN 12079 certified offshore containers, refrigeration/freezer modules,

Offshore

Bureau Veritas to Class, Certify FPSOs for Saipem

Bureau Veritas has been awarded a contract by Saipem to provide classification and certification services for the two Kaombo FPSOs for service off Angola. The

Kvaerner in Statoil Unmanned Platform Project

Kvaerner say that Statoil has awarded it a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

Finance

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The U.S. International Trade Commission on Friday voted to impose anti-dumping duties against steel pipe imports from seven countries, exempting two, handing a

Energy

LNG Transport Barge Design Approved by ABS

Conrad Shipyard, L.L.C. engaged Bristol Harbor Group, Inc. (BHGI) to develop a 3,000 cubic meter Liquefied Natural Gas (LNG) transport barge utilizing a Bristol

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

China Appeals WTO Ruling on US Solar Panel Dispute

China has appealed against a WTO dispute panel report on anti-dumping duties applied on certain Chinese products by the United States, the World Trade Organization (WTO) said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair
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: 0.1937 sec (5 req/sec)