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

People & Company News

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

Offshore

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,

Finance

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to

Energy

US DOE Approves Oregon LNG Export Project

The U.S. Energy Department said on Thursday it has approved Oregon LNG to export liquefied natural gas, as the Obama administration works through applications to

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Repair 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: 0.2531 sec (4 req/sec)