Statoil 2Q 2015 Earnings Slip
Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion, including gains from divestments. "In the second quarter, Statoil delivered encouraging operational performance with good production growth and high regularity, whilst continuing to reduce cost. Our financial results were characterised by gains from divestments and lower prices. Also in the second quarter, we report a close to neutral free cash flow after dividend and proceeds", says president and CEO of Statoil ASA, Eldar Sætre. Adjusted earnings were NOK 22.4 billion in the second quarter compared to NOK 32.3 billion in the same period in 2014.
Statoil Appoints CFO, 3 EVPs and Rejigs Top Deck
Statoil appoints new chief financial officer (CFO), and launches business area for New Energy Solutions (NES). Three new executive vice presidents (EVPs) are appointed as members of the corporate executive committee (CEC). CFO Torgrim Reitan is appointed EVP for Development & Production USA (DPUSA) after Bill Maloney decided to not prolong his contract with Statoil. Hans Jakob Hegge is appointed new EVP and CFO. Hegge comes from the position as senior vice president for Operations North in Development & Production Norway. Irene Rummelhoff is appointed EVP for New Energy Solutions, and Jens Økland new EVP for Marketing, Midstream & Processing (MMP). Rummelhoff and Økland start in their new positions 1 June 2015. Reitan and Hegge will start in their new positions 1 August 2015.
Statoil awards contracts for support services within HR
Statoil has decided to outsource certain tasks within the Human Resources (HR) function, and awards two new contracts to external suppliers. The number of full time positions in Statoil in Norway that will be affected is 69, in addition to 10 positions internationally. Around 2/3 of affected employees will be offered employment with the new vendors, either through transfer of undertakings or offer of employment. Increased use of outsourcing to external vendors is aimed at strengthening Statoil’s competitiveness. Previously in 2014 the decision was made to outsource services within IT, facility management and finance & control. The transfer of these services to new suppliers are currently ongoing.
