STAVANGER, NORWAY--(Marketwired - May 2, 2013) -
Statoil's (OSE:STL, NYSE:STO) first quarter 2013 net operating income wasNOK38.0 billion. Adjusted earnings were NOK 42.4 billion.
"We deliver financial results impacted by lower production and reducedprices.We continue to deliver good industrial progress according to plan. Aspreviouslyannounced, production in 2013 will be lower than in 2012. We are on tracktodeliver 2 to 3% average annual production growth from 2012 to 2016 andproduction above 2.5 million barrels of oil equivalent per day in 2020,"saysHelge Lund, Statoil's president and CEO.
In addition to the expected lower production in the quarter, production wasimpacted by operational disruptions at Snøhvit, Troll and Peregrino.Statoil'snet operating income was also impacted by a provision related to the CovePointterminal in the US. Adjusted earnings  were down 28% compared to thefirstquarter 2012. The underlying cost development in the period is stable.
Statoil's cash flows provided by operating activities decreased by 19%comparedto the first quarter of 2012, explained by the lower production and reducedprices.
"Statoil delivered record international production, with an increase of 6%mainly due to start-up and ramp-up of fields. We started production fromnew NCSfields, including four fast-track projects, and continued our explorationsuccess by making a new high impact discovery in Tanzania," says Lund.
Statoil completed 12 exploration wells in the first quarter, six on the NCSandsix internationally, with seven discoveries: four on the NCS, two inTanzaniaand one in the Gulf of Mexico. This gives a 58% success rate in the period.
On 19 April, Statoil also announced considerable additional resources intheGullfaks licence in the North Sea, providing new volumes that can givehighvalueproduction in the short term as well as new and promising perspectives forthefield and the installations.
"We continue to efficiently execute on our highly competitive projectportfolio,while maintaining a firm financial framework, a predictable dividend to ourshareholders and a solid balance sheet," says Lund.
First quarter results 2013
Statoil's net operating income was NOK 38.0 billion compared to NOK 57.9billionin the first quarter of 2012.
Adjusted earnings  were NOK 42.4 billion, compared to NOK 59.2 billionin thefirst quarter of 2012.
Adjusted earnings after tax  were NOK 12.0 billion, compared to NOK 16.8billion in the first quarter of 2012.
Net income was NOK 6.4 billion compared to NOK 15.4 billion in the firstquarterof 2012.
Key events since fourth quarter 2012:
* Statoil has initiated an investigation to determine the relevant chainof events before, during and after the In Amenas terrorist attack in orderto enable the company to further improve within the areas of security,risk-assessment and emergency preparedness.
* Production start-up from two of the three production trains at InAmenas.
* Delivering continued good industrial progress, by selecting development concept for the Johan Castberg (Skrugard) field in the Barents Sea and Bressay in the UK; putting four new fast-track projects on stream:Hyme, Vigdis, Skuld, Stjerne; and securing approval for the field development plans for Aasta Hansteen in Norway and the Mariner heavy oil field inthe UK.
* Revitalising Statoil's legacy position on the NCS, through asignificant high-value discovery at Gullfaks in the North Sea; and ramping upproduction from Skarv.
* Continuing to develop into a leading exploration company, with a newhigh-impact discovery in Block 2 offshore Tanzania, bringing furtherrobustness into a future decision on a potential LNG project; and continuing the appraisal program on the Johan Sverdrup field in Norway.
* Building material positions in offshore clusters, securing 15 leases inthe Gulf of Mexico lease sale; and signing a Memorandum of understanding(MoU) with SOCAR to explore new Caspian acreage.
To see end notes referenced in main table and text please download ourcompletereport from our website -
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
Presentation 1st quarter 2013 Torgrim Reitan CFO:
Financial statements and review 1st quarter 2013:
Press release Results 1st quarter 2013:
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Source: Statoil via Thomson Reuters ONE
- Investment & Company Information
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