STAVANGER, NORWAY--(Marketwired - Jul 25, 2013) - Statoil's (OSE:STL, NYSE:STO) secondquarter 2013 net operating income was NOK34.3 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 ontrackand maintain our guidance for 2013," says Helge Lund, Statoil's presidentandCEO.
"Our financial results were impacted by lower prices for liquids and gasandweak trading results. However, we have maintained good cost control anddelivered strong earnings, particularly from our international portfolio,"saysLund.
In the quarter, Statoil ramped up several fields. The company continues tohavea high activity level in projects on the Norwegian continental shelf, withmajorfield developments ongoing such as Gudrun, Åsgard subsea compressionandValemon.
"The activity level on new field developments is high. We are executing ourprojects according to plan," says Lund.
Statoil continued its exploration progress with five discoveries in thequarter.The company has accessed attractive exploration acreage in Norway, Russia,Azerbaijan, Tanzania and Australia, further strengthening its position forprofitable long-term growth.
Second quarter results 2013
Statoil's net operating income was NOK 34.3 billion compared to NOK 62.0billionin the second quarter of 2012.
Adjusted earnings were NOK 38.0 billion, compared to NOK 45.8 billion inthesecond quarter of 2012.
Adjusted earnings after tax were NOK 11.3 billion, compared to NOK 11.5billionin the second quarter of 2012.
Net income was NOK 4.3 billion compared to NOK 26.6 billion in the secondquarter of 2012.
Key events since first quarter 2013:
* Revitalising Statoil's legacy position on the Norwegian continentalshelf (NCS) by progressing new projects as planned, including Gudrun,Åsgard subsea gas compression, Valemon and Aasta Hansteen. Twocategory-J rigs acquired by the licence partners of Gullfaks and OsebergArea Unit to increase recovery and extend field life. Johan Castbergproject postponed for review, due to updated project estimates and pendingclarification in the fiscal framework.
* Accessing attractive acreage in the Barents Sea, Brazil, Tanzania,Russia, Caspian and Australia. Oil discoveries announced offshoreNewfoundland in Canada and in the Grane area in Norway. Important JohanSverdrup appraisal completed, confirming the extent and characteristics ofthe reservoir.
* Stepping up our activity in unconventional resources by assumingoperatorship for all activities in the eastern part of our Eagle Ford assetin Texas. Statoil now has operational activities in all onshore assets inthe US (Bakken, Marcellus and Eagle Ford).
* Building offshore clusters by sanctioning the Julia and Heidelbergdevelopments in the Gulf of Mexico.
* Creating value from a superior gas position: The Shah Deniz consortiumannounced that it has selected the Trans Adriatic Pipeline (TAP) to delivergas from the Shah Deniz Stage 2 project.
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
Press release Results 2nd quarter 2013:http://hugin.info/132799/R/1718616/571800.pdf
Financial statements and review 2nd quarter 2013:http://hugin.info/132799/R/1718616/571799.pdf
Presentation 2nd quarter 2013 Torgrim Reitan CFO:http://hugin.info/132799/R/1718616/571801.pdf
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Source: Statoil via Thomson Reuters ONE
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