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2018-04-30 09:45:00

STATOIL NET INCOME $1.3 BLN

STATOIL NET INCOME $1.3 BLN

STATOILStatoil reports adjusted earnings of USD 4.4 billion and USD 1.5 billion after tax in the first quarter of 2018. IFRS net operating income was USD 5.0 billion and the IFRS net income was USD 1.3 billion.

The first quarter was characterised by:

• Solid earnings across all segments
• Strong cash flow. Net debt ratio reduced from 29.0% to 25.1% [5]
• Strong operational performance with record high international production

"Following strong results from our improvement work we have a lower cost base, enabling us to capture high value from higher prices and deliver solid earnings across all segments. We continue our strong operational performance, and international production was record high. The cash flow from operating activities was very strong and above 7 billion dollars in the quarter. We have reduced our net debt ratio from 29.0% to 25.1% after paying for Martin Linge," says Eldar Sætre, President and CEO of Statoil ASA.

"In the quarter we have accessed attractive acreage in Brazil and the Gulf of Mexico, secured acreage for further developing our renewable business in Poland and taken over the operatorship for Martin Linge. This week, the world's largest spar platform, arrived at the Aasta Hansteen field in the Norwegian Sea. In addition, Johan Sverdrup and our project portfolio are progressing according to plan and we have delivered the development plan for the Askeladd project for approval," says Sætre.

"Reflecting our always safe, high value, low carbon strategy and our development as a broad energy company, the board of directors has proposed to the Annual General Meeting in May to change the name of the company to Equinor" says Sætre.

Adjusted earnings [5] were USD 4.4 billion in the first quarter, up from USD 3.3 billion in the same period in 2017. Adjusted earnings after tax [5] were USD 1.5 billion in the first quarter, up from USD 1.1 billion in the same period last year. Higher prices for both oil and gas, coupled with high production, contributed to the increase. The USD/NOK exchange rate development, increased transportation costs, and increased royalty expenses from higher prices, contributed to a cost increase. A change in depreciation basis for one of the fields on the Norwegian continental shelf increased adjusted depreciation expenses by more than USD 100 million. Excluding the effect of new fields coming on stream, underlying operating costs and administrative expenses per barrel are stable from the same quarter last year.

IFRS net operating income was USD 5.0 billion in the first quarter compared to USD 4.3 billion in the same period of 2017. The increase was partially offset by reduced value of derivatives. IFRS net income was USD 1.3 billion, up from USD 1.1 billion in the first quarter of 2017.

Statoil delivered equity production of 2,180 mboe per day in the first quarter, an increase from 2,146 mboe per day in the same period in 2017. The increase was primarily due to higher production in the US. The underlying production growth [7] was more than 2% compared to the first quarter of 2017.

As of first quarter 2018, Statoil had completed seven exploration wells with two commercial discoveries. Adjusted exploration expenses [5] in the quarter were USD 238 million, up from USD 202 million in the same quarter of 2017, mainly due to higher drilling activity.

Cash flows provided by operating activities before taxes paid and changes in working capital amounted to USD 7.1 billion for the first quarter of 2018 compared to USD 5.9 billion same period 2017. Organic capital expenditure [5] was USD 2.1 billion for the first three months of 2018. End of quarter, net debt to capital employed [5] was reduced from 29.0% to 25.1%, after value enhancing transactions.

The board of directors has decided on a dividend of USD 0.23 per share for the first quarter, on par with the boards proposal for increased dividend for the fourth quarter of 2017.

The twelve-month average Serious Incident Frequency (SIF) was 0.5 for the twelve months ended 31 March 2018, compared to 0.8 in the same period a year ago.

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Earlier:

 STATOIL CONTRACTS: NOK 12 BLN
2018, April, 4, 09:05:00

STATOIL CONTRACTS: NOK 12 BLN

STATOIL - Statoil has awarded drilling contracts to Archer, KCA Deutag and Odfjell Drilling for drilling, completion, intervention services, plugging, maintenance and modifications on 18 of Statoil’s fixed platforms.

 NORWAY'S OIL PROBLEMS
2018, January, 3, 15:35:00

NORWAY'S OIL PROBLEMS

BLOOMBERG - Norway’s oil production has been halved since a 2000 peak. While natural-gas output has surged, total production is forecast to fall again in the middle of the next decade. A flurry of investment decisions at the end of last year hides a painful truth: after Statoil’s $6 billion Johan Castberg oil field starts production in the Barents in 2022, the project pipeline is scant.

 BP, SHELL, STATOIL COOPERATION
2017, November, 7, 12:10:00

BP, SHELL, STATOIL COOPERATION

Energy majors BP, Shell and Statoil are to co-develop a blockchain-based digital platform for energy trading.

 

 STATOIL'S RENEWABLE INVESTMENT
2017, October, 6, 12:40:00

STATOIL'S RENEWABLE INVESTMENT

"Brazil is a core area for Statoil where our ambition is to deliver safe and sustainable growth in a significant energy market. Entering into solar in Brazil adds to the positions we have already in the producing Peregrino oil field and in the offshore licenses BM-S-8 and BM-C-33 which include the yet to be developed discoveries Carcará and Pão de Açúcar respectively. We are excited to have entered our first solar project with an experienced partner like Scatec Solar," says Irene Rummelhoff, Executive Vice President of New Energy Solutions in Statoil.

 STATOIL NET INCOME $1.4 BLN
2017, July, 28, 09:40:00

STATOIL NET INCOME $1.4 BLN

“Our solid financial results and strong cash flow are driven by good operational performance with high production efficiency and continued cost improvements. At oil prices around 50 dollars per barrel, we have generated 4 billion dollars in free cash flow, and reduced our net debt ratio by 8.1 percentage points since the start of the year. We expect to deliver around 5% production growth this year, and at the same time realise an additional one billion dollars in efficiencies,” says Eldar Sætre, President and CEO of Statoil ASA.

 STATOIL EARNINGS $3.3 BLN
2017, May, 6, 16:50:00

STATOIL EARNINGS $3.3 BLN

Statoil reports adjusted earnings of USD 3.3 billion and an IFRS net operating income of USD 4.3 billion in the first quarter of 2017. The IFRS net income was USD 1.1 billion.

 STATOIL SEES $60
2016, December, 7, 18:35:00

STATOIL SEES $60

The balance between demand and supply in the oil market will shift earlier than previously expected due to OPEC's output cuts, with prices heading towards $60 a barrel next year, Statoil's chief executive said on Tuesday. Brent crude futures LCOc1 hit $55 a barrel on Monday, the highest level since July 2015, after OPEC agreed on Dec. 1 to curb production by 1.2 million barrels per day (bpd) from January.

 

 

Tags: STATOIL

Chronicle:

STATOIL NET INCOME $1.3 BLN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

STATOIL NET INCOME $1.3 BLN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

STATOIL NET INCOME $1.3 BLN
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

STATOIL NET INCOME $1.3 BLN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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