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Statoil's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Today’s program will start out with Statoil’s Chief Executive Officer, Helge Lund, providing a strategy update. Thereafter, Statoil CEO, Torgrim Reitan, will go through the earnings and the outlook for the company. The presentation will be followed by a joint Q&A session. Please note that the questions can be posted by means of telephone only but not directly from the web. The dial-in numbers for posting questions can be found on the website. The operator of the conference call will explain the procedure for posting questions over the phone. The event will close around 3 p.m., Norwegian time.

It is now my privilege to introduce our President and CEO, Helge Lund.

Helge Lund

Thank you, Hilde, and there, ladies and gentlemen, welcome to our strategy update for 2012. It’s always stimulating and challenging to meet our investors and the analysts, both to present our results but also to show you how we are executing on the strategy. And I think more importantly for you that we make ourselves available to be challenged on simple and more challenging issues. I think what you expect is bare facts, clear strategic direction and also few surprises, and that is exactly what we will try to provide throughout the presentations today.

Last year when we met with most of you and many other investors and analysts in New York, we presented our new strategic framework. We emphasized at that time the priority of safe and efficient operations, on the strong project portfolio and the quality of the investment program, the good and growing cash flow including a solid balance sheet and finally, that we have a strong commitment to deliver also dividend according to the policy that we have formulated and communicated to ourselves earlier. These are the topics that we will address in depth today, but before we do that, I will reflect very, very briefly on the 2011 numbers as Torgrim will go through those in much more detail later.

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