This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Statoil Management Discusses Q1 2012 Results - Earnings Call Transcript

Today’s program will start out with Statoil’s CFO, Torgrim Reitan, going through the earnings and the outlook for the company. As usual, the presentation will be followed by a Q&A session. Please note that questions can be posted by means of telephone only not directly from the web. The dial-in numbers for posing questions can be found on the website.

It is now my privilege to introduce Chief Financial Officer, Torgrim Reitan.

Torgrim Reitan

Thank you, Hilde, and good afternoon to all of you here in Oslo; and good morning and good afternoon to all of you on the webcast following us there.

So, it is a pleasure to present our results for the first quarter today. This is our best adjusted earnings ever, 11% production growth but that is as expected. We are continuing our exploration success and we keep on streamlining our portfolio for the longer term, so a strong quarter.

But before I get started on production and financials, I want to start with a strategic progress. We made three new high-impact discoveries this quarter, Norway, Tanzania, and Brazil. Two out of these three are operated by Statoil and this means six high-impact wells over the last 12 months, so we will keep on drilling for more and I’ll get back to this later today.

This weekend, we signed a strategic operational agreement with Rosneft. This is an important milestone in our Arctic exploration program. Also this, we will come back to later and we have the pleasure to have with us Tim Dodson, our Head of Exploration. So he will be available in the Q&A session and I’m sure he looks very much forward to tell you all about this.

We continued to streamline our portfolio towards being a technology focused upstream E&P company. And in April, we accepted a cash offer for our shares in Statoil Fuel & Retail. Couche – Tard is a strong industrial buyer. They are offering an attractive price, a premium of 53%. So SFR will continue their strategic development under long term industrial ownership. And for us, it frees up capital, so we can put our money where our strategy is. The offer period will last until the 21st of May and we expect to close the deal in the second quarter.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs