This Day On The Street
Continue to site
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: 2013 Third Quarter Results

STAVANGER, Norway, Oct. 30, 2013 (GLOBE NEWSWIRE) --
Statoil's (OSE:STL, NYSE:STO) third quarter 2013 net operating income was NOK
39.3 billion. Adjusted earnings were NOK 40.4 billion.

"Statoil delivered strong strategic progress in the third quarter. We added
high-value barrels through the Bay du Nord discovery offshore Canada, the
world's largest oil discovery this year. We also announced a major divestment to
capture value created through asset development and unlock capital for
investment in high return projects. Our operational performance is good and we
delivered solid earnings in the period," says Helge Lund, Statoil's president
and CEO.

Statoil's net operating income of NOK 39.3 billion in the third quarter was
positively impacted by gain from sale of assets. Refinery impairments and
commercial provisions impacted the financial result negatively. The adjusted
earnings were NOK 40.4 billion, which is in line with the same period last year.

The decrease in net income in the first nine months of 2013 is primarily
explained by expected, lower production and reduced prices. Non-recurring items,
related tax effects and higher gain from sale of assets last year, contributed
to the decrease.

"We are producing as planned, and maintain our production guidance for 2013. Our
activity level is high. We are progressing our projects according to plan, with
good cost control and capital discipline," says Lund.

Statoil increased equity production by 2% compared to the third quarter of
2012. Production grew by around 6%, taking into account the effects of
divestments and redetermination on the Norwegian continental shelf. The company
produced as expected in Norway, impacted by start-up and ramp-up, maintenance,
divestments and redetermination. Outside Norway, Statoil increased production by
13% to a record 728 mboe per day, mainly due to ramp-up in US onshore, Angola
and Brazil.

New discoveries added significant new resources in the third quarter. Statoil
announced a new high-impact discovery offshore Canada, marking the company's
third discovery in the Flemish Pass basin. Statoil now expects to complete
around 60 exploration wells in 2013 and an activity level of around USD 3.75
billion in exploration for the year as a whole.

Statoil continued delivering on its strategy of active portfolio management. In
September, the company announced a USD 2.65 billion divestment of assets on the
Norwegian and UK continental shelves. Through this transaction, Statoil expects
to realise significant gains, reduces future investment exposure by around USD
7 billion and demonstrates the underlying value of the company's portfolio.

Cash flows from underlying operations remain strong, and Statoil has
strengthened its financial position in the period. The company reduced its net
debt to capital employed from 21% in the second quarter to 17% at the end of the
third quarter.

The quarter in brief

Statoil's net operating income was NOK 39.3 billion compared to NOK 40.9 billion
in the third quarter of 2012.

Adjusted earnings were NOK 40.4 billion, compared to NOK 40.0 billion in the
third quarter of 2012.

Adjusted earnings after tax were NOK 12.1 billion, compared to NOK 11.9 billion
in the third quarter of 2012.

Net income was NOK 13.7 billion compared to NOK 14.5 billion in the third
quarter of 2012.

Key events since second quarter 2013:

  * Continued active portfolio management, demonstrated by the USD 2.65 billion
    transaction with OMV to capture value and focus portfolios on the Norwegian
    and UK continental shelves, and the completion of the previously announced
    USD 1.45 billion Wintershall transaction on the Norwegian continental shelf.
  * Continued strong exploration results, through a high impact oil discovery in
    the Flemish Pass basin offshore Canada and several new discoveries on the
    Norwegian continental shelf. Statoil is a partner in the OMV-operated
    Wisting Central oil discovery in the Hoop area. Statoil also announced an
    oil discovery near Norne and a gas/condensate discovery north of Åsgard in
    the period.
  * Further strengthening the financial flexibility through the execution of
    debt capital market transactions of USD 3.4 billion on competitive terms.
  * The investigation report on the In Amenas terrorist attack was published on
    12 September. Statoil will ensure that the recommendations are integrated
    and prioritised as part of the initiated improvement programme in the
    security area.
  * Impairment losses related to the Mongstad and Kalundborg refineries of NOK
    4.2 billion due to lower margins and challenging outlook.
  * The Norwegian government announced in September that the full-scale carbon
    capture project at Mongstad (CCM) will be terminated. Statoil is now
    commencing work in order to ensure a smooth project conclusion.

Further information from:

Investor relations
Hilde Merete Nafstad, senior vice president investor relations,
+ 47 957 83 911(mobile)

Morten Sven Johannessen, vice president investor relations USA,
+ 1 203 570 2524 (mobile)

Jannik Lindbæk jr, vice president for media relations,
+ 47 977 55 622 (mobile)

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Press release Results 3rd quarter 2013:
Financial statements and review 3rd quarter 2013:
Presentation 3rd quarter 2013 Torgrim Reitan CFO:


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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $117.65 -0.35%
GOOG $701.08 0.77%
TSLA $213.30 -4.20%
YHOO $36.97 2.70%
AAPL $92.92 -0.75%


Chart of I:DJI
DOW 17,626.85 -24.41 -0.14%
S&P 500 2,051.41 +0.29 0.01%
NASDAQ 4,725.6260 -0.0130 -0.00%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs