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Statoil: 2013 Fourth Quarter Results

Stocks in this article: STLSTO

STAVANGER, Norway, Feb. 7, 2014 (GLOBE NEWSWIRE) -- Statoil's (OSE:STL, NYSE:STO) fourth quarter and preliminary 2013 results and capital markets update

Statoil's fourth quarter 2013 net operating income was NOK 43.9 billion. In 2013, net operating income was NOK 155.5 billion. At today's Capital Markets Update, Statoil presents its plan for reduced capital expenditure by more than USD 5 billion from 2014-16 compared to previous plans. This will enable positive organic free cash flow after dividend from 2016. Statoil expects to deliver around 3 % average rebased organic production growth from 2013-16.

Adjusted earnings for the fourth quarter of 2013 were NOK 42.3 billion, compared to NOK 48.3 billion in the fourth quarter of 2012. The international result in the quarter was impacted by a higher gas share, lower realised prices and high depreciation cost in the US onshore business.

For the full year, adjusted earnings were NOK 163.1 billion in 2013 compared to NOK 193.2 billion in 2012. The result is impacted by divestments and redetermination. Net income in the fourth quarter of 2013 was NOK 14.8 billion, which is an increase of 14% compared to NOK 13.0 billion in the same period in 2012.

Statoil delivered equity production of 1,940 mboe per day in 2013, compared to 2,004 mboe per day in 2012. The decrease is mainly a result of divestments and redetermination. Statoil increased its annual equity production outside Norway to a record high 723 mboe in 2013, driven by start-up and ramp-up of new fields.

"Our operational performance was good, with safety improvements, production as expected and strong project execution. We delivered leading exploration results and strengthened our resource base," says Helge Lund, Statoil's president and CEO.

Statoil delivered the best oil and gas exploration results in the industry in 2013, measured by conventional discovered volume, and made the world's largest conventional oil discovery by volume last year through the Bay du Nord discovery offshore Canada. The company added 1.25 billion barrels of oil equivalent from exploration in 2013. During 2013 Statoil completed 59 exploration wells, 26 of which were discoveries.

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