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Statoil: 2014 First Quarter Results

Stocks in this article: STLSTO

Statoil delivered a production of 1,978 mboe per day in the first quarter, down 1% compared to first quarter in 2013. Continued strong project development and execution enabled concept selection for the Johan Sverdrup field and brought the Gudrun field on stream. Johan Sverdrup will be Statoil's largest field development since the 1980s. The field centre will be developed in multiple phases, with a field capacity in the first phase of 315,000 barrels of oil equivalent per day. The Gudrun project was delivered below cost and on time, utilising the global supplier market.

The continued progress in the Serious incident frequency per million man hours (SIF) was overshadowed by a fatality. A contractor was fatally injured while working on clearing the path for a future pipeline in the US.

The SIF in the quarter was 0.6, compared to 0.7 in the same period last year.

Key events since fourth quarter 2013:

  • Production started from the Gudrun project and the fast-track projects Svalin and Vilje Sør on the Norwegian continental shelf (NCS).
  • The concept selection for the Johan Sverdrup phase 1 project on the NCS was approved by the pre-unit owners.
  • Gas and oil was discovered in the Valemon Nord, Askja East and West, F-West and Sao Bernardo wells.
  • Statoil was awarded a deep-water exploration block together with ConocoPhillips in the Myanmar waters of Bay of Bengal.
  • Statoil's acquisition of 25% equity in the BM-ES-22A concession in the Espírito Santo basin offshore Brazil was approved.
  • Statoil was awarded interests in ten production licenses in the Awards in Predefined Areas 2013 on the NCS.
  • Statoil has signed an agreement to divest a 15% interest in the Statoil-operated block 39 offshore Angola in the Kwanza pre-salt basin. Statoil retains an interest of 40%.
  • The agreement to divest 3.33% of Statoils 25.5% holdings in the Shah Deniz gas field in Azerbaijan and the South Caucasus Pipeline was closed. The agreement to divest further 6.67% is expected to close in the second quarter of 2014.

Further information from:

Investor relationsHilde 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)

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