Statoil Announces First Quarter 2013 Results

Statoils first quarter 2013 net operating income was NOK 38.0 billion. Adjusted earnings were NOK 42.4 billion.

“We deliver financial results impacted by lower production and reduced prices. We continue to deliver good industrial progress according to plan. As previously announced, production in 2013 will be lower than in 2012. We are on track to deliver 2 to 3% average annual production growth from 2012 to 2016 and production above 2.5 million barrels of oil equivalent per day in 2020,” says Helge Lund, Statoil’s president and CEO.

In addition to the expected lower production in the quarter, production was impacted by operational disruptions at Snøhvit, Troll and Peregrino. Statoil’s net operating income was also impacted by a provision related to the Cove Point terminal in the US. Adjusted earnings [5] were down 28% compared to the first quarter 2012. The underlying cost development in the period is stable.

Statoil’s cash flows provided by operating activities decreased by 19% compared to the first quarter of 2012, explained by the lower production and reduced prices.

“Statoil delivered record international production, with an increase of 6% mainly due to start-up and ramp-up of fields. We started production from new NCS fields, including four fast-track projects, and continued our exploration success by making a new high impact discovery in Tanzania,” says Lund.

Statoil completed 12 exploration wells in the first quarter, six on the NCS and six internationally, with seven discoveries: four on the NCS, two in Tanzania and one in the Gulf of Mexico. This gives a 58% success rate in the period.

On 19 April, Statoil also announced considerable additional resources in the Gullfaks licence in the North Sea, providing new volumes that can give highvalue production in the short term as well as new and promising perspectives for the field and the installations.

“We continue to efficiently execute on our highly competitive project portfolio, while maintaining a firm financial framework, a predictable dividend to our shareholders and a solid balance sheet,” says Lund.

[mappress]

Press Release, May 2, 2013