Denmark: Maersk Oil Makes Profit of USD 512 Million in 1Q 2011

Maersk Oil ,a Danish oil and gas company owned by the A. P. Moller-Maersk Group,made a profit of USD 512m (USD 450m in 2010) and a ROIC of 44.1% (35.2%), positively affected by a 38% higher average oil price at USD 105 per barrel, partly offset by tax rate increase in the UK.

The Group’s share of oil and gas production declined by 13% to 30 million barrels, primarily due to higher oil prices as well as reduced investments and costs in Qatar. Exploration costs of USD 141m were at the same level as last year.

“We have had a good start to the year and are very satisfied with the results. Our businesses have performed very well, even as tanker rates have remained low and container rates have been decreasing during the period. In the past six months we have made significant investments in ships, terminals, drilling rigs and oil fields. These reflect our continued strong confidence in the long term future of our markets and not least our ability to continue to compete successfully,” says  A. P. Moller-MaerskGroup CEO Nils S. Andersen.

For the full year 2011 Maersk Oil expects a result below the 2010 result, based on a higher level of exploration activities, a share of oil and gas production of around 120 million barrels which is 13% below 2010, and an oil price of USD 100 per barrel.

[mappress]

May 11, 2011; Image:Maersk