Statoil’s Financial Results Impacted by Lower Gas Prices, CEO Says

Statoil, an international energy company with operations in 35 countries, has announced second quarter 2013 results.

Statoil’s net operating income for the second quarter was NOK 34.3 billion compared to NOK 62.0 billion in the second quarter of 2012. Adjusted earnings were NOK 38.0 billion, compared to NOK 45.8 billion in the second quarter of 2012. Adjusted earnings after tax were NOK 11.3 billion, compared to NOK 11.5 billion in the second quarter of 2012. Net income was NOK 4.3 billion compared to NOK 26.6 billion in the second quarter of 2012.

“Statoil delivered an operationally solid quarter. We produced as planned, delivering record production from our portfolio outside Norway. We are on track and maintain our guidance for 2013,” says Helge Lund, Statoil’s president and CEO.

“Our financial results were impacted by lower prices for liquids and gas and weak trading results. However, we have maintained good cost control and delivered strong earnings, particularly from our international portfolio,” says Lund.

In the quarter, Statoil ramped up several fields. The company continues to have a high activity level in projects on the Norwegian continental shelf, with major field developments ongoing such as Gudrun, Åsgard subsea compression and Valemon.

“The activity level on new field developments is high. We are executing our projects according to plan,” says Lund.

Statoil continued its exploration progress with five discoveries in the quarter. The company has accessed attractive exploration acreage in Norway, Russia, Azerbaijan, Tanzania and Australia, further strengthening its position for profitable long-term growth.