Norwegian oil and gas company Statoil ASA (STO) said Friday it maintained its production guidance for 2012 but expected lower production in 2013, as it posted a higher-than-forecast net profit in the third quarter, compared with a year earlier.
Norwegian oil and gas company Statoil ASA (STO) said Friday it
maintained its production guidance for 2012 but expected lower production in
2013, as it posted a higher-than-forecast net profit in the third quarter,
compared with a year earlier.
"Statoil delivered solid financial results in the quarter. By ramping up
new fields, we have grown production year to date by 10%, compared to the same
period last year, and 8% compared to the 2011 average," said Statoil chief
executive Helge Lund in a statement. "We are on track, and maintain our
guidance for 2012."
The company's third-quarter net profit attributable to shareholders was 14.4
billion Norwegian kroner ($2.5 billion), up 38.2% on the year and higher than
the consensus forecast of NOK12 billion.
Statoil said it expected 2013 production to be lower than in 2012, but that it
was still on track for an average growth of 2% to 3% from 2012 to 2016 and
production above 2.5 million barrels a day of oil equivalent in 2020.
Statoil's recent license-swap deal with Wintershall AG (WSL.YY) on the
Norwegian continental shelf will lead to lower production, and the growth in
Statoil's
U.S.
onshore gas production is expected to be adjusted down by 25,000 barrels
equivalent a day due to lower gas prices, the company said.
The company's closely-watched adjusted earnings before interest and taxes were
NOK40.0 billion in the quarter, down from NOK43.1 billion a year ago and
missing analysts' forecast of adjusted EBIT of NOK42.53 billion.
Statoil's oil and gas production rose 3% on the year to 1.811 million barrels
of oil equivalent a day on average from July to September, from 1.764 million
barrels a day in the same period of 2011. The increase was mainly due to
increased gas sales from the Norwegian continental shelf, the ramp-up of
production on several fields, and higher production from the Gullfaks field. This
was somewhat countered by higher maintenance activity and the natural decline
on mature fields.
Statoil expects capital expenditures of $18 billion in 2012, the same as
previously estimated. The company expects to spend $3.5 billion on exploration
activity and to drill around 45 exploration wells in 2012.
It maintained its previous guidance for production to have an annual average
growth rate of 3% from 2010, which equals about 2 million barrels per day in
2012.
Statoil posted third-quarter revenues of NOK165.3 billion, compared to the
consensus forecast of NOK156.37 billion.
Statoil shares closed Thursday at NOK142.60, valuing the company at NOK454.7
billion, down 5.7% from six months ago.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01