STAVANGER, NORWAY--(Marketwire - Jul 26, 2012) - Statoil's (OSLO: STL) (NYSE: STO) second
quarter 2012 net operating income was NOK 62.0 billion, a 2% increase
compared to NOK 61.0 billion in the second quarter of 2011.
"Statoil continues to deliver good financial results and strong cash
We increased oil and gas production by 17% in the second quarter compared
same period last year. Production in the second quarter was as expected and
maintain our production guidance for 2012," says Helge Lund, Statoil's
Statoil's adjusted earnings  of NOK 45.8 billion in the second quarter
5% higher than the same period in 2011, mainly a result of higher gas
increased volumes of oil and gas sold.
"We increased our gas production by 33% and we also grew liquids production
8% consistent with our growth ambitions through start-ups, ramping up
and lower maintenance effects," says Lund.
On the Norwegian continental shelf (NCS), Statoil delivered positive
performance primarily through higher gas sales, achieving an 11% total
production increase. There was limited maintenance on the NCS in the second
quarter and a higher maintenance level is expected in the third quarter.
Statoil increased international production by 32%, including more than
the production in North America compared to the second quarter last year.
Statoil has announced two high-impact discoveries offshore Tanzania and
since the previous quarter, continuing the exploration success from 2011
first quarter of 2012. Over the past 15 months a total of eight high-impact
discoveries have significantly added to Statoil's resource base.
"Since the previous quarter, Statoil has made additional strategic
including further implementing the co-operation agreement with Rosneft,
successfully completing the divestments of Statoil Fuel & Retail ASA to
Alimentation Couche-Tard and NCS assets to Centrica, and sanctioning two
projects on the NCS. We continue to leverage our competitive strengths
delivering on the production ambition of above 2.5 mmboe per day for 2020,"
Due to higher activity level and higher share of capitalised exploration,
Statoil expects to invest around USD 18 billion in capital expenditures in
Statoil now expects to complete around 45 wells with a total activity level
around USD 3.5 billion, excluding signature bonuses.
The serious incident frequency (SIF) improved to 0.8 in the second quarter
2012, coming down from 1.0 in the second quarter of 2011.
Equity production was 1,980 mboe per day in the second quarter, up 17% from
1,692 mboe per day in the same period in 2011.
Adjusted earnings  were NOK 45.8 billion in the second quarter, up 5%
NOK 43.7 billion in the second quarter last year.
Adjusted earnings after tax  were NOK 11.5 billion, compared to NOK 12.9
billion in the second quarter of 2011.
Net income was NOK 26.6 billion in the second quarter, down 2% from NOK
billion in the same period in 2011.
Key events since first quarter:
* Continuing international growth - production increase from ramp-ups of
several fields internationally.
* Important industrial developments continued on the NCS - sanctioning
Svalin fast-track and Gullfaks subsea compression projects, installing
Valemon steel jacket in the North Sea and taking the first construction
steps for the Aasta Hansteen field in Northern Norway.
* Portfolio management to enhance value creation - closed the divestments
Statoil Fuel & Retail ASA to Couche-Tard and NCS assets to Centrica.
* Strong exploration performance - two high-impact discoveries: The gas
condensate discovery King Lear in the North Sea is an important
to revitalising the NCS with high-value barrels, while the Lavani gas
discovery offshore Tanzania supports Statoil's ambition for
growth. High exploration activity with drilling in 22 wells, six
and six awaiting final evaluation. Nine wells ongoing at the end of the
second quarter 2012.
* Early access at scale in new and promising basins - awarded 26 leases
first lease sale in the Central Gulf of Mexico since March of 2010.
agreements with Rosneft on joint bidding for exploration licenses in
Norwegian Barents Sea and on joint technical evaluation covering two
onshore assets. Farmed into shale opportunities in Australia.
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
Financial statements and review 2nd quarter 2012:
Press release Results 2nd quarter 2012:
Presentation 2nd quarter 2012 Torgrim Reitan CFO:
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Source: Statoil via Thomson Reuters ONE