Statoil reported Q1-2014 net profit of NOK 15.8 billion (US$2.6 billion), up 32% YoY. The profit growth was mainly due to higher prices and 'good results from US gas value chain'.
Q1-2014 financial highlights
· Revenue and other income of NOK 169.6 billion, up 6% YoY
· Operating expenses of NOK 20.8 billion, up 11% YoY in part due to higher activity because of start-up and ramp-up on various fields
· Depreciation, amortization and net impairment losses of NOK 16.2 billion, up 10% YoY
· Expex of NOK 4.7 billion, down 7% YoY, mainly due to lower seismic and other expenditures, and reduced onshore drilling activity
Q1-2014 operational highlights
· Total production of 1.98 MMBOE/d (56% liquids), down 1% YoY; primarily due to divestments and redeterminations, expected natural decline on mature fields and lower gas off-take from the NCS
· Total liquids production of 1.1 MMBOE/d, up 2% YoY
· Gas production of 864 MBOE/d, down 4% YoY
· Norwegian production of 1.24 MMBOE/d, down 4% YoY
· International production of 734 MBOE/d, up 4% YoY
· Targeting completion of around 50 wells in 2014
· Total exploration activity at around USD 3.5 billion, excluding signature bonuses
· Scheduled maintenance activity planned to have a negative impact on Q2-2014 production of approximately 110 MBOE/d, primarily planned on the NCS.
· In total, the maintenance is estimated to have a negative impact on equity production of around 55 MBOE/d for 2014; majority is liquids
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