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NaveenS
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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions (http://www.1derrick.com/ma-database). Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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  • Statoil Q1-2014 Profit Jumps 32% On US Gas Prices 0 comments
    Apr 29, 2014 5:58 AM | about stocks: STO

    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

    2014 outlook

    · 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

    In Feb-2014, Statoil reported 2013 net profit of US$6.3 billion, down 44% YoY.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: 1Derrick Stocks: STO
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