Statoil with positive Q3 results

Norwegian energy provider Statoil reports a third quarter 2012 net operating income of NOK 40.9 billion, a 4% increase compared to NOK 39.3 billion in the third quarter of 2011.

"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. This is in line with our plans. Our operational performance is solid and we progressed an extensive maintenance programme according to plan. We are on track, and maintain our guidance for 2012," says Helge Lund, Statoil's president and CEO.

Adjusted earnings were NOK 40 billion, 7% lower than in the same period of 2011. Adjusted earnings after tax were NOK 11.9 billion, compared to NOK 11.4 billion in the third quarter of 2011.

The company increased gas sales while realising higher prices. However, higher exploration costs and lower liquids volumes in accordance with expectations, more than offset the increase.

Statoil says it has further strengthened its financial position, and the company now holds NOK 85 billion in liquid assets. Portfolio management has contributed NOK 29 billion in proceeds from sale of assets and business this year.

"This week's agreement with Wintershall gives a more focused portfolio, consolidates our position as the largest player on the Utsira High, enhances Statoil's financial flexibility and demonstrates the value of our NCS assets," says Lund.

After the divestments of NCS assets, Statoil expects 2013 production to be lower than in 2012. However, the company says is on track for an average growth of 2 to 3%from 2012 to 2016 and equity production above 2.5 million barrels per day of oil equivalent in 2020.

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