Statoil’s Financial Results Weaker than Forecasts

Statoil's financial results in the first half of the year were lower than forecasts, with a net operating income of NOK 34.3 billion compared to NOK 62.0 billion in the second quarter of 2012.  

Net income was NOK 4.3 billion compared to NOK 26.6 billion in the second quarter of 2012.

“Our financial results were impacted by lower prices for liquids and gas and weak trading results. However, we have maintained good cost control and delivered strong earnings, particularly from our international portfolio,” said Helge Lund, Statoilìs president and CEO, adding that the company will maintain their guidance for 2013. 

According to Lund, the activity level on new field developments is high.

“We are executing our projects according to plan,” said Lund.

Statoil, of which Norway’s state owns 67%, owns 42.5% of the Trans Adriatic Pipeline, the joint venture company created to plan, develop and build the TAP pipeline. In June 2013, the project was chosen as the route for gas from Shah Deniz II to Europe. The alternative project was the Nabucco West.

Statoil reported a significant drop also in its first-quarter results for 2013, partly attributable to January's terrorist attack in Algeria. This included a 29% fall in profits.