Norwegian energy firm Statoil ASA (STO) reported that its IFRS net income for the second quarter declined to 10.1 billion Norwegian Kroner, from 12.0 billion Kroner in the same period in 2014. The gain from the divestment of the Shah Deniz project and the South Caucasus Pipeline was 12.3 billion Kroner, impacting the IFRS results. Earnings per share were 3.15 Kroner, down from 3.75 Kroner last year.
Adjusted earnings for the quarter dropped to 22.4 billion Kroner from 32.3 billion Kroner in the same period in 2014. The reduction was primarily a consequence of lower oil prices in the second quarter of 2015 compared to the same period last year. Realised average liquids prices in the quarter were down 28% measured in NOK compared to the second quarter last year. Adjusted earnings after tax were 7.2 billion Kroner, compared to 9.9 billion Kroner in the same period last year.
Despite divestments, Statoil delivered production of 1,873 mboe per day in the second quarter, up 4% compared to the same period in 2014.
Organic capital expenditure was $7.8 billion in the first half, and the guidance has been revised downwards to $17.5 billion for 2015 due to effects of the on-going efficiency program and the USD/NOK exchange rate.
The board of directors has decided to pay dividend of US$0.2201 per ordinary share equivalent to 1.80 Kroner for the second quarter and the Statoil share will trade ex-dividend on Oslo Børs 13 November 2015.
For comments and feedback contact: editorial@rttnews.com
Business News