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Consistent deliveries 

November 4, 2009, 07:59 CET

The quarterly result was mainly affected by a 31% drop in oil prices and a 32% decrease in the average price of natural gas.

Adjusted earnings in the third quarter 2009 were NOK 31.2 billion.



Net income in the third quarter of 2009 was NOK 6.6 billion and was mostly influenced by lower crude oil and gas prices and a gain on financial items.

Adjusted earnings after tax was NOK 9.3 billion in the third quarter of 2009. Adjusted earnings after tax excludes the effect of tax on net financial items, and represents an effective adjusted tax rate of 70% in the third quarter of 2009.

"Statoil delivers solid financial and operational results and continues to maintain a high activity level both in Norway and internationally. We have increased our equity production to 1,87 million barrels of oil equivalents per day, up eight per cent from third quarter 2008. Our operations outside of Norway contributed with more than 500,000 barrels of oil equivalents per day," says Statoil's chief executive Helge Lund.

"Since the second quarter we have started operations on several new oil and gas fields such as Tyrihans in the Norwegian Sea, Tune South in the North Sea and Thunder Hawk in the Gulf of Mexico, and our exploration programme continues to yield good results."

"Although we see signs of improvement in the global economy, there is no firm evidence that industry investment, employment and private consumption have recovered in a sustainable way. This calls for cautiousness. Statoil is continuing to reduce cost, and we still have the flexibility to adjust our activity in response to a volatile business environment," says Lund.

Highlights since second quarter 2009:

  • Equity production is up 8% from third quarter 2008 to 1,874 mboe per day. For the first nine months of the year, equity production is 1,930 mboe per day
  • Entitlement production is up 10% from third quarter last year to 1,712 mboe per day
  • Average liquids prices measured in NOK are down 31%, gas prices down 32%, and refining margins down 59% from third quarter last year
  • Successful maintenance turnarounds on the Norwegian Continental Shelf (NCS)
  • New fields coming on stream were Tyrihans and Tune South on the NCS and Thunder Hawk in the Gulf of Mexico
  • Successful debt capital markets transaction issuing USD 900 million 2.90% Notes due in October 2014
  • Guiding for 2009 equity production, capital expenditure and exploration activity is unchanged

    *See end notes in the complete quarterly report

    Further information from:

    Investor relations
    Lars Troen Sørensen, Senior vice president, Investor relations, + 47 90 64 91 44 (mobile)
    Geir Bjørnstad, Vice president, US investor relations, + 1 203 978 6950

    Kai Nielsen, Public affairs manager, +44 2032043577 (mobile)
    Ola Morten Aanestad, Vice president, Media relations, +47 480 80 212 (mobil)