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Q1 2011 EARNINGS CALL – Statoil

Statoil · May 4, 2011 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2011 EARNINGS CALL – Statoil – slide 1
    1st quarter 2011 Torgrim Reitan, CFO Oslo, 4 May 2011
  2. Q1 2011 EARNINGS CALL – Statoil – slide 2
    Strong industrial progress Strong financial results and strong balance sheet Successful exploration New production capacity on stream Demonstrating value creation through field development and transactions 2
  3. Q1 2011 EARNINGS CALL – Statoil – slide 3
    Production Equity production mboe/d 2102 1971 1957 1945 Production as expected - 6% below 1Q 2010 1552 Gullfaks impact 847 885 809 533 839 Lower gas off-take Gradual ramp-up of new production 1124 1217 1147 1019 1105…
  4. Q1 2011 EARNINGS CALL – Statoil – slide 4
    Solid earnings 1Q 2011 (NOK bn) 16.1 50.7 (3.4) 47.3 (35.4) 11.9 Oil price up 33% (NOK) Gas price up 20% (NOK) Oil and gas lifting down 12% Net Reported Adjustments Adjusted Tax on Adjusted Income NOI earnings adjusted…
  5. Q1 2011 EARNINGS CALL – Statoil – slide 5
    Adjusted earnings by Business Area NOK bn. 1Q 2011 1Q 2010 Adjusted earnings Adjusted earnings Business area pre tax after tax pre tax after tax D&P Norway 39.4 9.7 29.1 7.5 D&P International 5.2 1.4 4.5 2.6 Marketing,…
  6. Q1 2011 EARNINGS CALL – Statoil – slide 6
    Taxes Tax on Composition of tax expense and Adjusted adjusted effective tax rate earnings earnings Tax rate D&P Norway 39.4 (29.7) 75 % D&P International 5.2 (3.8) 72 % Marketing, Processing & Renewable energy 2.7 (2.0) 76 %…
  7. Q1 2011 EARNINGS CALL – Statoil – slide 7
    Strong cash flow from underlying operations Cash flow from underlying operations Taxes paid 571 (16) Cash flows investing activities Strong cash generation (Net) (9) Solid financial position Investments according to plan…
  8. Q1 2011 EARNINGS CALL – Statoil – slide 8
    Forward looking and guiding Forward looking Total maintenance effect in 2Q at approximately 100 mboed, 70% liquids Total maintenance effect for the year estimated at approximately 50 mboed, mostly liquids Guiding 2011 Organic…
  9. Q1 2011 EARNINGS CALL – Statoil – slide 9
    Thank you 9
  10. Q1 2011 EARNINGS CALL – Statoil – slide 10
    Supplementary information Items impacting net operating income 1Q 11 Indicative PSA effect 21 Tax rate reconciliation 1Q 12 Reconciliation of adjusted earnings to net operating income 22 Net financial items 13 Forward looking…
  11. Q1 2011 EARNINGS CALL – Statoil – slide 11
    Items impacting net operating income 1Q (NOK billions) 1Q 2011 1Q 2010 Before tax After tax Before tax After tax Impairments (0.9) (0.9) 0.1 0.1 DPI 0,0 0.0 0.3 0.3 MPR (0.9) (0.9) (0.2) (0.2) Derivatives IAS 39 2.6 2.1 (0.3)…
  12. Q1 2011 EARNINGS CALL – Statoil – slide 12
    Tax rate reconciliation 1Q 2011 Composition of tax expense and effective tax rate Before tax Tax Tax rate Total adjusted earnings 47.3 (35.4) 75 % Adjustments (3.4) (1.7) 49 % Net Operating Income 50.7 (33.7) 66 % Financial…
  13. Q1 2011 EARNINGS CALL – Statoil – slide 13
    Net Financial Items 1Q 2011 Net foreign Interest and other exchange net finance gains/losses expenses Interest income 0.6 and other financial items NOK bn (2.5) 1.4 Net financial items 1Q 11 (0.5) 13
  14. Q1 2011 EARNINGS CALL – Statoil – slide 14
    Development in net debt to capital employed Net financial liabilities Net debt to capital employed* 73.8 68.0 25 % 25 % 55.2** 21 % 19%** 48.2 46.0 18 % NOK bn 43.8 17 % 12 % 25.5 2006 2007 2008 2009 2010 1Q…
  15. Q1 2011 EARNINGS CALL – Statoil – slide 15
    Long term debt portfolio Redemption profile 31.03.2011 15
  16. Q1 2011 EARNINGS CALL – Statoil – slide 16
    Adjusted earnings break-down - Marketing, processing and renewables 5.1 0.6 2.7 3.0 NOK bn 2.0 Other Crude oil processing, marketing and trading 1.6 1.3 Natural gas marketing and trading Natural gas processing and…
  17. Q1 2011 EARNINGS CALL – Statoil – slide 17
    Statoil production per field - DPN 1Q 2011 17
  18. Q1 2011 EARNINGS CALL – Statoil – slide 18
    Statoil equity production per field - DPNA & DPI 1Q 2011 18
  19. Q1 2011 EARNINGS CALL – Statoil – slide 19
    Exploration Statoil group Exploration Expenses First quarter Full year Exploration Expenses First quarter Full year (in NOK billion) 2011 2010 2010 (in NOK billion) 2011 2010 2010 Exploration Expenditure (Activity) 4.2 3.6 16.8…
  20. Q1 2011 EARNINGS CALL – Statoil – slide 20
    Margins and prices Refining margins Methanol contract price Reference Margin 7 EUR/ton 350 6 300 5 250 4 200 3 2 150 1 100 0 50 1Q10 Q2 10 Q3 10 Q4 10 Q1 11 J F M A M J J A S O N D * The reference margin…
  21. Q1 2011 EARNINGS CALL – Statoil – slide 21
    Indicative PSA effects Indicative PSA effect (mmboe/d) 70% of international equity 110 0.26 Assumed oil price 2011-12 production in 2012 subject to PSA PSA effect in 2011 expected to be 0.24 80 slightly lower than 2010…
  22. Q1 2011 EARNINGS CALL – Statoil – slide 22
    Reconciliation of adjusted earnings to net operating income 22
  23. Q1 2011 EARNINGS CALL – Statoil – slide 23
    Investor Relations in Statoil Investor relations Europe Hilde Merete Nafstad Senior vice president hnafstatoil.com +47 95 78 39 11 Anne Lene Gullen Brten IR officer angbrstatoil.com +47 99 54 53 40 Marianne Loe Borchgrevink IR…
  24. Q1 2011 EARNINGS CALL – Statoil – slide 24
    Statoil is an integrated technology-based international energy company primarily focused on upstream oil and gas operations Headquartered in Norway we have more than 30 years of experience from the Norwegian continental shelf,…

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