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Capital Markets Update – Statoil

Statoil · Feb 7, 2013 · 36 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. Capital Markets Update – Statoil – slide 1
    Capital Markets Update London, 7 February, 2013 London Stock Exchange
  2. Capital Markets Update – Statoil – slide 2
    4th quarter and full year 2012 Strategy update London, 7 February, 2013 Torgrim Reitan, CFO
  3. Capital Markets Update – Statoil – slide 3
    A decade of transformation The merger Norwegian International Globally competitive Scale NOC operatorships oil and gas company Integrated Active portfolio Focus management Technology focused oil & gas upstream company…
  4. Capital Markets Update – Statoil – slide 4
    Strong delivery across the business Earnings Strong earnings Financials Record cash flow generation Production 8% growth Reserves Organic RRR = 1.1 Resources 1.5 bn boe added from exploration Dividend Proposed increase to NOK 6.75 4
  5. Capital Markets Update – Statoil – slide 5
    Strong earnings Full year 2012 Fourth quarter 2012 NOK bn NOK bn 69.5 206.6 13.4 193.2 (138.1) 55.1 13.0 45.8 2.5 48.3 (33.2) 15.1 -11% -2% +7% +9% -49% -25% +5% +4% Net income Reported Adjustments Adjusted Tax on adj. Adjusted Net…
  6. Capital Markets Update – Statoil – slide 6
    Solid performance across all business areas NOK bn 4Q 2012 4Q 2011 2012 2011 Adjusted Adjusted Adjusted Adjusted earnings earnings earnings earnings Pre After Pre After Pre After Pre After Business area tax tax tax tax tax tax tax…
  7. Capital Markets Update – Statoil – slide 7
    8% production growth in 2012 Equity production 3% CAGR 2010 - 2012 mboe/d Start-up of six new fields 1850 1975 2193 1980 1811 2032 2004 Strong international growth High gas sales 732 826 984 822 753 910 867 1118 1149 1209…
  8. Capital Markets Update – Statoil – slide 8
    Strong cash flow from underlying operations 2012 NOK bn Cash flow from underlying operations Taxes paid 251* (120) Cash flow Cash flow from sale of to organic Acquisitions assets investments 30** (6)*** (108) Dividend…
  9. Capital Markets Update – Statoil – slide 9
    2012 strategic execution Operational stability Long term growth Six projects sanctioned, Influence and control adding 220 mboe/d of new Portfolio high-grading Continue capacity portfolio Revitalise NCS and financial flexibility…
  10. Capital Markets Update – Statoil – slide 10
    Robust and flexible growth USD bn USD bn Strong cash flow to fund capex 100 100 Firm dividend policy 80 Flexible capex program 80 New projects with attractive economics 60 60 Continued portfolio management 40 40 Net debt reduced…
  11. Capital Markets Update – Statoil – slide 11
    Re-investing into high quality growth USD bn USD bn 2013 : USD 19 bn organic capex 25 25 2013-2016: USD 21 bn organic capex 20 20 Producing portfolio 15 15 - 2012 : USD 10 bn in free cash flow before growth 10 10 - Company value…
  12. Capital Markets Update – Statoil – slide 12
    NCS tax system promotes efficient investments Efficient cash recovery of capex Features 40% of capex 2013 2016 on NCS 100% No asset ring-fencing 130% of NCS capex depreciated over 75% six years Implications 50% Tax payable reduced…
  13. Capital Markets Update – Statoil – slide 13
    On track for production growth Sanctioned Non-sanctioned START-UP 2011-2012 START-UP 2013-2016 START-UP 2017-2020 First growth wave Second growth wave Growth to accelerate towards 2020 underpinned by ramp-ups and start-ups 400…
  14. Capital Markets Update – Statoil – slide 14
    On track for 2.5 mmboe/d in 2020 mmboe/d 3.0 3-4% CAGR of 2-3% from 2012-16 CAGR CAGR of 3-4% from 2016-20 2.5 2.5 2-3% CAGR 2.0 Production 2013 estimated to be lower than 2012 due to: 1.5 - Divestments - US onshore gas 1.0…
  15. Capital Markets Update – Statoil – slide 15
    Growth characteristics Potential above 2.5 mmboe/d Increasing oil share Growing in all segments mmboe/d mmboe/d mmboe/d 3 3 3 2 Growth Growth 2 2 Gas Gas Gas INT INT INT 1 1 1 Producing Producing Producing Oil Oil Oil NCS NCS…
  16. Capital Markets Update – Statoil – slide 16
    Replacing reserves in 2012 bn boe Organic RRR 1.1 1.2 Total RRR 1.0 23 (0.7) 22 (1.2) RRR for oil 1.3 Replacing production and divestments Project sanctions Increased oil recovery More than 22 bn boe of discovered 0.7…
  17. Capital Markets Update – Statoil – slide 17
    1.5 bn boe added from exploration in 2012 2013-2015: planned areas with high impact wells Tanzania: three successes in one year Basin/area with high impact wells Lavani 20 high impact wells 2013-2015 7-9 Tcf discovered…
  18. Capital Markets Update – Statoil – slide 18
    Firm financial framework Net debt reduced from 27% to 12% Strong operating cash flow * Underpins future growth and robustness Funds profitable growth 30 % 30 Net debt ratio USD bn 20 % 20 27 % 25 % 24 10 % 21 % 10 23 23 20…
  19. Capital Markets Update – Statoil – slide 19
    Outlook 2013 - Organic capex USD 19 billion - Exploration activity USD 3.5 billion - 50 exploration wells, high appraisal activity - Lower production than 2012 Beyond 2013 - 20 high impact exploration wells 2013-2015 -…
  20. Capital Markets Update – Statoil – slide 20
  21. Capital Markets Update – Statoil – slide 21
    Items impacting net operating income Q4 4Q 2012 4Q 2011 (NOK billion) Before tax After tax Before tax After tax Impairments (Net of reversal) 0.3 0.2 (1.0) (1.0) DPI 0.0 0.0 (1.2) (1.1) MPR 0.3 0.2 0.2 0.1 Derivatives IAS 39 0.8 0.0…
  22. Capital Markets Update – Statoil – slide 22
    Items impacting net operating income YTD YTD 2012 YTD 2011 (NOK billion) Before tax After tax Before tax After tax Impairments (Net of reversal) 1.0 0.4 0.9 0.2 DPN 0.6 0.1 0.0 0.0 DPI 0.0 0.0 (2.5) (2.4) MPR 0.4 0.3 3.3 2.6…
  23. Capital Markets Update – Statoil – slide 23
    Tax rate reconciliation 4Q 2012 Tax on adjusted Composition of tax expense and effective tax rate Adjusted earnings earnings Tax rate D&P Norway 37.5 (28.3) 75% D&P International 5.8 (1.7) 29% Marketing, Processing & Renewable energy…
  24. Capital Markets Update – Statoil – slide 24
    Net Financial Items YTD 2012 Net foreign Interest and exchange other net finance Interest income gains/losses expenses and other financial items 0.8 Gains/losses derivative 1.8 financial Net financial items instruments YTD 12…
  25. Capital Markets Update – Statoil – slide 25
    Development in net debt to capital employed Net financial liabilities Net debt to capital employed* NOK bn 90.0 30 % 28 % 76.5 77.4 76.0 26 % 60.0 20 % 21 % 8.3** 43.5 10.3** 45.1 2%** 41.7 13 % 13 % 3%** 12 % 30.0 34.3…
  26. Capital Markets Update – Statoil – slide 26
    Long term debt portfolio Redemption profile 31.12.2012 12% * 10% 8% 6% 4% 2% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031…
  27. Capital Markets Update – Statoil – slide 27
    MPR Adjusted Earnings - Break-down 5.5 5.1 0.8 6.0 NOK bn 4.3 Other Crude oil processing, marketing and trading Natural gas processing, marketing and trading -0.5 4Q 2012 4Q 2011 9
  28. Capital Markets Update – Statoil – slide 28
    DPN 4Q 2012 Statoil production per field NCS 4Q 2012 *1 Statoil share in Heidrun 38.56% in January. 13.27% share for oil production in period February. New owner share from 01 June 13,11%. Make-up period start 01 july with…
  29. Capital Markets Update – Statoil – slide 29
    DPI equity production per field 4Q 2012 Development and Production International (DPI) Produced equity volumes - Statoil share 1000 boed Statoil share Liquids Gas Total ACG 8,56 % 51,9 51,9 Agbami 20,21 % 47,1 47,1 Alba 17,00 % 3,3 3,3…
  30. Capital Markets Update – Statoil – slide 30
    Statoil DPNA Equity Production by Field 4Q 2012 DPNA Produced equity volumes - Statoil share 1000 boed Statoil share Liquids Gas Total Marcellus* Varies 0.4 74.7 75.1 Bakken* Varies 43.4 3.3 46.7 Tahiti 25.00% 21.4 0.4 21.8 Eagle Ford*…
  31. Capital Markets Update – Statoil – slide 31
    Exploration Exploration Expenses Fourth quarter For the year ended Exploration 2012 YTD (in NOK billion) 2012 2011 2012 5.9 Exploration Expenditure (Activity) 4,9 5,5 20,9 2.7 0.2 Capitalized Exploration -0,6 -1,0 -5,9 Expensed from…
  32. Capital Markets Update – Statoil – slide 32
    MPR - Refining margin and methanol price Refining margins USD/bbl Methanol contract price EUR/ton 9.0 350 8.0 Reference Margin 7.0 6.0 300 5.0 4.0 3.0 250 2.0 1.0 0.0 200 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4…
  33. Capital Markets Update – Statoil – slide 33
    Indicative PSA effects Indicative PSA effect PSA effects in 2013 is expected to be mmboe/d somewhat lower than in 2012 for Assumed oil price 2013 comparable prices 110 Around 61% of the international equity production in 2013 is…
  34. Capital Markets Update – Statoil – slide 34
    Investing for profitable growth Capital expenditures outlook 2013-2016 2013: USD 19 bn organic capex 100 % Exploration IOR MPR and Other MPR and Other 2013-2016: USD 21 bn organic capex Modification 80 % Rest Wells Gas 40% at…
  35. Capital Markets Update – Statoil – slide 35
    Reconciliation of adjusted earnings to net operating income 4Q and YTD 2012 1) Other adjustments in 2012 include NOK 3.7 billion (Operating expenses) and NOK 0.6 billion (Selling, general administrative expenses) related to the…
  36. Capital Markets Update – Statoil – slide 36
    Investor Relations in Statoil Investor relations Europe Hilde Merete Nafstad Senior Vice President hnafstatoil.com +47 95 78 39 11 Lars Valdresbrten IR Officer lavastatoil.com +47 40 28 17 89 Jesper Brs-Lind IR Officer jeblstatoil.com…

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