Statoils resultater faller i andre kvartal i forhold til fjoråret

Høyere produksjon og lavere kostnader er ikke nok for å utligne lavere oljepriser. 

Allen Good 28.07.2015 | 16:34

Statoil’s second-quarter earnings fell sharply as the decline in oil prices since last year more than offset the growth in production and improved downstream results. After-tax adjusted earnings (excluding the benefit of asset sales during the quarter) fell 27% to NOK 7.2 billion from NOK 9.9 million a year before. On a positive note, equity oil and natural gas production increased 4% to 1,873 mboe/d thanks to the start-up of new projects, higher gas sales, and lower maintenance activity. Full-year equity production growth guidance remains at 2% (adjusted for divestments). Statoil also made solid progress in its efficiency improvement and cost reduction efforts. It reported an approximate 15% decline in upstream operating expenses and SG&A since the second quarter last year.

Meanwhile, the downstream segment saw earnings increase to NOK 3.7 million from NOK 0.7 million last year on stronger refining margins. Management expects the segment to generate earnings of approximately NOK 3.0 million in “normal” conditions. Earnings in recent years have fallen short of this level, however, as refining conditions in Europe were challenging. The decline in oil prices though has bolstered European refining margins which should result in earnings continuing to exceed normalized levels for several more quarters.

We plan to update our model with the latest results and guidance, including a slight reduction in capital spending in 2015, but do not expect a change in our fair value estimate or moat rating.

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Om forfatteren

Allen Good

Allen Good  er senior aksjeanalytiker hos Morningstar, og han dekker olje- og gassindustriene. 

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