Statoil: Stronger results in volatile markets

05.05.2010  |  Globenewswire Europe

Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11%
increase compared to NOK 35.5 billion in the first quarter of 2009.

The quarterly result was mainly affected by a 48% increase in liquids prices
measured in NOK and a 35% decrease in gas prices.

Adjusted earnings in the first quarter of 2010 were NOK 38.9 billion. The 8%
increase in adjusted earnings from first quarter 2009 to first quarter 2010 was
primarily caused by the increase in prices for liquids and was only partly
offset by reduced gas prices, lower entitlement volumes and lower results from
oil trading.

Net income in the first quarter of 2010 was NOK 11.1 billion, compared to NOK
4.0 billion in the first quarter of 2009. The 181% increase was mainly due to
higher net operating income in International Exploration & Production, reduced
losses on net financial items and a lower tax rate.

Adjusted earnings after tax were NOK 12.1 billion in the first quarter of 2010.

Adjusted earnings after tax exclude the effect of tax on net financial items and
represent an effective adjusted tax rate of 69% in the first quarter of 2010.

"I am pleased with the results in the first quarter. Our equity production has
been high and oil prices have been rising. Despite weaknesses in the gas market
our Natural Gas business has delivered solid results, as a consequence of high
offtake from our customers and good trading performance," says Statoil's chief
executive Helge Lund.

"Project activity is maintained at a high level. In the first quarter we have
sanctioned six new projects. Among them are important field developments like
Gudrun and Marulk on the Norwegian Continental Shelf and the Chirag Oil Project
in Azerbaijan. These projects are underpinning our long term growth
ambitions," says Lund.

Highlights since fourth quarter 2009:

* Equity production is up 1% from first quarter 2009 to 2,102 mboe per day.
Entitlement production is down 1% to 1,915 mboe per day.
* Average liquid prices measured in NOK are up 48% to NOK 434 per barrel,
while average gas prices are down 35% to NOK 1.64 per standard cubic metre
of gas.
* Six upstream projects were sanctioned during the quarter.
* On 3 March Statoil ASA and the Norwegian state reached a settlement in the
Kårstø expansion case. Statoil agreed to pay a NOK 500 million settlement
and NOK 270 million in interest, after tax.
* On 17 March Statoil's Board of Directors decided to launch a process to
separate and list the company's energy and retail business on the Oslo Stock
Exchange. The initial public offering will take place at the earliest in the
fourth quarter of 2010 or at a time when the capital market is deemed
favourable for such an offering.
* On 23 March Statoil announced that the Shell operated Vito appraisal well in
deep water US Gulf of Mexico has encountered more than 600 net feet of high
quality oil. Statoil holds a 25% working interest in the block.
* On 26 March Statoil signed an agreement with Chesapeake which added
approximately 59 thousand net acres to Statoil's current 600 thousand net
acre position in the Marcellus shale gas play.

Further information from

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

Press:
Ola Morten Aanestad, vice president for media relations, +47 480 80 212 (mobile)

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)





[HUG#1411821]





Press release 1 Quarter 2010: http://hugin.info/132799/R/1411821/364164.pdf
1Q 2010 Financial statements and review: http://hugin.info/132799/R/1411821/364158.pdf
1Q 2010 Presentation: http://hugin.info/132799/R/1411821/364159.pdf




Unternehmen: Statoil - ISIN: NO0010096985