Equinor Q2 Core Earnings Lag Forecasts
Norwegian oil and gas firm Equinor said on Thursday second-quarter adjusted operating income rose from a year ago but missed forecasts due to higher maintenance costs at its Norwegian fields.The company formerly known as Statoil also said it was too early to follow peers, such as Shell and Total , with share buyback programmes as it had investment plans to fund."We did not feel it was natural…
Changes in Statoil's Top Deck
Statoil said on Friday it had expanded its leadership team and changed its corporate structure to reflect the company's increased focus on Brazil.Statoil's Brazilian operations will become a separate business unit headed by Margareth Oevrum, the company's current head of technology, project and drilling.Meanwhile, its separate U.S. business is being brought back within the broader international development and production division, which will be headed by current U.S.
Statoil to Drill 5-6 Wells in Arctic Barents Sea in 2018
Norway's Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company's head of exploration told Reuters on Tuesday. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018, of which five or six are expected in the Barents and the rest will be split between the North Sea and the Norwegian Sea, which are both located further south.
Statoil Scales Down 2017 Exploration Plans
Norway's Statoil has reduced its exploration ambitions for 2017 and will drill around 30 wells, down from previous plans for as many as 35, its chief financial officer said on Thursday. The company has revised its exploration spending guidance for 2017 to $1.3 billion from $1.5 billion, citing "strict prioritisation and efficient drilling operations" in a statement accompanying its second-quarter earnings.
Statoil to Increase Ownership in Lundin Petroleum
Statoil ASA has entered into an agreement with Lundin Petroleum AB to divest its entire 15 percent interest in the Edvard Grieg field for an increased shareholding in Lundin Petroleum. The transaction also includes divestment of a 9 percent interest in the Edvard Grieg Oil pipeline and a 6 percent interest in the Utsira High Gas pipeline, and in addition payment of a cash consideration of $68 million to Lundin Petroleum.
No Statoil Centre in Europe
Statoil has decided not to proceed with the evaluations of a potential business centre in Europe. The decision was presented at a meeting with employee representatives on Friday 11 March. At the meeting it was agreed that further efficiency improvements and cost reductions were needed, and that the employee representatives and management must continue their efforts to identify other actions to achieve this. “Our industry is currently facing a very demanding situation.
Arctic Johan Castberg Breakeven Price at $60/b
The breakeven price for the development of the Johan Castberg oilfield in the Arctic is $60 per barrel from an earlier projection for $80 per barrel, the chief financial officer of Statoil said on Wednesday. "We have been taking down the breakeven price substantially. It was around $80 breakeven, we have said that it is around $60 (now)," Hans Jakob Hegge said during a conference call with analysts. (Reporting by Gwladys Fouche)
Statoil 2Q 2015 Earnings Slip
Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion, including gains from divestments. "In the second quarter, Statoil delivered encouraging operational performance with good production growth and high regularity, whilst continuing to reduce cost. Our financial results were characterised by gains from divestments and lower prices.
