Statoil Q4 Net Profit Up, But Net Operating Income Down 4% - Quick Facts

(RTTNews) - Norwegian energy firm Statoil ASA (STO) posted higher net income of 14.8 billion Norwegian kroner in the fourth quarter 2013, versus 13.0 billion kroner last year.

However, the company's net operating income declined 4% year-over-year to 43.9 billion kroner, from 45.8 billion kroner in the 2012 fourth quarter. According to the company, lower average invoiced gas prices measured in Norwegian kroner or NOK, lower volumes of both liquids and gas sold, lower fair values of derivatives and impairment losses affected net operating income negatively in the fourth quarter. The decline was partly offset by gains on sales of assets and higher average liquids prices measured in NOK.

Adjusted earnings for the quarter totaled 42.3 billion kroner, versus 48.3 billion kroner a year ago, with the international result for the quarter impacted by a higher gas share, lower realised prices and high depreciation cost in the US onshore business. After tax, adjusted earnings for the period were 11.0 billion Norwegian kroner, equivalent to an effective tax rate on adjusted earnings of 73.9%.

Quarterly total revenues and other income were 158.4 billion kroner, down compared with the prior-year figure of 160.1 billion kroner. Adjusted total revenues and other income were down 4%. Higher liquids prices measured in NOK were offset by reduced volumes of liquids and gas sold and lower average gas prices due to increasing share of US gas, the company added.