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Record year for Statoil
Posted: 16 March 2005
Statoil delivered an income before financial items, other items, income taxes and minority interest of NOK 65.1 billion in 2004, compared with NOK 48.9 billion for the year before.
Net income after income tax and minority interest came to NOK 24.9 billion – more than 50 per cent above the 2003 result of NOK 16.6 billion.
Income before financial items, other items, income taxes and minority interest for the fourth quarter of 2004 was NOK 18.7 billion as against NOK 12.7 billion for the same period of the year before. This represents an increase of 48 per cent. Net income came to NOK 10.0 billion, compared with NOK 4.3 billion in the fourth quarter of 2003.
Return on capital employed 1 came to 23.5 per cent in 2004, up from 18.7 per cent the year before. The normalised return on capital employed 1 was 12.3 per cent as against 12.4 per cent for 2003.
Earnings per share came to NOK 11.50 for the full year, up from NOK 7.64 in 2003, and NOK 4.64 for the fourth quarter as against NOK 1.98 in the same period of the year before.
“Statoil experienced a record year in 2004, with a net income of NOK 24.9 billion,” says chief executive Helge Lund. “This represents an increase of more than 50 per cent from the year before and is the best result we have ever achieved.
“The profit improvement primarily reflects high oil and gas prices and substantial financial income. We can also take pleasure from a very competitive return on capital employed of 23.5 per cent for the year.
“An organisation with expertise and drive has contributed to our strong position at the beginning of 2005. A large portfolio of projects, both in Norway and internationally, and good strategic positions provide the basis for further development and growth.”
Posted by Editor Pipeline Magazine
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