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Oil & Gas Producers
Oil & Gas Producers
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---------- Stoxx Oil & Gas,
Analyst(s):
DJ Stoxx TMI rebased on sector
Jean-Luc Romain CM - CIC Securities
jeanluc.romain@cmcics.com
+33 1 45 96 77 36
Analyser
Statoil: Q1 2012 earnings and sharp growth in
production
The facts: For Q1 2012 Statoil published recorded adjusted operating income
of NOK59.2bn (+25%) and attributable net income of NOK16.8bn, rising by
41%.
Our analysis: Statoil's solid performance comes from the price hike (gas and
oil) and above all from the strong growth in production. This in fact grew by 11%
vs Q1 2011, to 2193 Kboe/d vs 1973 kboe/d in Q1 2011. This growth is linked to
strong gas production (quarter marked by a cold spell in Europe), the first
results of investments to increase recovery rates, new startups and the rampup
of international production.
The increasing weight of international production is reflected by a fall in Statoil's
taxation rate, from 74.8% to 71.6%.
For Statoil, Q1 has also been (especially) marked by its stake in three major
discoveries in Norway (Havis, 400 to 600 Mboe, Statoil 50%), in Tanzania
(Zafarani, up to 5 Tcf, Statoil 65%) and in Brazil (Pão de Açucar, >250 Mboe
minimum, Statoil 35%). In Q2, 3 results are expected from high potential
exploration wells: Kilchurn in the Gulf of Mexico, Lavani in Tanzania and King
Lear in Norway. Statoil has also acquired new exploration rights in Norway, to
the west of Greenland, and offshore Ghana.
Conclusion & Action: Solid earnings and above all discoveries that bring
credibility to Statoil's international production growth targets (662 Kboe/d in Q1
2012, > 1100 kboe/d in 2020 e ), which should sustain Statoil's performance.
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