UPDATE 1-Statoil Q1 disappoints on outages, lower gas prices

Thu May 2, 2013 2:14am EDT

Related Topics

(Adds detail on results, outages, prices)

* Adjusted EBIT NOK 42.4 bln vs NOK 47.7 bln forecast

* Output problems at Snoehvit, Troll and Peregrino fields

* Repeats 2013 guidance, 2020 production target

OSLO, May 2 (Reuters) - Oil firm Statoil reported first-quarter results well below expectations on Thursday due to production problems at several key fields and lower realised oil and gas prices.

Major outages at gas fields Troll and Snoehvit off Norway and oil and gas field Peregrino off Brazil lowered its quarterly output to 1.805 million of barrels of oil equivalent per day (boed) against an expected 1.823 million boed.

Its realised gas price of 2.01 crown per cubic metre was well below expectations for 2.25 crowns as U.S. prices fell while its oil price of $103.5 per barrel also missed forecasts for $105.

Statoil's adjusted operating profit was 42.4 billion crowns ($7.36 billion), below expectations for 47.7 billion crowns seen in a Reuters poll of analysts and also well short of the 59.2 billion it earned a year earlier.

"We deliver financial results impacted by lower production and reduced prices," Chief Executive Helge Lund said in a statement.

For 2020, the firm continues to target equity production of 2.5 million barrels per day as it brings several new fields into production and expands its global operations. It repeated its 2013 outlook, with a capital expenditure of $19 billion and exploration investments of $3.5 billion.

Statoil said it had to take a loss provision of 4.9 billion crowns due to a loss-making contract at the Cove Point liquefied natural gas terminal on the east coast of the U.S. (Reporting by Gwladys Fouche; editing by Balazs Koranyi)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.