Statoil lifts 2005 profit but production disappoints
AFP
OSLO
Petroleumworld.com 02 13 06
Norwegian oil giant Statoil reported on Monday a profit rise for
2005 on the back of high oil and gas prices, but production levels
fell slightly short of expectations.
Net income was 30.7 billion kroner in 2005 (4.51 billion dollars,
3.79 billion euros) for the year, up from 24.9 billion in 2004.
Sales were 390 billion kroner, an increase of 29.0 percent from
the 2004 figure.
"Last year was a prosperous year for the group, with strong
results underpinned by increased production and continued strict
cost control, as well as high oil and gas prices," Statoil
Chief Executive Helge Lund said in a statement.
But earnings for Statoil, which is the biggest Norwegian oil company,
fell short of expectations towards the end of the year owing to
weaker production levels.
Fourth-quarter net profit rose by 15.0 percent on a 12-month comparison
to 8.5 billion kroner, but fell short of market expectations of
just under 8.6 billion kroner.
Quarterly sales, at 107.6 billion kroner, also fell short of analysts'
forecasts which had centred on 110.6 billion kroner.
Statoil produced 1.232 million barrels of oil equivalent (BOE)
per day in the fourth quarter, short of forcasts of 1.244 million.
Production for the full year amounted to 1.169 million of BOE,
slightly below the company's own target level of 1.175.
AFP
02/13/06
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