Statoil ASA

2017 third quarter & first nine months results - Seite 2

Statoil delivered equity production of 2,045 mboe per day in the third quarter, an increase from 1,805 mboe per day in the same period in 2016. The increase was primarily due to increased flexible gas production due to higher prices, lower turnaround activity, ramp-up of new fields, additional well capacity, and continued strong operational performance. Adjusted for portfolio changes, the underlying production growth was 15% compared to the third quarter last year.

Adjusted exploration expenses in the quarter were USD 0.4 billion, down from USD 0.6 billion in the third quarter of 2016.

Cash flows provided by operating activities before tax amounted to USD 14.9 billion in the first nine months of 2017 compared to USD 9.9 billion for the same period last year. Organic capital expenditure was USD 6.7 billion in the first nine months of 2017. At the end of third quarter, net debt to capital employed [5] was 27.8%.

The board of directors has decided to maintain a dividend of USD 0.2201 per ordinary share for the third quarter and continue the scrip programme this quarter giving shareholders the option to receive the dividend in cash or newly issued shares in Statoil at a 5% discount.

The twelve-month average Serious Incident Frequency (SIF) was 0.7 for the twelve months ended 30 September 2017, compared to 0.8 in the same period a year ago.

With effect as of the third quarter 2017, segment names have been changed for the reporting segments DPN and DPI. New names are Exploration and Production Norway (E&P Norway) and Exploration and Production International (E&P International), respectively. There are no changes to other reporting segments, and operating segments' names remain unchanged.

Further information from:

Investor relations
Peter Hutton, Senior vice president Investor relations,
[phone] (mobile)

Helge Hove Haldorsen, vice president Investor Relations North America,
[phone] (mobile)

Press
Bård Glad Pedersen, vice president Media relations,
[phone] (mobile)

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

CFO presentation 3Q 2017
3rd quarter 2017 press release
3rd quarter 2017 Financial statements and review

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Source: Statoil via Globenewswire