Statoil Q4 adjusted earnings NOK 15.2 billionStaff writer ▼ | February 5, 2016
Statoil delivered adjusted earnings of NOK 15.2 billion and adjusted earnings after tax of NOK 1.6 billion in the fourth quarter 2015.
Statoil The company delivers annual cost improvements of $1.9 billion
Statoil's net income in accordance with IFRS for Q4 2015 was negative NOK 9.2 billion, and for the full year 2015 it ended at negative NOK 37.3 billion, mainly as a result of lower short term price assumptions leading to impairment charges and provisions.
Statoil presents its update to the capital markets, announcing a step-up in its improvement programme by 50% to $2.5 billion per year in 2016.
One year ahead of plan, Statoil delivers annual cost improvements of $1.9 billion, compared to its 2016 target of $1.7 billion.
Statoil is reducing organic capital expenditure from $14.7 billion in 2015 to around $13 billion in 2016, and has substantially improved its portfolio of non-sanctioned projects, with planned start-up by 2022, reducing the average break-even oil price from $70 per boe in 2013 to $41 per boe in 2016. ■