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Seizing Opportunities Seizing opportunities Annual report and accounts 2003 Finland Norway Sweden Estonia Denmark Latvia UK Russia Ireland Lithuania Belgium Poland France Germany Kazakhstan Austria Georgia Italy USA Azerbaijan Portugal Turkey Algeria Iran China Saudi Arabia Abu Dhabi Mexico Venezuela Nigeria Singapore Angola Brazil Statoil is represented in 28 countries. Head office is in Stavanger. The Borealis petrochemicals group has production facilities in 11 countries and its head office is in Copenhagen. Borealis is owned 50 per cent by Statoil. Statoil 2003 Statoil is an integrated oil and gas company with substantial international activities. Represented in 28 countries, the group had 19 326 employees at the end of 2003. Nearly 40 per cent of these employees work outside Norway. Statoil is the leading producer on the Norwegian continental shelf and is operator for 20 oil and gas fields. The group’s international production is enjoying strong growth, and Statoil is a leading retailer of petrol and oil products in Scandinavia, Ireland, Poland and the Baltic states. One of the major suppliers of natural gas to the European market, Statoil is also one of the world’s biggest sellers of crude oil. As one of the world’s largest operators for offshore oil and gas activities, Statoil has been used to tackling major challenges with regard to safety and the environment from the very start. Today, we are one of the world’s most environmentally-efficient producers and transporters of oil and gas. Our goal is to generate good financial results for our shareholders through a sound and proactive business performance. It is our ambition to achieve good results across three bottom lines – financial, environmental and social – which strengthen each other in the long term and contribute to building a robust company. We hope that this annual report successfully conveys this ambition, and the results achieved in 2003 which contribute to realising it. Key figures INCOME CASH FLOW RETURN NOK bn NOK bn Per cent 60 25 60 50 50 20 40 40 15 30 30 10 20 20 5 10 10 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Income before financial items, other items, Cash flow used in Return on average capital income taxes and minority interests investing activities employed after tax Net income Cash flow provided by operating activites OIL PRODUCTION/PRICE GAS PRODUCTION/PRICE PROVEN OIL/GAS RESERVES USD/barrel 1 000 bbls per day NOK/scm 1 000 boe per day Million boe 30 800 1.75 350 5 000 700 1.50 300 25 4 000 600 1.25 250 20 500 3 000 1.00 200 15 400 0.75 150 2 000 300 10 0.50 100 200 1 000 5 0.25 50 100 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Entitlement oil production Sales equity gas production Natural gas Average oil price Brent Blend Average gas price Oil and NGL CARBON DIOXIDE (CO2) TOTAL RECORDABLE INJURY FREQUENCY SERIOUS INCIDENT FREQUENCY Million tonnes 14 8 10 12 8 10 6 6 8 4 4 6 2 4 2 2 0 -2 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Number of total recordable injuries Number of serious incidents CO2 reductions made through measures per million working hours per million working hours implemented between 1997 and 2003 for Statoil operations Total CO2 emissions from Statoil operations USGAAP - Financial highlights 2003 2002 2001 2000 1999 Financial information (NOK million) Total revenues 249,375 243,814 236,961 230,425 150,132 Income before financial items, other items, income taxes and minority interest 48,916 43,102 56,154 59,991 17,578 Net income 16,554 16,846 17,245 16,153 6,409 Cash flow provided by operating activities 30,797 24,023 39,173 56,752 29,610 Cash flow used in investing activities 23,198 16,756 12,838 16,014 24,988 Interest-bearing debt 37,278 37,128 41,795 36,982 50,497 Net interest-bearing debt 20,906 23,592 34,080 23,379 42,856 Net debt to capital employed 22.6% 28.7% 39.0% 25.0% 42.6% Return on average capital employed after tax 18.7% 14.9% 19.9% 18.7% 6.4% Operational information Combined oil and gas production (thousand boe/day) 1 080 1 074 1 007 1 003 967 Proven oil and gas reserves (million boe) 4 264 4 267 4 277 4 317 4 511 Production cost (USD/boe) 3.2 3.0 2.8 3.0 3.4 Finding and development cost (USD/boe, 3-year average) 5.9 6.2 9.1 8.2 8.7 Reserve replacement ratio (3-year average) 0.95 0.78 0.68 0.86 1.03 Share information Net income per share 7.64 7.78 8.31 8.18 3.24 Net income per share adjusted for special items(1) 7.32 7.72 7.32 8.18 4.54 Share price at Oslo Stock Exchange 30 December 74.75 58.50 61.50 - - Weighted average number of ordinary shares outstanding 2,166,143,693 2,165,422,239 2,076,180,942 1,975,885,600 1,975,885,600 (1) Special items covers certain gains on sale of assets, write-downs and provisions. See “Operating and financial review and prospects”. Net interest-bearing debt = Production costs = Carbon dioxide (CO2) = Gross interest-bearing debt less cash and Operating expenses associated with pro- Carbon dioxide emissions from Statoil cash equivalents. duction of oil and natural gas divided by operations embrace all sources such as tur- total production (lifting) of oil and natural bines, boilers, engines, flares, drilling of Net debt to capital employed = gas. exploration and production wells and well The relationship between net interest- testing/workovers. Reductions in emiss- bearing debt and capital employed. Finding and development costs = ions are accumulated for the period 1997- Calculated from new proven reserves, 2003. Average capital employed = excluding acquisitions and disposals of Definitions Average of the capital employed at the reserves. Total recordable injury frequency = beginning and end of the accounting peri- The number of total recordable injuries per od. Capital employed is net interest-bear- Reserve replacement ratio = million working hours. Employees of Statoil ing debt plus shareholders’ equity and Additions to proven reserves, including and its contractors are included. minority interests. acquisitions and disposals, divided by vol- umes produced. Serious incident frequency = Return on average capital employed The number of incidents of a very serious after tax = Barrel of oil equivalent (boe) = nature per million working hours. An incident Net income plus minority interests and net Oil and gas volumes expressed as a com- is an event or chain of events which has financial expenses after tax as a per- mon unit of measurement. One boe is equal caused or could have caused injury, illness centage of capital employed. to one barrel of crude, or 159 standard and/or damage to/loss of property, environ- cubic metres of gas. mental damage or harm to a third party. Opportunities Strategies and prospects 2 The chief executive 4 Baltic success 6 Cleaner results 8 Footprints in the sand 10 An ear to the seabed 12 Business review Facts and highlights 14 Exploration & Production Norway 16 International Exploration & Production 20 Natural Gas 24 Manufacturing & Marketing 28 Technology 32 People and society 36 People and The environment 40 the environment HSE accounting 44 Corporate governance Corporate governance 52 The corporate executive committee 55 Directors’ report Directors’ report 56 Operating and financial Operating and financial review 64 review Accounts for 2003 The Statoil group – USGAAP 93 Notes 98 Auditors’ report 130 Report on reserves Proved reserves report 131 Shareholder information Shares and shareholder matters 132 General information 134 Statoil’s articles of association 135 STATOIL 2003 ANNUAL REPORT AND ACCOUNTS 1 Corporate strategy The main strategy of Statoil is to: Exploration & Production Norway • enhance value creation on the Norwegian continental shelf (NCS) • develop a broad European gas position • attain substantial growth in production internationally • strengthen downstream operations in selected areas Considerable growth creation. Systematic work on con- International Exploration & Production Statoil’s ambition is to become a tinuous improvements is necessary leading international oil and gas to meet the main objectives: group with up to 40 per cent of • zero harm to people or the envi- production taking place outside ronment Norway in 2010-2012. Production • zero material damage or losses. outside Norway at present accounts for eight per cent. Oil and People and the organisation gas production forms the basis for In order to meet the goal of the group’s business and Statoil becoming a leading international oil expects output to be high in the and gas group, it is necessary to Natural Gas next few years. The gas business is develop a common set of values expected to become increasingly and modes of working. It is also important. necessary to secure the best possi- ble use and further development of International focus personnel and expertise. It is While a strong international com- therefore important to strengthen mitment is necessary to ensure the efforts within management and group’s long-term growth, the NCS personnel development. will remain the cornerstone of Statoil for a long time to come. Access and trust Manufacturing & Marketing Output from known fields will Statoil needs access to resources decline towards the end of this through formal licences from the decade. With production growth up relevant authorities and is depend- to 2007 secured through identified ent on society’s confidence in the and sanctioned projects, the chal- group’s activities.
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