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Annual Report 2004

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Annual Report 2004 Succeeding through cooperation Annual report and accounts 2004 Norway Sweden Estonia Denmark Latvia UK Russia Ireland Lithuania Belgium Poland France Germany Kazakhstan Georgia USA Turkey Azerbaijan Algeria Iran Saudi Arabia Qatar China Mexico Venezuela Nigeria Singapore Angola Brazil Statoil is represented in 29 countries and has its head office in Stavanger. Statoil 2004 The picture on the front cover of this annual report was taken on the helicopter deck of the Statfjord A platform. Agate Langeland, materials coordinator, is welcomed on board for a new shift by production operative Kollfinn Buvik. Along with 630 Statoil colleagues and a similar number of contractor personnel, they staff an oil and gas field which has played an extremely important role in Statoil’s economy and expertise development. Without Statfjord, Statoil would not have been the same company. On 24 November 2004, it was 25 years since production started on Statfjord. The field has produced oil equivalent to 50 times Norway’s annual requirements and has exported substantial volumes of gas to customers in continental Europe. Although output today is a sixth of what it was at maximum, the plan is to uphold profitable production and processing until 2020. A plan for Statfjord late life has been submitted to the authorities. The Statfjord veteran will continue to deliver and contribute to the goal of maintaining today’s level of production on the Norwegian continental shelf (NCS) beyond 2010. Upholding production on the NCS is one of two important ambitions. The other is to strengthen efforts to secure long- term international growth. This report tells of our strategies and goals, shows a cross-section of our business and communicates the results which have made 2004 a record year for Statoil. High oil and gas prices have laid the basis. So have able and motivated employ- ees who, through their efforts and collaboration, have achieved success and good results. www.statoil.com/statoils_world Key figures INCOME CASH FLOW RETURN NOK billion NOK billion Per cent 70 60 25 60 50 20 50 40 15 40 30 30 10 20 20 5 10 10 2000 2001 2002 2003 2004 20002001 2002 2003 2004 2000 2001 2002 2003 2004 Income before financial items, other items, Cash flow used in Return on average capital income taxes and minority interest investing activities employed after tax Net income Cash flow provided by operating activites OIL PRODUCTION/PRICE GAS PRODUCTION/PRICE PROVEN OIL/GAS RESERVES NOK/scm 1,000 boe per day USD/barrel 1,000 bbls per day Million boe 400 40 800 1.75 5,000 350 35 700 1.50 4,000 300 30 600 1.25 250 25 500 3,000 1.00 200 20 400 0.75 150 2,000 15 300 0.50 100 10 200 1,000 0.25 50 5 100 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 Natural gas Entitlement oil production Sales equity gas production Oil and NGL Average oil price Brent Blend Average gas price CARBON DIOXIDE (CO2) TOTAL RECORDABLE INJURY FREQUENCY SERIOUS INCIDENT FREQUENCY Million tonnes 14 8 10 12 8 6 10 6 8 4 4 6 2 4 2 2 0 -2 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 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 2004 for Statoil operations Total CO2 emissions from Statoil operations USGAAP - Financial highlights 2004 2003 2002 2001 2000 Financial information (NOK million) Total revenues 306,218 249,375 243,814 236,961 230,425 Income before financial items, other items, income taxes and minority interest 65,107 48,916 43,102 56,154 59,991 Net income 24,916 16,554 16,846 17,245 16,153 Cash flow provided by operating activities 38,807 30,797 24,023 39,173 56,752 Cash flow used in investing activities 31,959 23,198 16,756 12,838 16,014 Interest-bearing debt 36,189 37,278 37,128 41,795 36,982 Net interest-bearing debt 20,326 20,906 23,592 34,077 23,379 Net debt to capital employed 19.0% 22.6% 28.7% 39.0% 25.0% Return on average capital employed after tax 23.5% 18.7% 14.9% 19.9% 18.7% Operational information Combined oil and gas production (thousand boe/day) 1,106 1,080 1,074 1,007 1,003 Proven oil and gas reserves (million boe) 4,289 4,264 4,267 4,277 4,317 Production cost (USD/boe) 3.5 3.2 3.0 2.8 3.0 Finding and development cost (USD/boe, three-year average) 8.5 5.9 6.2 9.1 8.2 Reserve replacement ratio (three-year average) 1.01 0.95 0.78 0.68 0.86 Share information (in NOK, except number of shares) Net income per share 11.50 7.64 7.78 8.31 8.18 Share price at Oslo Stock Exchange 31 December 95.00 74.75 58.50 61.50 - Weighted average number of ordinary shares outstanding 2,166,142,636 2,166,143,693 2,165,422,239 2,076,180,942 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 per barrel oil Carbon dioxide (CO2) = Gross interest-bearing debt less cash and equivalent= Carbon dioxide emissions from Statoil cash equivalents. Operating expenses associated with pro- operations embrace all sources such as tur- duction of oil and natural gas divided by total bines, boilers, engines, flares, drilling of Net debt to capital employed = production (lifting) of oil and natural 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, 2004. 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, the cubic metres of gas. environment or a third party. Opportunities Statoil’s strategy and goals 2 The group - facts and highlights 4 The chief executive: Big opportunities 6 Themes: Global gas player 8 Efficient drilling boosts production 10 Taming strong forces 12 Recipe for results 14 Business review Exploration & Production Norway 16 International Exploration & Production 20 Natural Gas 24 Manufacturing & Marketing 27 Technology & Projects 30 People and the environment People and society 34 The environment 38 HSE accounting for 2004 42 Corporate governance Corporate governance 50 Statement on corporate governance 54 Shares and shareholder matters 56 The corporate executive committee 58 Directors’ report Directors’ report 2004 59 Operating and financial review Operating and financial review and prospects 70 Accounts The Statoil group – USGAAP 101 Notes 106 Auditors’ report 140 Report on reserves Proved reserves report 141 Other General information 142 Statoil’s articles of association 143 Succeeding through cooperation Solutions through cooperation Annual report and accounts 2004 Statoil and sustainable development 2004 Annual Report on Form 20-F 2004 Financial statements 2004 Norwegian accounting principles This annual report and accounts contains The sustainability report provides infor- The 20-F report provides a detailed and The financial statements 2004 the directors’ report, the financial analysis, mation about our commitments, results extensive review of our operations. Its Norwegian accounting principles contain the consolidated financial statement and ambitions as a member of society. title refers to the document from the US the Statoil group accounts and the (USGAAP) and the HSE accounting. In Key topics are values, ethics, human Securities and Exchange Commission company accounts for Statoil ASA, in addition come articles which give a good resources policies, financial performance which specifies what the report must accordance with the Norwegian picture of our operations and governance and effects, the environment and social contain. accounting principles (NGAAP). systems as well as our plans and strategies. responsibility. STATOIL 2004 ANNUAL REPORT AND ACCOUNTS 1 The Statoil group’s strategy Statoil’s principal strategic directions can be summarised in the following points: • maintain production from the NCS at one million barrels per day beyond 2010 • secure growth of two-four per cent in 2007-10 through increased international production • establish positions in growing gas markets and secure new reserves • increase the return from downstream operations to the group’s average • continue to develop targeted technology as a competitive edge On the basis of projects already progress, an extensive invest- Important instruments can lead in turn to increased sanctioned, Statoil expects an ment programme of NOK 100- The group’s improvement efforts production is also important.
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