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icy seas burning deserts Annual report and accounts 2005 On course towards new goals A liquefi ed natural gas carrier in open seas provides a good illustration of the way we have expanded the scope of our activities. From producing and selling Norwegian gas to European customers, we are now also a player in the transatlantic market. This vessel and its wide horizon is also a metaphor for a group experiencing strong international growth. We are currently represented in 33 countries, and our non-Norwegian oil and gas production grew by 60% in 2005. That makes our internationalisation a natural theme in this annual report. Many of the challenges we face will not be solved by good profi ts alone. The way we achieve our fi nancial results is just as important as the results themselves. As a consequence, this annual report and our report on sustainable development – which are published concurrently – contain a good deal of information about the way we are creating a value-based performance culture in a group which is undergoing rapid international expansion. Key fi gures INCOME CASH FLOW RETURN NOK billion NOK billion Per cent 100 60 30 90 50 25 80 70 40 20 60 50 30 15 40 20 10 30 20 10 5 10 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Income before financial items, other items, Cash flow used Return on average capital income taxes and minority interest in investing activities employed after tax Net income Cash flow provided by operating activities OIL PRODUCTION/PRICE GAS PRODUCTION/PRICE PROVED OIL/GAS RESERVES NOK/scm 1,000 boe per day USD/barrel 1,000 bbls per day Million boe 60 800 1.75 500 5,000 450 700 50 1.50 400 4,000 600 1.25 350 40 500 300 3,000 1.00 30 400 250 0.75 300 200 2,000 20 150 0.50 200 100 1,000 10 100 0.25 50 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 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 12 12 10 6 10 8 8 6 4 6 4 4 2 2 2 0 -2 2001 2002 20032004 2005 20012002 2003 2004 2005 2001 2002 2003 2004 2005 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 2005 for Statoil operations Total CO2 emissions from Statoil operations USGAAP – – Hovedtall Financial highlights 20042005 20032004 20022003 20012002 20002001 FinansielleFinancial information data (i millioner (NOK kroner) million) DriftsinntekterTotal revenues 393,298306 218 249306,218 375 243249,375 814 236243,814 961 230236,961 425 ResultatIncome before før finans, financial andre items, poster, other skatt items, og minoritetsinteresser income taxes 65 107 48 916 43 102 56 154 59 991 Åretsand minority resultat interest 95,09624 916 1665,107 554 1648,916 846 1743,102 245 1656,154 153 KontantstrømNet income fra operasjonelle aktiviteter 30,73038 807 3024,916 797 2416,554 023 3916,846 173 5617,245 752 KontantstrømCash flow provided benyttet by operatingtil investeringsaktiviteter activities 56,25031 959 2338,807 198 1630,797 756 1224,023 838 1639,173 014 RentebærendeCash flow used gjeld in investing activities 37,66436 189 3731,959 278 3723,198 128 4116,756 795 3612,838 982 NettoInterest-bearing rentebærende debt gjeld 34,19820 326 2036,189 906 2337,278 592 3437,128 077 2341,795 379 GjeldsgradNet interest-bearing debt 19,49219,0% 20,32622,6% 20,906 28,7% 23,592 39,0% 34,077 25,0% AvkastningNet debt to på capital gjennomsnittlig employed sysselsatt kapital etter skatt 23,5%15.3% 18,7%19.0% 14,9%22.6% 19,9%28.7% 18,7%39.0% Return on average capital employed after tax 27.6% 23.5% 18.7% 14.9% 19.9% Operasjonelle data Olje-Operational og naturgassproduksjon information (tusen fat o.e./dag) 1 106 1 080 1 074 1 007 1 003 SikreCombined olje- ogoil andnaturgassreserver gas production (millioner (thousand fat boe/day) o.e.) 1,1694 289 41,106 264 41,080 267 41,074 277 41,007 317 Proved oil and gas reserves (million boe) 4,295 4,289 4,264 4,267 4,277 Produksjonskostnader (USD/fat) 3,5 3,2 3,0 2,8 3,0 Funn-Production og utviklingskostnader cost (NOK/boe) (USD/fat) (3-års gjennomsnitt) 22.28,5 23.35,9 22.4 6,2 9,1* 8,2* ReserveerstatningsrateReserve replacement ratio (3-års (three-year gjennomsnitt) average) 1,011.02 0,951.01 0,780.95 0,680.78 0,860.68 AksjeinformasjonShare information (i (in kroner, NOK, unntattexcept numberantall aksjer) of shares) ResultatNet income per peraksje share 11,5014.19 11.507,64 7,787.64 8,317.78 8,188.31 AksjekursShare price Oslo at OsloBørs Stock31. desember Exchange 31 December 155.0095,00 74,7595.00 58,5074.75 61,5058.50 61.50 - VektetWeighted gjennomsnittlig average number antall of utestående ordinary aksjer 2 166 142 636 2 166 143 693 2 165 422 239 2 076 180 942 1 975 885 600 shares outstanding 2,165,740,054 2,166,142,636 2,166,143,693 2,165,422,239 2,076,180,942 (1) Engangseffekter gjelder spesielle effekter knyttet til fjerningsfordelingsloven, salgsgevinster, nedskrivninger og avsetninger. Se «Ledelsens finansielle analyse». * Follow-up changed from USD/boe to NOK/boe. NettoNet interest-bearing rentebærende gjeld debt = ProduksjonskostnaderProduction costs per barrel per fat oil o.e. = virksomhet.boilers, furnaces, Totalt engines, CO2-utslipp flares, omfatter drilling of BruttoGross interest-bearing rentebærende gjeld debt fratrukket less cash andbetal- Driftskostnaderequivalent= forbundet med produk- alleexploration utslippskilder and production som turbiner, wells kjeler, and well ingsmidlercash equivalents. og kortsiktige investeringer. sjonenOperating av oljeexpenses og naturgass, associated dividert with pro- med ovner,testing/workovers. motorer, fakler, Reductions boring av in lete- emissions og samletduction produksjon of oil and natural (løfting) gas dividedav olje ogby total produksjonsbrønnerare accumulated for the og period 1997-2005. GjeldsgradNet debt to = capital employed = naturgass.production (lifting) of oil and natural gas. brønntesting/brønnopprenskning. ForholdetThe relationship mellom between netto rentebærende net interest- OppnåddeTotal recordable reduksjoner injury i frequencyutslippene er= gjeldbearing og debt sysselsatt and capital kapital. employed. Funn-Reserve og replacement utviklingskostnader ratio = = akkumulertThe number forof total perioden recordable 1997-2004. injuries per BeregnesAdditions tout provedfra nye reserves,sikre reserver, including million working hours. Employees of Statoil GjennomsnittligAverage capital employedsysselsatt = kapital = eksklusivacquisitions kjøp and og disposals, salg av reserver. divided by volu- Personskadefrekvensand its contractors are included.= Definitions GjennomsnittAverage of the av capital kapitalen employed som er at syssel- the mes produced. Antall personskader per million arbeids- Definisjoner sattbeginning ved begynnelsen and end of the og accounting slutten av period. Reserveerstatningsrate = timer.Serious Statoil-ansatte incident frequency og leverandører = er regnskapsperioden.Capital employed is net Sysselsatt interest-bearing kapital er TilgangBarrel of av oil nye equivalent sikre reserver, (boe) inkludert = kjøp inkludert.The number of incidents of a very serious nettodebt plus rentebærende shareholders’ gjeld equity pluss and egenkapital ogOil salg,and gas dividert volumes med expressed produserte as areserver. common nature per million working hours. An incident ogminority minoritetsinteresser. interest. unit of measurement. One boe is equal to Alvorligis an event hendelsesfrekvens or chain of events which = has Oljeekvivalentone barrel of crude, (o.e.) or =159 standard cubic Antallcaused uønskede or could have hendelser caused med injury, stor illness alvor- AvkastningReturn on average på gjennomsnittlig capital employed Oljemetres og gassof gas. omregnet til felles måleenhet. lighetsgradand/or damage per to/loss million of arbeidstimer. property, the En sysselsattafter tax = kapital etter skatt = 1 fat oljeekvivalent er lik 1 fat råolje eller uønsketenvironment hendelse or a third er en party. hendelse eller et ÅretsNet income resultat plus pluss minority minoritetsinteresser interest and net og 159Carbon standard dioxide kubikkmeter (CO2) = naturgass. hendelsesforløp som har forårsaket eller nettofinancial finanskostnader expenses after etter tax as skatt a percentage i prosent Carbon dioxide emissions from Statoil ope- kunne ha forårsaket personskade, sykdom avof capitalgjennomsnittlig employed. sysselsatt kapital. Karbondioksidrations embrace (CO all sources2) = such as turbines, og/eller skade på/tap av materiell, skade Karbondioksidutslipp fra Statoil-operert på miljøet eller tredjepart. Contents Our future International value creation by chief executive Helge Lund 3 Statoil’s strategy 4 The Statoil group 6 Topic: From Barents cold to African heat 8 Our operations Overview of our business 14 Exploration & Production Norway 18 International Exploration & Production 21 Natural Gas 24 Manufacturing & Marketing 26 Technology & Projects 28 People and society 32 The environment 37 Our results Directors’ report 2005 42 The corporate executive committee 52 Corporate governance 54 Shares and shareholder matters 60 Operating and fi nancial review and prospects 62 The Statoil group - USGAAP 93 Auditors’ report 132 Proved reserves report 133 HSE accounting for 2005 134 General information 142 Articles of association for Statoil ASA 143 In addition to this report we publish the sustainability report, the fi nancial statements according to the Norwegian accounting principles and the 20-F report as specifi ed by the US Securities and Exchange Commission. Read more about these reports on page 144. STATOIL ANNUAL REPORT AND ACCOUNTS 2005 1 2 STATOIL ANNUAL REPORT AND ACCOUNTS 2005 Our future International value creation by chief executive Helge Lund We have never been better positioned, either industrially or fi nancially, after presenting a profi t for fi scal 2005 which represents our best-ever result.
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