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9038
Peak year for oil companies in 2000
statistikk
2002-09-04T10:00:00.000Z
Energy and manufacturing;Establishments, enterprises and accounts
en
oljeregn, Oli and gas extraction, statistics of accountAccounts , Oil and gas , Establishments, enterprises and accounts, Energy and manufacturing
false

Oli and gas extraction, statistics of account, 2000

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Peak year for oil companies in 2000

The operating income for Oil companies licensed to operate on the Norwegian Continental Shelf increased by 80 per cent in 2000.

The operating income increased from NOK 191 billions in 1999 to almost NOK 344 billions in 2000. The average return on total assets went up from 14.3 per cent in 1999 to 33.6 per cent in 2000, while return on equity increased from 16.6 to 32.2 per cent. The equity ratio decreased by 1 per cent and amounted to 26.0 per cent.

The increase in profitability is due to a rise in sales revenues, which in turn was caused by the higher oil prices throughout 2000 than in 1999. As a result, operating result went up from NOK 52 billions in 1999 to NOK 148 billions in 2000.

Profitability measures. Extraction of crude oil and natural gas. 1998-2000

Strong increase in return on equity

The return on equity increased strongly from 1999 to 2000, due to the improvement in ordinary result. The ordinary result increased from NOK 54 billions in 1999 to NOK 132 billions in 2000, a result of the increased operating income. Return on net capital went up from 16.6 per cent in 1999 to 32.2 per cent in 2000. A substantial portion of the earnings of licensees benefited the government through direct and indirect taxes. Taxes in 2000 were estimated at NOK 103.8 billions (an increase from NOK 31.5 billion in 1999), of which taxes payable came to NOK 90.7 billions. Taxes thus accounted for 74 per cent of pre-tax profits. Oil and gas companies had an average annual profit of NOK 10.5 out of every NOK 100 turned over in 2000.

NOK 453 billions in total capital

Total capital in the companies was booked at NOK 453 billions at the end of 2000. Of this capital, 20 per cent was bound in current assets (mainly receivables) and 80 per cent in fixed assets (mainly property, plant and equipment). 29 per cent of the capital was financed by short-term debt. Long-term financing by long-term debt made up 45 per cent and long-term financing by equity capital 26 per cent at the end of 2000. The equity ratio went down in the course of the year, thereby decreasing the oil companies' financial strength in 2000.

Financial highlights for licensees1 on the Norwegian Continental Shelf2. 1987-2000
  Number of enterprises Operating income Mill. NOK Operating profit in per cent of operating income Profit before extraordinary items in per cent of operating income Return on total assets. Per cent Return on equity. Per cent Equity ratio. Per cent Current ratio
1987 50  102 054 20.4 17.9 15.8 28.5 24.1 0.88
1988 52 96 902 18.8 14.8 13.1 23.0 25.1 0.92
1989 54  117 800 23.4 19.3 17.6 27.9 28.1 1.00
1990 55  130 088 33.1 29.7 24.1 31.5 28.7 0.84
1991 53  138 694 26.5 25.0 19.9 28.2 30.4 0.71
1992 51  137 078 25.0 19.4 14.2 9.5 24.3 0.73
1993 52  145 929 24.4 18.2 13.6 12.8 23.1 0.62
1994 47  153 754 23.7 24.5 17.2 24.5 25.4 0.57
1995 46  158 748 25.4 24.0 16.7 23.8 25.9 0.60
1996 43  187 587 32.6 30.4 22.4 28.4 27.3 0.72
1997 41  188 256 34.0 28.7 19.9 20.3 28.2 0.68
1998 39  148 133 22.4 18.7 10.5 16.2 26.9 0.72
                 
19993 36  191 226 27.1 425.8 14.4 16.6 27.0 0.80
2000 31  343 657 43.0 440.7 33.6 32.2 26.0 0.68
1  Includes all activities in the enterprises, also not oil related.
2  Not included the state´s direct financial interest.
3  New accounting law in force from 1999.
4  Ordinary profit before taxes.
Financial highlights for licensees on the Norwegian Continental Shelf,
included the state´s direct financial interest. 1999 and 2000
Key figures1 All licensees Of this the state's direct financial interest
    19992             2000 19992 2000
1) Number of enterprises 37 37 1 1
2) Employees as of 31 December 25 620 22 736 - -
  Million NOK
3) Operating income  279 047  497 727 87 821  154 070
4) Operating profit 96 555  251 831 44 719  104 180
5) Financial items, net -11 039 -15 535 -8 477 -7 806
6) Operating result before taxes 85 516  236 296 36 242 96 374
7) Ordinary result 53 978  132 464 36 242 96 374
8) Annual profit 53 978  132 555 36 242 96 374
9) Fixed assets  510 346  523 320  154 991  158 997
10) Current assets 88 383  103 110 12 276 14 650
11) Long-term liabilities  229 848  216 438 10 477 12 276
12) Short-term liabilities  101 668  135 799 6 021 4 869
13) Equity  267 213  274 194  150 769  156 501
14) Total liabilities and equity  598 729  626 431  167 267  173 646
  Per cent
15) Return on total assets 18.30 41.40 . .
16) Return on equity 21.80 49.80 . .
17) Equity ratio 44.60 43.70 . .
18) Current ratio 0.87 0.76 . .
1  Key figures per 31 December.
2  New accounting law in force from 1999.

The statistics are published annually in Today's Statistics and Official Statistics of Norway (NOS) Oil and Gas Activity.


For additional information, contact: morten.qvenild.andersen@ssb.no , tel. +47 21 09 47 64.