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9036
Another good year for the oil companies
statistikk
2003-07-18T10:00:00.000Z
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, 2001

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Another good year for the oil companies

2001 was a good year for the oil companies, even though the operating result decreased by 5.7 per cent. The operating result is still much better than in 1999.

The operating result went from nearly NOK 148 billion in 2000 to NOK 140 billion in 2001. The result is however very good compared with 1999 when the operating result was NOK 52 billion. The average return on total assets went down from 33.6 per cent in 2000 to 32.1 per cent in 2001, while return on equity increased from 32.2 to 34.3 per cent. The equity ratio decreased by 3.4 percentage points and amounted to 22.6 per cent.

The high profitability is mostly due high oil prices throughout 2001, even though they where somewhat lower than in 2000.

The operating income has increased considerably from 2000 to 2001. This increase is caused by a rise in sales income due to the sale of 15 per cent of the State's direct financial interest to one of the oil companies and that now all the oil production of the State's direct financial interest is canalised through this company. From June 2001 the figures are included in both the operating income and in the operating costs. Thus the operating income and costs are not comparable with the previous year. The operating income and costs went up from NOK 344 billion and NOK 196 billion in 2000 to NOK 375 billion and NOK 225 billion respectively in 2001. According to the annual statistics for oil and gas activity, the gross value of production decreased from NOK 365 billion in 2000 to NOK 337 billion in 2001.

Profitability measures. Extraction of crude oil and natural gas. 1998-2001.

Still increase in return on equity

The return on equity increased slightly from 2000 (which was a year with a high return on equity) to 2001. This was caused by a reduction of equity from NOK 118 billion to NOK 105 billion and a rise in the ordinary result after taxes from NOK 36 billion to NOK 38 billion. The return on equity went up from 32.2 per cent in 2000 to 34.6 per cent in 2002.

A substantial share of the earnings of licensees benefited the government through direct and indirect taxes. Taxes in 2001 were estimated at NOK 101.3 billion (a decrease from NOK 103.8 billion in 2000), of which taxes payable came to NOK 85.4 billion. Taxes thus accounted for 73 per cent of pretax profits.

NOK 467 billion in total capital

Total capital in the companies was booked at NOK 467 billion at the end of 2001. Of this capital, 13 per cent was bound in current assets (mainly receivables) and 87 per cent in fixed assets (mainly property, plant and equipment). There has been an increase in fixed assets from NOK 364 billion in 2000 to NOK 404 billion in 2001. 28 per cent of the capital was financed by short-term debt. Long-term financing by long-term debt made up 50 per cent and long-term financing by equity capital 22.6 per cent at the end of 2001. The equity ratio went down in the course of the year, thereby decreasing the oil companies' financial strength in 2001.

Financial highlights for licenses1 on the Norwegian Continental Shelf2. 1987-2001
  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
2001 34 5375 032 37.3 437.2 32.1 34.3 22.6 0.49
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.
5  The figures for operating income are not directly compareable with the previous year.
Financial highlights for licensees on the Norwegian Continental Shelf,
included the state´s direct financial interest. 2000 and 2001
Key figures1 All licensees Of this the state's direct financial interest
2000 20012 2000 20013
1) Number of enterprises 32 34 1 1
2) Employees as of 31 December 22 736         22 968 - -
  MillionNOK
3) Operating income4  497 727  513 117  154 070  138 085
4) Operating profit  251 831  226 067  104 180 86 318
5) Financial items, net -15 535 22 578 -7 806 7 698
6) Operating result before taxes  236 296  218 656 96 374 79 200
7) Ordinary result  132 464  117 343 96 374 79 200
8) Annual profit  132 555  117 513 96 374 79 200
9) Fixed assets  523 320  535 511  158 997  131 207
10) Current assets  103 110 82 981 14 650 10 887
11) Long-term liabilities  216 438  245 344 12 276 10 216
12) Short-term liabilities  135 799  130 698 4 869 4 576
13) Equity  274 194  232 600  156 501  127 302
14) Total liabilities and equity  626 431  608 642  173 646  142 094
  Per cent
15) Return on total assets 41.4 37.9 . .
16) Return on equity 49.8 46.3 . .
17) Equity ratio 43.7 38.2 . .
18) Current ratio 0.8 0.6 . .
1  Key figures per 31 December.
2  Petoro startet in 2001 and the figures are included in the 2001 figures. The values for the State's
direct financial interest are transfered to Petoro in 2002.
3  The figures for Petoro are included in the figures for all licenses and not in the figures for the
State´s direct financial interest.
4  The figures for operating income are not directly compareable with the previous year.