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9034
Good times for oil companies
statistikk
2004-09-20T10:00:00.000Z
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, 2002

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Good times for oil companies

The operating result for the oil companies decreased slightly in 2002. The annual profit, however, went up due to a large surplus on foreign exchange. This led to an increase in return on equity and it is the third year in a row that the oil companies get good results due to high oil prices.

The operating result went from NOK 140 billion in 2001 to NOK 124 billion in 2002. It is, however, still relatively good. Despite the decrease in the operating result the annual profit increased from NOK 38 billion in 2001 to more than NOK 44 billion in 2002. This is mainly due to the increase in the surplus on foreign exchange. The high profitability is mostly due high oil prices throughout 2002.

The average return on total assets went down from 32.0 per cent in 2001 to 29.9 per cent in 2002, while return on equity was increased from 34.2 to 36.0 per cent. The equity ratio increased by 2.5 per cent and amounted to 25.1 per cent.

The operating income and costs went up from NOK 375 billion and NOK 225 billion in 2001 to NOK 382 billion NOK 259 billion respectively in 2002.

Profitability measures. Extraction of crude oil and natural gas. 1998-2002.

Still increase in return on equity

The return on equity increased slightly from 2001 to 2002, which was a year with a high return on equity. This was caused by the rise in the ordinary result after taxes from NOK 38 billion to NOK 44 billion. The return on equity went up from 34.2 per cent in 2001 to 36.0 per cent in 2002.

A substantial portion of the earnings of licensees benefited the government through direct and indirect taxes. Taxes in 2002 were estimated at NOK 98.4 billion (a decrease from NOK 101.3 billion in 2001), of which taxes payable came to NOK 91.1 billion. Taxes thus accounted for 64 per cent of pretax profits.

NOK 519 billion in total capital

Total capital in the companies was booked at NOK 519 billion at the end of 2002. Of this capital, 14 per cent was bound in current assets (mainly receivables) and 86 per cent in fixed assets (mainly property, plant and equipment). There has been an increase in fixed assets from NOK 404 billion in 2001 to NOK 445 billion in 2002. 26 per cent of the capital was financed by short-term debt. Long-term financing by long-term debt made up 49 per cent and long-term financing by equity capital 25 per cent at the end of 2002. The equity ratio went up in the course of the year, thereby increasing the oil companies' financial strength in 2002.

Financial highlights for licenses1 on the Norwegian Continental Shelf2. 1987-2002
  Number of enterprises Operating income. NOK million 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 5 375 032 37.3 437.2 32.1 34.3 22.6 0.49
2002 ..... 34  382 797 32.4 437.1 29.9 36.0 25.1 0.54
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 figure for operating income is not directly compareable with the previous year.
Financial highlights for licensees on the Norwegian Continental Shelf,
included the state´s direct financial interest. 2001 and 2002
Key figures1 All licensees Of which the state's direct financial interest2
2001 2002 20013 20023
1) Number of enterprises 34 35 1 1
2) Employees as of 31 December 22 968 22 009 - -
  NOK million
3) Operating income  513 216  490 820  138 085  108 023
4) Operating profit  226 047  193 869 86 318 69 652
5) Financial items, net -7 403 8 829 7 698 -9 063
6) Operating result before taxes  218 644  202 698 79 200 60 616
7) Ordinary result  117 331  104 273 79 200 60 616
8) Annual profit  117 501  105 197 79 200 60 616
9) Fixed assets  535 588  568 387  131 207  123 524
10) Current assets 73 167 85 109 10 887 10 832
11) Long-term liabilities  245 442  263 509 10 216 11 220
12) Short-term liabilities  130 710  140 144 4 576 4 576
13) Equity  232 602  249 842  127 302  119 429
14) Total liabilities and equity  608 754  653 496  142 094  134 356
  Per cent
15) Return on total assets 37.9 33.9 . .
16) Return on equity 46.4 42.6 . .
17) Equity ratio 38.2 38.2 . .
18) Current ratio 0.56 0.61 . .
1  Key figures per 31 December.
2  Petoro started in 2001 and the figures are included in the 2001 figures. The values for the State's
direct financial interest are transferred 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.