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A good year for Norwegian oil companies
statistikk
2007-10-24T10:00:00.000Z
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, 2005

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A good year for Norwegian oil companies

The operating income for the oil companies increased by NOK 138 billion to NOK 635 billion in 2005, as a consequence of increased oil prices. This also caused a rise in operating result of NOK 81 billion.

Profitability measures. Extraction of crude oil and natural gas. 2000-2005.

Average oil price per barrel increased from 38.3 dollar to 53.5 dollar in 2005, and contributed strongly to the increase in operating income of 27.8 per cent. The operating result increased to NOK 259 billion, from NOK 178 billion in 2003. The annual profit increased to NOK 111 billion.

The average return on total assets increased from 35.1 per cent in 2004 to 46.7 per cent in 2005. As in 2004, the increase in average return on total assets is caused by the increase in operating result. Average return on equity increased from 44.1 to 61.6 per cent. This is due to the large increase in ordinary result.

Increased financial strength

Total capital in the companies was booked at NOK 679 billion at the end of 2005. Of this capital, 20.5 per cent was bound in current assets (mainly receivables) and 79.5 per cent in fixed assets (mainly property, plant and equipment). There has been an increase in fixed assets from NOK 509 billion in 2004 to NOK 540 billion in 2005. 33 per cent of the capital was financed by short-term debt. Long-term financing by long-term debt made up 37 per cent and long-term financing by equity capital 30 per cent at the end of 2005. Due to a relatively larger increase in current assets compared with short-term debt, the current ratio increased from 0.51 to 0.62 in the course of the year, and thereby increasing the oil companies' financial strength in 2004.

Financial highlights for licenses1 on the Norwegian Continental Shelf2. 1987-2005
Year     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
2003 32  403 532 33.3 435.0 27.3 37.5 27.8 0.59
2004 37  496 706 36.0 440.5 35.1 44.1 26.0 0.51
2005 40  634 675 40.9 446.5 46.7 61.6 29.9 0.62
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.
More information:  Division for Energy and Industrial Production Statistics.
Financial highlights for licensees on the Norwegian Continental Shelf, included the state´s direct financial interest. 2004 and 2005
Key figures1 All licensees Of this the state's direct financial interest
2004 2005 20042 20052
1) Number of enterprises 38 41 1 1
2) Employees as of 31 December 19 502 19 845 - -
  NOK million
3) Operating income      621 225      791 296  124 519  156 621
4) Operating profit  262 261  372 348 83 653  113 069
5) Financial items, net 14 355 29 168 -7 987 -6 567
6) Operating result before taxes      276 616  401 516 75 666  106 502
7) Ordinary result  144 665  217 334 75 666  106 502
8) Annual profit  143 729  218 413 75 666  106 502
9) Fixed assets  640 715  682 235  131 878  142 238
10) Current assets  109 996  160 121 12 151 21 274
11) Long-term liabilities  272 172  269 775 15 931 19 186
12) Short-term liabilities  200 530  235 148 7 568 9 771
13) Equity  278 009  337 433  120 530  134 554
14) Total liabilities and equity  750 711  842 356  144 029  163 512
  Per cent
15) Return on total assets 39.6 52.0 . .
16) Return on equity 52.3 70.7 . .
17) Equity ratio 37.0 40.1 . .
18) Current ratio 0.55 0.68 . .
1  Key figures per 31 December.
2  The figures for Petoro are included in the figures for all licenses and not in the figures for the State´s direct financial interest.
For more information:  Division Energy and Industrial Production Statistics.