The change will have no consequences for the group's overall results or cash flow. It increases the internal price of gas, and all gas in Statoil's portfolio - including associated volumes - now has the same internal price.
A gas price of NOK 0.32 per standard cubic metre (scm) at an oil price (Brent Blend) of USD 15 per barrel will be the starting point for the calculation. From this base, the figure will change in line with movements in the oil price. The average oil price over the six months preceding the calculation will influence the gas price in accordance with the following formula:
Price = (NOK 0.32/scm)*(average oil price over six months)/USD 15
This calculation will be updated on a quarterly basis and posted to Statoil's website. For the second half of 2002, the reference oil price is USD 26.9 per barrel and the internal price for gas is NOK 0.57 per scm for the first quarter of 2003.
Earnings before interest and taxes (EBIT) for E&P Norway and Natural Gas have been changed for each quarter of 2002, and for 2000 and 2001 as a whole. The results are shown in the table.
|
Period |
Changed EBIT* E&P Norway |
Changed EBIT* Natural Gas |
Old internal price NOK/scm |
New internal price NOK/scm |
|
4th quarter 02 |
NOK 9.9 bn |
NOK 1.3 bn |
0.40 |
0.55 |
|
3rd quarter 02 |
NOK 7.7 bn |
NOK 1.3 bn |
0.35 |
0.49 |
|
2nd quarter 02 |
NOK 8.7 bn |
NOK 1.6 bn |
0.29 |
0.43 |
|
1st quarter 02 |
NOK 7.7 bn |
NOK 2.3 bn |
0.38 |
0.48 |
|
Total 2002 |
NOK 34.0 bn |
NOK 6.4 bn |
0.36 |
0.49 |
|
2001 |
NOK 40.9 bn |
NOK 8.0 bn |
0.47 |
0.59 |
|
2000 |
NOK 48.5 bn |
NOK 6.1 bn |
0.40 |
0.55 |
* EBIT = earnings before interest and taxes, adjusted for special items.
Further information from:
Mari Thjømøe, Investor Relations:
+47 51 99 77 90 (office), +47 90 77 78 24 (mobile)
Svein H Skår, Investor Relations:
+47 51 99 49 31 (office), +47 90 68 26 56 (mobile)