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Increasing oil prices led to good results
statistikk
2006-02-28T10:00:00.000Z
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, 2004

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Increasing oil prices led to good results

The operating income for the oil companies increased by NOK 93 billion1 to NOK 497 billion1 in 2004, as a consequence of increased oil prices. This also caused a rise in operating income of NOK 44 billion.

Average oil price per barrel increased from 28.7 dollar1 to 38.1 dollar1 in 2004, and contributed strongly to the increase in operating income of 23.1 per cent1. The operating result increased to NOK 179 billion, from NOK 134 billion in 2003. The annual profit increased to NOK 69 billion1.

The average return on total assets increased from 27.3 per cent in 2003 to 35.1 per cent1 in 2004. In the previous years the return on total assets has decreased due to increase in equity. Also in 2004, equity increased, but due to the high operating profit, average return on assets increased. In addition, the oil companies had large financial income from dividends and reduced interest rates.

Average return on equity increased from 37.5 to 44.1 per cent. This is partly explained by the increase in ordinary result, and partly by a decrease in the equity ratio.

Profitability measures. Extraction of crude oil and natural gas. 1999-2004

Total capital increased - reduced financial strength

Total capital in the companies was booked at NOK 607 billion1 at the end of 2004. Of this capital, 16.1 per cent1 was bound in current assets (mainly receivables) and 83.8 per cent1 in fixed assets (mainly property, plant and equipment). There has been an increase in fixed assets from NOK 473 billion in 2003 to NOK 509 billion1 in 2003. 32 per cent of the capital was financed by short-term debt. Long-term financing by long-term debt made up 42 per cent1 and long-term financing by equity capital 24.8 per cent at the end of 2004. Due to the increase in short-term debt, and just a slight increase in current assets, the current ratio decreased from 0.59 to 0.511 in the course of the year, and thereby decreasing the oil companies' financial strength in 2004.

Financial highlights for licenses1 on the Norwegian Continental Shelf2. 1987-2004
Year 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 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
20046..... 37  496 706 36.0 440.5 35.1 44.1 26.0 0.51
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.
6  The figures for 2004 are corrected 30 October 2007.
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. 2003 and 2004
Key figures1 All licensees Of this the state's direct financial interest
2003 20043 20032 20042
1) Number of enterprises 33 38 1 1
2) Employees as of 31 December 19 756 19 502 - -
  NOK million
3) Operating income  508 717  621 225  105 185  124 519
4) Operating profit  202 549  262 261 68 147 83 653
5) Financial items, net  371 14 355 -6 571 -7 987
6) Operating result before taxes  202 920  276 616 61 576 75 666
7) Ordinary result  114 409  144 665 61 576 75 666
8) Annual profit  107 245  143 729 61 576 75 666
9) Fixed assets  597 820  640 715  124 407  131 878
10) Current assets 94 436  109 996 11 101 12 151
11) Long-term liabilities  270 781  272 172 11 140 15 931
12) Short-term liabilities  148 220  200 530 5 986 7 568
13) Equity  273 256  278 009  118 382  120 530
14) Total liabilities and equity  692 257  750 711  135 508  144 029
  Per cent
15) Return on total assets 31.9 39.6 . .
16) Return on equity 44.0 52.3 . .
17) Equity ratio 39.5 37.0 . .
18) Current ratio 0.64 0.55 . .
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.
3  The figures for 2004 are corrected 30 October 2007.
More information:  Division Energy and Industrial Production Statistics.
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1Corrected 30.10.2007.