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Statoil income rockets up 42%
 Statoil's net operating income surged 42% in the fourth quarter 2011 to NOK 60.7 billion (US $10.53 bn) compared with fourth quarter 2010.
Adjusted fourth quarter earnings were NOK 14.5 bn – up from NOK 11 bn the previous year and net income for the fourth quarter was NOK 25.5 bn compared with NOK 9.7 bn in 2010.
Statoil said that significant increase in net income stemmed primarily from higher net operating income and reduced losses on financial items.
Full year 2011 net operating income was NOK 211.8 bn compared with NOK 137.3 bn in 2010.
Adjusted earnings for the full year were NOK 179.9 Bn, up 26% from 2010 – and net income doubled to NOK 78.4 bn from NOK 37.6 bn in 2010.
Reserves replacement ratio was 1.17 with more than 1 bn barrels added to Statoil's resource base last year said chief executive Helge Lund.
On the HSE front, although Statoil said its total recordable injury frequency was 3.9 in the fourth quarter last year compared with 4.4 in the fourth quarter 2010. For the full year the figure was 4.4 in 2011 compared with 4.2 in 2010.
And the number of accidental oil spills in the fourth quarter 2011 rose to 98 from 74 in the fourth quarter 2010. Statoil's oil spill volume increased from three cubic metres (18.8 barrels) in the fourth quarter 2010, to 12 cubic metres (75.48 barrels) in the fourth quarter last year.
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