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23 Pages

Statoil corporate report

Statoil corporate report

Report summary

Low oil prices have put Statoil's finances and investment-led growth strategy under pressure. The attractiveness of Statoil's diverse project pipeline has diminished since oil prices started to fall and a previously superior medium-term growth outlook has weakened compared to our pre-crash view. The outlook is also constrained by Statoil's finances with gearing the highest among the Majors. We look at the challenges Statoil faces to balance near-term financial pressures with longer-term growth.

What's included?

This report includes 2 file(s)

  • Statoil corporate report PDF - 1.14 MB 23 Pages, 9 Tables, 23 Figures
  • Statoil Corporate Report.xls XLS - 3.48 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • SWOT Analysis
  • Strategy
    • Investment-led strategy under pressure from low oil prices
    • Current strategic positioning
    • Strategic priorities
      • 2) Reworking the new project inventory
      • 3) Sustaining the base business
      • 4) Developing the post 2020 vision
  • Financial health
  • Investment
    • Legacy assets
    • Development pipeline
    • Assets under development
    • Yet-to-be sanctioned projects
    • Onshore North American investment
  • Resources, reserves and production
    • Resources and reserves overview
      • Reserves and resource detail
  • Key success factors
  • Economic assumptions
    • Economic Assumptions
      • Valuation assumptions
      • Foreign exchange rate assumptions

In this report there are 32 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Relative share price performance
    • Market premium/discount to WM Base Case NPV,10 at US$70/bbl
    • Strategy: Table 1
    • Strategic fit of upstream regions
    • Benchmarking: NPV,10 by resource theme
    • Benchmarking: exposure to resource themes (weightings versus Majors' average)
    • Benchmarking: production CAGR
    • Benchmarking: % production from assets with a reserve life of >20 years
    • Benchmarking: pre-FID new project and yet-to-drill NA onshore returns
    • Benchmarking: capital investment (2016 to 2020)
    • Returns from conventional exploration at US$85/bbl flat real Brent
    • Net conventional acreage additions (Jan 2015 to Mar 2016)
  • Financial health
    • Cash flow breakevens
    • Benchmarking: cash flow breakevens (2016 to 2018)
    • Net debt outlook
    • Free cash flow outlook
  • Investment
    • Statoil: development investment
    • Top ten probable projects by projected capex
  • Resources, reserves and production
    • Resources, reserves and production: Image 1
    • Benchmarking: reserves and resources detail
    • Benchmarking: reserves and resource life
    • Production outlook
  • Key success factors
    • Top legacy assets by value
    • Top growth assets by value
  • Economic assumptions
    • Economic assumptions: Table 1
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Economic assumptions: Table 4
    • Economic assumptions: Table 5
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