Statoil ASA (ADR) (NYSE:STO) operating income dropped 4% in 4Q2013, to NOK 43.9 billion while adjusted earnings dropped 12% YoY to NOK 42.3 billion during the same period. Company annual net operating income dropped 25% to NOK 155.5 billion in 2013 versus NOK 206.6 billion in the previous year.
Table 1: Financial highlights of 2013
Production shortages in 2013 drag down revenues
Earnings were driven down primarily by a decline in the top line accompanied by a massive increase in expenses. Sales were driven down by a drop in production in both Statoil-operated fields and partner-operated fields. Production was down across the board in both Norwegian...
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