Statoil ASA Joint Venture/Partnership Investor Briefing
Aug 19, 2013 AM CEST
OMV.VA - OMV AG
Statoil ASA Joint Venture/Partnership Investor Briefing
Aug 19, 2013 / 11:30AM GMT
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Corporate Participants
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* Hilde Nafstad
Statoil ASA - Senior VP IR
* Helge Lund
Statoil ASA - CEO
* Torgrim Reitan
Statoil ASA - CFO
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Conference Call Participants
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* Theepan Jothilingam
Nomura - Analyst
* Peter Hutton
RBC - Analyst
* Lydia Rainforth
Barclays - Analyst
* Teodor Nilsen
Swedbank First Securities - Analyst
* Anne Gjoen
Handelsbanken Capital Markets - Analyst
* Andre Benonisen
Danske Bank - Analyst
* John Olaisen
ABG - Analyst
* Nicholas Coleman
UBS - Analyst
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Presentation
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Hilde Nafstad, Statoil ASA - Senior VP IR [1]
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Good afternoon and welcome everyone, I'm Hilde Nafstad Statoil's Head of IR. I assume you have all seen the release from Statoil this morning, the stock market announcement [was listed] and you'll find the text and the presentation on our website at statoil.com.
I'm joined here today by Statoil's Chief Executive Officer, Mr. Helge Lund and our Chief Financial Officer, Mr. Torgrim Reitan who will give a short introduction followed by a Q&A session.
With us here today we also have Senior Vice President for Corporate M&A, Katie Jackson and Senior Vice President for Performance Management and Risk, Svein Skeie. I'll now leave the word to our President and CEO, Helge Lund.
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Helge Lund, Statoil ASA - CEO [2]
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Thank you, Hilde and good afternoon to everyone. We're pleased to announce yet another major transaction realizing substantial value for our shareholders and also allowing us to focus our portfolio, and to redeploy capital for future investment among others for our new discoveries at the Norwegian Continental Shelf.
First of all, the deal we announced today has a strong strategic fit in the sense that we exit two non-core, non-operated assets in the UK and also divest two NCS assets with a high ownership share. We extract good value from two NCS fields through a strong industrial performance.
On Gullfaks we have invested in our EOR to maintain a high production level and to secure a long life ahead at the field. And we have also as we announced earlier made an exciting discovery this year. This allows us now to capture the full value of part of that investment and monetize it.
Gudrun is a different story but still rests on the industrial capability and offshore capabilities of Statoil. This was originally a marginal field that we have been able to develop into a profitable project. Developments have been very well executed by our teams and production start-up is only months ahead, as scheduled and also below budget.
In both assets we divest but we still retain more than 50% of the field and we have full industrial control. This is similar to what you observe for the deals we made at Peregrino and the oil sands in Canada earlier. And we develop the field with a high equity share, we use our industrial knowledge, we demonstrate its value and we realize identified potential while keeping operatorship and a high ownership share.
Rationales for the UK fields are a bit different. We exit what is now considered to be non-core assets to Statoil. We have important work to do elsewhere in the UK as we are operating Mariner and Bressay. It therefore made sense to us to sell the non-operated, non-core West of Shetland assets.
Secondly and beyond the strategic perspective, this transaction of course has a strong financial rationale. It's a major transaction even for Statoil. We realize substantial value, raising proceeds of a bit less than $3b and of course we reduce future CapEx by around $7b of which the majority of that is planned for before 2020.
And finally, I believe from a risk management perspective, this transaction makes good sense. By divesting non-core assets, we improve the focus of our portfolio. We also are reducing our high ownership shares at two new fields. And of course we increase the financial flexibility and strengthen our balance sheet. In sum, we believe this transaction makes us better positioned in a more volatile macro environment.
Over the past years we have been more active in terms of portfolio management and I believe we have been quite successful. Our approach is purely value driven; we sell assets when the price is right. Since 2010, transactions have contributed with total proceeds of around $15b and significant accounting gains. Peregrino, Canadian oil sands, Statoil Fuel & Retail, Gassled and the two most recent NCS transactions with Centrica and Wintershall being the biggest completed.
All of these transactions are fully in line with our strategy and they have contributed to substantial value creation. They should therefore be seen as a part of a pattern and a strategic choice. We continue to use portfolio management as a means to create value for our shareholders and I think today's announcement is a prime example of what we would like to achieve.
We're pleased with the price we got for this transaction, particularly noting the significant CapEx release that we have moving forward. And I also think it demonstrates value overall -- of our whole portfolio.
Finally, I'm pleased that we are today also announcing that we are broadening our partnership with OMV, a competent partner. We're already partner with the company on Aasta Hansteen and Edvard Grieg, two fields in Norway. We're now broadening that with Gullfaks and Gudrun and also working in a broader exploration alliance across several licensing -- licenses in Norway, the Faroe Islands and also in the UK.
And we also believe that these two companies can enhance each other's capabilities in EOR which is a critical area for the industry moving forward. We think this is a good transaction for both parties.
And with that I leave the floor to Torgrim Reitan.
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Torgrim Reitan, Statoil ASA - CFO [3]
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Thank you, Helge. First of all, as you understand we are pleased with today's transaction, we realize $2.65b in proceeds plus a contingent payment related to the upside at (inaudible) and we realize capital gains between $1.3b and $1.5b at effective date. In addition, we have reduced future CapEx by around $7b as Helge already mentioned.
This transaction demonstrates the underlying value of our assets. Firstly, this transaction now accounts for 1.5% to 2% of our reserves and the price paid for this 1.5% to 2% is $2.65b. Secondly, if you compare this transaction with what you find in Wood Mac you see a premium of more than [50%] percent. The average premium across the Centrica deal, the Wintershall deal and now the OMV deal translates into a premium of around 50% compared to Wood Mac.
It's important to note that the assets we have divested today have reached different stages of majority. Gullfaks has produced for decades while Rosebank is yet to be sanctioned. It is necessary to have an idea of future capital requirements in order to fully understand the inherent value in the deal. This is why we leave you with an estimate for future costs.
So this transaction will enable Statoil to redeploy around $7b of CapEx of which $5.5b is in the period up to 2020. We also note that there is an upside to the deal. There is an additional (technical difficulty) value in the contingent payment. This is related to the reserves that will be added from the recently announced discovery at Gullfaks. The compensation of $6 per barrel after tax is agreed for additional volumes related to this discovery. And there is no cap on that upside.
We produced around 26,000 barrels of oil equivalent per day from the divested assets the first half of the year. We have estimated production from the assets for the next year to be around 40,000 barrels that is next year, and around 60,000 barrels in 2015. Our portfolio still has the capacity to deliver on the 2020 addition. There is no changes to our guiding but as we have said we will constantly evaluate what is most value creative.
The deal is effective from January 1 this year. There will be an adjustment for the cash flow such at time of closing and that is expected to increase the proceeds further. We have increased our financial flexibility by this not only due to the proceeds but also because future obligations are reduced. This is exactly what we told you back in February when we discussed the financial framework for the next years.
So let's turn to your questions and then Helge and myself will be able to explain the deal in some more detail. First, as in previous deals, we are (inaudible) details per asset, so let's discuss this transaction on an overall level.
May I leave the word to you, Hilde, to lead us through this Q and A session?
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Hilde Nafstad, Statoil ASA - Senior VP IR [4]
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Thank you, Torgrim. First of all, I'll ask the operator to reiterate the process for posing questions.
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Questions and Answers
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Operator [1]
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Thank you. (Operator Instructions).
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Hilde Nafstad, Statoil ASA - Senior VP IR [2]
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Thank you, then we'll come to our first question which comes from Theepan Jothilingam from Nomura. Please go ahead, Theepan.
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Theepan Jothilingam, Nomura - Analyst [3]
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Thanks, Hilde, good afternoon, Helge, Torgrim. I've got a number of questions actually. Just firstly coming back to the CapEx savings of $7b, I just wanted to try to get a feel for where you see that, in terms of it appears even up to 2020 it could be back-end loaded. And sort of, an extension of that question therefore is, in terms of guidance for the next couple of years or 2014, directionally should we still expect CapEx to increase for the Group next year?
Secondly, just on the disposal strategy, yes, very much makes sense to sell non-core assets, but I guess in the portfolio where you are operator with a majority stake, you've got a number of assets where you're not or you're substantially higher than 50%. Are there -- should we think about those assets potentially being also for sale?
And then thirdly, I guess with Helge on the call, I wanted to ask perhaps whether Statoil had had any discussions with the government in terms of their thinking on a potential sell-down in a stake in Statoil at the Group level? Thank you.
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Helge Lund, Statoil ASA - CEO [4]
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Well, perhaps I can speak to the two latter and Torgrim may take the first one. It goes without saying that we have no discussion with our shareholders whether they want to buy or sell shares. That includes the Norwegian government.
In terms of disposal of assets, the key for us is all the time that we try to capture maximum value from all our fields and that is the guiding principle for our portfolio management. Having said that, I think it's very important that those that are following Statoil [read the caption] into what we are doing today and what we have done over the last four to five years where we, in a very strong way, think about portfolio management as part of the overall management value in Statoil. And of course it's a combination of motivations for doing that, to maximize value, making sure that we focus our strategy and of course and I think more and more important in a volatile macro environment that we continue to operate in a -- with a very solid balance sheet.
And we have a pragmatic view also to the ownership share. From time to time, it is right to monetize positions that we have if we see that we can capture good value.
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Torgrim Reitan, Statoil ASA - CFO [5]
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Yes, on your question on the investment profile for $5.5b up to 2020. It's more front-end loaded than back-end loaded this profile. That is (technical difficulty). When it comes to the split of the CapEx, I won't go into detail but just remind you that Gudrun is (technical difficulty) final stages of investment and Gullfaks has continuous investment profile aspect. Rosebank and Schiehallion have a significant investment (background noise).
When it comes to your question related to guidance we have discussed an average of $21b over the next years and we have stated that this is (technical difficulty) with delivering 2.5m barrels per day and this is still valid. These transactions of course make more flexibility around our investment portfolio going forward.
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Hilde Nafstad, Statoil ASA - Senior VP IR [6]
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Thank you, Torgrim. Our next question comes from Peter Hutton from RBC. Please go ahead, Peter.
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Peter Hutton, RBC - Analyst [7]
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Thank you. Thank you, Helge, thank you, Torgrim. Yes, just following up on that last point. So at this stage the saving on CapEx which if it's front-end loaded might be as much as $1b a year at the early stages, that gives flexibility rather than opportunity at this stage to move that guidance down towards '20? Can I just confirm that one?
And the second question is the -- the guidance of 40,000 impact on volumes net to Statoil in 2014 and 60,000 in 2016, just correlating that with OMV's presentation, they're giving 15,000 in from Gudrun and 25,000, 26,000 in 2014 from Gullfaks. Can I just confirm that the implication of that given that Gudrun is, I think, is 65,000 barrel a day gross project, the implication of that is expecting it to run at virtually from the beginning of 2014? that would be helpful to confirm that, whether you're on track for that one?
And the second one is the difference between the 40,000 and the 60,000, can we therefore assume that that would be on Gullfaks and Gullfaks alone or any other element coming from the four areas that you're divesting today?
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Helge Lund, Statoil ASA - CEO [8]
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Helge here, thank you, Peter, hope you're doing well. Well, on the investments, we don't make any adjustments to our guiding. (technical difficulty) forecast the markets to suggest. But you're right this gives us more flexibility in our investment program over the next years.
Moving on to production numbers I can't comment on OMV's analyst call, but these are consistent with our numbers and, yes, Gudrun is on track and we expect that to be in production in the first quarter of 2014.
So West of Shetland there are no productions in 2014 and also minor volumes from (inaudible).
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Peter Hutton, RBC - Analyst [9]
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Okay, thank you.
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Hilde Nafstad, Statoil ASA - Senior VP IR [10]
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Thank you. The next question comes from Lydia Rainforth from Barclays. Please go ahead Lydia.
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Lydia Rainforth, Barclays - Analyst [11]
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Thanks and good afternoon, everybody, three questions if I could. Firstly these are great assets that you're selling away, so could you just talk about the longer term, the 2020 aspiration for the Norwegian Continental Shelf and whether that has been affected?
And then secondly, just could you talk us through the research and development, the enhanced oil recovery outside the partnership that you've put in place for OMV. And what are you expecting from that?
And then finally, if I could just come back to this idea of, you're saving future CapEx. Are these deals towards the low end of the Statoil portfolio, in terms of the return on future CapEx that you're looking at? And that it's just that you have other opportunities that you would rather spend on? I'm just thinking -- wondering how to think about that element of it. Thank you.
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Helge Lund, Statoil ASA - CEO [12]
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This is Helge, thank you, Lydia. On the 2020 aspiration for the Group altogether, Torgrim introduced by saying that we did have the capacity to deliver the 2.5m barrels per day for the overall portfolio included in the Norwegian Continental Shelf, also after this transaction. And then we will come back to, of course, how we manage that. We're clearly not driven by value ambitions -- by volume ambitions, but by value. I think this actually is a clear statement to that and we will use the [capital day] later to discuss where the future is beyond what we say now.
On restructure and development or technology collaboration within EOR, this is a critical area for the oil and gas industry. I think Statoil has a tremendously strong track record of EOR on the Norwegian Continental Shelf but our counterpart has a similar track record in other fields and also smaller fields than -- and we believe that there is a potential by these two companies working together, their technology to see how we can learn from each other, learn from each other and [launch] technology efforts, but it's too early to be more specific at this stage and perhaps Torgrim will comment again on the CapEx side.
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Torgrim Reitan, Statoil ASA - CFO [13]
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So these assets are -- we are in a [premium] situation with a lot of investment opportunities of this project (technical difficulty). But these assets, I'm not going to review the ranking of these assets. But we feel that the value created of the divestments is (technical difficulty) attractive to us and we are (technical difficulty).
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Lydia Rainforth, Barclays - Analyst [14]
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That's great. Thank you.
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Hilde Nafstad, Statoil ASA - Senior VP IR [15]
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Thank you. Our next question comes from Teodor Nilsen of Swedbank First Securities. Go ahead, Teodor. Teodor, are you there?
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Teodor Nilsen, Swedbank First Securities - Analyst [16]
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Hello, hello.
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Hilde Nafstad, Statoil ASA - Senior VP IR [17]
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Now we can hear you, please go ahead.
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Teodor Nilsen, Swedbank First Securities - Analyst [18]
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Perfect, good afternoon. So just a follow-up question on the last question actually, it's related to production level on NCS. You have said that you will be able to produce 1.4m barrels in Norway through 2020. Does this transaction change that or do you need to acquire more production in Norway to be able to meet that target?
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Helge Lund, Statoil ASA - CEO [19]
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Again, hello, Teodor, we have made specific assumptions and -- guiding on 40,000 barrels per day in 2014 and 60,000 barrels per day in 2016. And it goes without saying that -- those short time horizon this really impacts our production. On the longer-term horizon I'm not prepared at this stage to go into specifics in our ambition, the 2020 ambition, beyond what we have already said earlier today and confirmed by Torgrim right now that the overall portfolio has the capacity to deliver 2.5m barrels and beyond even after this transaction.
Of course, you are very -- (inaudible) Norwegian Continental Shelf, you know that we have made significant discoveries, there of course (inaudible) could be a very, very important part of the production perspective of the Norwegian Continental Shelf and of course also in terms of value creation.
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Teodor Nilsen, Swedbank First Securities - Analyst [20]
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Okay, thank you. So we can assume that OMV mentioned several focus -- or early focus areas on NCS going forward and as far you remember -- you mentioned both Gullfaks and Schiehallion and after this transaction maybe Schiehallion will be even more important than before in terms of production going towards 2020?
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Helge Lund, Statoil ASA - CEO [21]
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Well, we will continue to explore at the Norwegian Continental Shelf and we continue to take the maximum out of the fields that we are responsible for. (inaudible) goes without saying extremely important for Statoil as well with a 40% share in both of the licenses. And we have an exciting exploration and (inaudible) building also in the Barents Sea and several projects under execution. So I feel that we have adequate and stimulating investment opportunities at the Norwegian Continental Shelf.
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Teodor Nilsen, Swedbank First Securities - Analyst [22]
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Okay thank you, Helge, that's all from me.
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Helge Lund, Statoil ASA - CEO [23]
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I would maybe add, to say that we have a strong resource base and a good project portfolio and that is a key focus of our development activities moving forward.
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Hilde Nafstad, Statoil ASA - Senior VP IR [24]
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Okay, thank you. Next in line we have Anne Gjoen from Handelsbanken Capital Markets. Please go ahead, Anne.
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Anne Gjoen, Handelsbanken Capital Markets - Analyst [25]
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Thank you. Since you've been giving us guiding when it comes to volume impact 40,000 barrels in 2014 and 60,000 in 2016, I wonder if it's possible for you to guide on some kind of earnings impact if we, for example, assume an oil and gas price at today's level? The reason why I'm asking is that I'm a bit uncertain about the OpEx and depreciation level on these fields.
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Helge Lund, Statoil ASA - CEO [26]
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Okay, Anne, thank you. You're right; the volume impact has been described. When it comes to earnings impact, yes, there will be an immediate effect at closing on the (technical difficulty) sales of (technical difficulty) $1.5b. Beyond that, there are some clarity (inaudible) I can talk about and that is the fact that new developments typically have a very high [DD&A] at the start of production, like you have seen on [spuds] lately.
So on Gudrun specifically has a high DD&A per barrel, that's typically rolled (technical difficulty). Apart from that we do (inaudible) and you know what that -- is a lot in our (inaudible) going forward.
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Hilde Nafstad, Statoil ASA - Senior VP IR [27]
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Thank you, then we have the next in line Andre Benonisen from Danske Bank. Please go ahead, Andre.
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Andre Benonisen, Danske Bank - Analyst [28]
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Good afternoon, everyone. Just a question here, it appears that the deal includes options over 11 exploration licenses. Could you give us a bit of details around that?
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Helge Lund, Statoil ASA - CEO [29]
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It's right that it includes an intention by the parties and an option for taking for OMV to take share in exploration licenses in Norway and Faroe and the UK. But at this stage we cannot go into more detail at this moment in time. But of course we value their interest in continuously (inaudible) and strengthening their position in the more core areas including Norway.
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Andre Benonisen, Danske Bank - Analyst [30]
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Okay, thank you.
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Hilde Nafstad, Statoil ASA - Senior VP IR [31]
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Thank you, then we have John Olaisen from ABG. Go ahead, sir.
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John Olaisen, ABG - Analyst [32]
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Good afternoon gentlemen. On the slides you write that the transaction is further increasing the financial flexibility of Statoil and your net proceeds from the transaction is about NOK5 per share. Are you considering extraordinary dividends at all?
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Helge Lund, Statoil ASA - CEO [33]
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Well, we have a dividend policy and there is no change to that, nothing further to communicate around that. But it goes without saying and beyond the dividend question that this is not only capturing good value to Statoil but also generally increasing our financial flexibility and of course the strength of our balance sheet. We believe that is important in this extremely high investment leverage and significant volatility in the macro environment. And as you very well know, John, we have been focused on this since the financial crisis and we continue to be focused at that.
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John Olaisen, ABG - Analyst [34]
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But your balance sheet is stronger than it has been for many years. How much stronger do you want your balance sheet to become?
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Helge Lund, Statoil ASA - CEO [35]
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There is no guide specifically on that net debt to capital employed but I think the commitment that we have to give to our shareholders is that we're able to manage Statoil and execute our strategy in very different oil and gas price environments. And I think this transaction will support that objective.
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John Olaisen, ABG - Analyst [36]
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Okay, thank you.
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Hilde Nafstad, Statoil ASA - Senior VP IR [37]
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Thank you very much. Next in line we have Nicholas Coleman from RBS.
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Nicholas Coleman, UBS - Analyst [38]
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Fine, thank you very much. I'd just like to ask, in terms of how Statoil balances its Norwegian activity and its international activity, how does this fit in? Does this -- is part of the intention for example to free capital for future international projects for international expansion? I'm thinking for example East Africa or something like that. Could you just talk a bit about how this fits into that sort of global international strategy if it does and in what way it does? Thank you.
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Helge Lund, Statoil ASA - CEO [39]
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The way I would like you to think about that question is that this transaction does not alter or change the strategic direction of the Group altogether. And if you look at the pattern that we have established since 2008 we have now solid assets or shares of assets in Norway as well as international. This is much more strategy than asset driven.
The strategy itself really at the high level includes three main pillars and that is to maximize the value of the Norwegian Continental Shelf and then is to build a position complex offshore deals outside Norway building on the -- or capitalizing on the (inaudible) offshore experience in Norway and then we have taken industrial positions in shale, gas and oil opportunities in North America. Those three areas still are (inaudible), we'd like to continue to (technical difficulty) the Group.
I would also like to underline in the context of your question that we have been one of the most successful exploration companies over the last few years. We have made major discoveries in Norway, in Tanzania and Brazil and beyond and of course that has to also lead to a rethink, can I think about how do we deploy our capital in the best possible way. And I think one way to think about Norway is here we really use financial capacity to invest in a continued exploration program but also take the full value out of the onside (technical difficulty).
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Nicholas Coleman, UBS - Analyst [40]
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Okay, thank you.
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Hilde Nafstad, Statoil ASA - Senior VP IR [41]
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Here then we only have one question left on the list and that comes from Peter Hutton, RBC.
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Peter Hutton, RBC - Analyst [42]
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Yes, it's just a follow-up question if I may. I'm just reminded looking down you're selling off a package of four, are these all as one package? Is there any potential complication if for example one of the partners in one of the fields were to exercise pre-emption rights? I'm just reminded that you're selling about 5.9% of Schiehallion and Royal Dutch bought Marathon's Schiehallion 5.9%, so it has indicated some interest of that. If that happens does it cause a lot of complications or is it not -- or is it fairly neutral?
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Helge Lund, Statoil ASA - CEO [43]
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I don't think we want to go into the (inaudible) in the agreement but we believe is relatively [for] completion, it's for both parties.
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Peter Hutton, RBC - Analyst [44]
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And the completion date is end of this year?
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Helge Lund, Statoil ASA - CEO [45]
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We have indicated around the year end.
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Peter Hutton, RBC - Analyst [46]
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Excellent, excellent, thank you.
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Torgrim Reitan, Statoil ASA - CFO [47]
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On this, of course, we are dependent on approvals from third parties.
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Peter Hutton, RBC - Analyst [48]
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Yes, thank you very much.
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Hilde Nafstad, Statoil ASA - Senior VP IR [49]
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Thank you very much. This concludes our conference call for today. If there are any further questions please contact Investor Relations. Thank you very much and have a good day.
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