ConocoPhillips revenues in Norway down NOK ten billion in two years
The oil company ConocoPhillips Norway’s pre-tax profit was almost 70 percent lower in 2016 than in the previous year. They have still no plans to divest from the Norwegian continental shelf.
The oil giant ConocoPhillips had NOK 14.8 billion in revenues last year from the Norwegian Continental Shelf. Thus revenues have fallen by almost 10 billion in two years. In 2014, the corresponding figure was 24.6 billion, while in 2015 it was 17.9 billion Sysla.no.
The reason for the fall is the low oil price. Last year, the company received $ 43.50 per barrel of oil it sold, down from $ 97.4 a barrel in 2014. Falling revenues also hit the company’s bottom line. Profit before taxes amounted to NOK 1.2 billion, a decrease of almost 70 percent from NOK 3.9 billion the previous year. In 2014, the corresponding figure was 11.9 billion.
From 2014 to 2016, the company reduced the number of permanent employees with 240 on the NCS, as well as about 400 employees, but they are not planning any further cuts.
– ConocoPhillips has a long term strategy in Norway – which aims to be a key player on the Norwegian shelf also in 2050, says Stig S. Kvendseth, director of communications and public affairs for ConocoPhillips Norway, to Sysla.
© NTB Scanpix / Norway Today