The sales income of ExxonMobil1 in Norway was NOK 43,763 million in 2004 – an increase of more than 30% from 2003. This makes ExxonMobil the 4th largest company in Norway measured in turnover. Higher oil prices and increased production volumes – mainly from own operated fields – were the main causes of the increase in sales income.

In 2004, the company produced about 440,000 barrels oil equivalent per day – which is equal to about 10% of the total Norwegian oil and gas production. In 2004, the company’s total net liquids production, i.e. crude oil, condensate and NGL (Natural Gas Liquids), constituted 271.000 barrels a day, which represents an increase of 34.300 barrels per day compared to 2003.

The operating profits were NOK 26,323 millon – NOK 7,456 million higher than in 2003. ExxonMobil has charged the accounts with nearly NOK 20 billion in taxes in 2004. Profits for 2004 were NOK 7,017 million – NOK 1,348 million higher than in the previous year.

The investments in 2004 were NOK 4,771 million. Exploration and Production represented more than 90% of the investments. Over the last 15 years, the company has invested close to NOK 90 billion in Norway.

ExxonMobil Exploration and Production Norway AS drilled one exploration well in 2004 on licenses PL242 and PL001B, which resulted in a small, non-commercial discovery. Additionally, one well was drilled on the Brage field, which identified a new, minor oil zone.

Refining had a positive earnings development, mainly due to improved refinery margins from 2003. This development was caused by uncertainty regarding supplies of lowsulfur products as a result of specification changes in Europe from 2005.

After strengthening its position in marketing in 2003, Esso’s market share of total sales volumes fell by 1 percent to 21.3% in 2004. The decline is i.a. due to the comprehensive program of closing down old and establishing new gasoline stations, as well as a substantial restructuring of the company’s activities. The company strengthened its”On the Run”specialty chain through the building of 12 new stations in 2004. By the end of June 2005, there were 30 such stations – all of them in eastern Norway.

(1) ExxonMobil in Norway includes several companies – i.a. ExxonMobil Exploration and Production Norway AS, ExxonMobil Production Norway Inc., and Esso Norge AS. The figures given in this text are consolidated figures for the three mentioned companies.

Below you find pdf files with the annual reports (in Norwegian) of the three companies:

Årsberetning ExxonMobil Exploration Production Norway 2004
Årsberetning Esso Norge 2004
Årsberetning ExxonMobil Production Norway 2004