The sales income of ExxonMobil in Norway was NOK 33,393 million(1) in 2003 – a 10.8% increase from 2002. The increase is mainly due to higher oil prices(2) and increased production volumes after upstart of the new Ringhorne and Grane fields, as well as a whole year of production at the Sigyn field. In 2003, the company produced  about 390,000 barrels oil equivalent per day – which is equal to about 9% of the Norwegian oil production.

The operating profits were NOK 17,877 millon – NOK 2,771 million higher than in 2002. ExxonMobil paid in excess of NOK 11 billion in taxes in 2003. Profits for 2003 were NOK 5,669 million – NOK 410 million higher than the previous year.

The investments in 2003 were NOK 5,969 million. Exploration and Production represents 96% of the investments, of which most were spent on development of our own operated Ringhorne field and the partner operated Grane field.

Exploration and Production had a busy year in 2003, drilling four exploration wells and one appraisal well. This resulted in three discoveries, adding new oil and gas reserves in the order of 50 million barrels oil equivalent.

Refining had a positive year in 2003 with improved refinery margins from 2002. The refinery had good capacity utilization, and operations safety was good. Esso strengthened its position in Marketing, achieving an overall market share of 22.3% for petroleum products. The company continued to invest in its new ”On the Run”specialty chain, and 13 new stations had been opened by the end of 2003.

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

(2)  From 2002 through 2003 the average crude oil price in dollar increased by 16% to 28.83 dollar, wheras the price increase was only 3.1% measured in NOK.  

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

Årsberetning Esso Exploration Production Norway 2003
Årsberetning Esso Norge 2003
Årsberetning Mobil Exploration Norway 2003