Related News
StatoilHydro net plunges 68% in Q4
Source: Agencies |
February 18, 2009, Wednesday
|
Print Edition
Print Edition
STATE-CONTROLLED Norwegian oil company StatoilHydro ASA reported yesterday a 68-percent decline in fourth quarter profit due to lower crude oil prices and higher taxes.
The Stavanger-based company said that its net profit for the October through December period was 2.0 billion kroner (US$298 million) compared to 6.2 billion kroner for the same quarter of 2007.
The company said oil and natural gas production for the year as a whole rose 5 percent to an average of 1.925 million barrels of oil equivalents per day. Oil equivalents measure the energy content rather than volume of oil and gas.
"We have delivered record production and carried out our most active exploration program ever. In 2008 we put 12 new fields on stream," said Chief Executive Helge Lund.
But crude oil prices fell from a record US$147 per barrel in July to about US$50 in the fourth quarter.
As the company sells oil and gas in US dollars, it said a sharp strengthening of the dollar against the kroner increased its revenue in terms of the Norwegian currency, leading to "an unusually high effective tax rate."
The Stavanger-based company said that its net profit for the October through December period was 2.0 billion kroner (US$298 million) compared to 6.2 billion kroner for the same quarter of 2007.
The company said oil and natural gas production for the year as a whole rose 5 percent to an average of 1.925 million barrels of oil equivalents per day. Oil equivalents measure the energy content rather than volume of oil and gas.
"We have delivered record production and carried out our most active exploration program ever. In 2008 we put 12 new fields on stream," said Chief Executive Helge Lund.
But crude oil prices fell from a record US$147 per barrel in July to about US$50 in the fourth quarter.
As the company sells oil and gas in US dollars, it said a sharp strengthening of the dollar against the kroner increased its revenue in terms of the Norwegian currency, leading to "an unusually high effective tax rate."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
