StatoilHydro net plunges 68% in Q4

Source: Agencies | February 18, 2009, Wednesday |

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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."

Energy

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StatoilHydro net plunges 68% in Q4

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