Positive Q1 for StatoilHydro
The Norwegian oil and gas major StatoilHydro yesterday reported a first quarter 2009 net operating income of 35.5 billion NOK, compared to 51.4 billion NOK in the first quarter of 2008. The result was better than expected.
The company says the quarterly result was negatively affected by a 41percent drop in oil prices, partly offset by a 23 percent increase in the average price of natural gas and a 7 percent increase in lifted volumes of oil and gas, a press release from the company reads.
In addition to low crude oil prices, the first quarter net income was influenced by currency effects and an unusually high effective tax rate. In the first quarter of 2009, net income was 4.0 billion NOK compared to 16.0 billion NOK in the same quarter a year ago.
- Recession and uncertainty in the world economy is continuing to impact energy demand and energy prices. Facing the turmoil, we are continuing to pursue further cost reductions, increased efficiency and operational improvements, says StatoilHydro’s Chief Executive Helge Lund.
Noting that the first quarter result was strongly influenced by low crude oil prices, currency effects and unusual income tax effects due to the new functional currency, the chief executive emphasizes that operations and production have been satisfactory.
Total equity production of liquids and gas in the first quarter of 2009 was 2.074 million barrels of oil equivalent per day, up 1 percent from the first quarter of 2008.
