Reply #15: Norway’s largest oil and gas company, posted a 67 percent drop in fourth-quarter

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http://www.bloomberg.com/apps/news?pid=20601085&sid=aNJaKd2.vizE&refer=europe


StatoilHydro Profit Drops 67% on Weaker Krone, Oil (Update1)

By Marianne Stigset and Vibeke Laroi

Feb. 17 (Bloomberg) -- StatoilHydro ASA, Norway’s largest oil and gas company, posted a 67 percent drop in fourth-quarter profit as a weaker krone pushed up debt costs and crude oil plunged more than $100 a barrel from a record.

The company had net income of 2.01 billion kroner ($285 million), or 0.63 kroner a share, from a profit of 6.15 billion kroner, or 1.93 kroner, a year earlier, the Stavanger-based company said today. A loss of 409 million kroner was expected, according to the median estimate in a survey of analysts.

“We have delivered record production and carried out our most active exploration program ever,” Chief Executive Officer Helge Lund said in the statement. “StatoilHydro is well positioned to manage through the global economic downturn. A strong balance sheet and active cost management will enable us to pursue our long-term strategic direction,” he said.

Benchmark Brent North Sea crude tumbled 54 percent in the quarter, paring earnings for oil companies. Royal Dutch Shell Plc, Europe’s largest oil company, posted its first quarterly loss in 10 years, while BP Plc, the second-largest, had its first loss in seven years. Oil producers such as StatoilHydro are cutting exploration spending and reducing costs as a result.