StatoilHydro profit falls less than expected

OSLO 20071025: Den nye StatoilHydro logoen.Foto: Cornelius Poppe / SCANPIX

Doing better than expected: StatoilHydro

Cornelius Poppe

By Wire services

 11 May 2009 08:49 GMT

Norwegian oil and gas company StatoilHydro posted a smaller-than-expected drop in profits for the first quarter, helped by record output but hit by lower oil prices, and it stuck to its 2009 production target.

Earnings before interest and tax (EBIT) fell to Nkr35.5 billion ($5.57 billion) in the three months to end-March from Nkr51.4 billion in the same quarter last year.

The result beat an average forecast of a drop to Nkr30.2 billion in a Reuters poll of 22 analysts whose estimates ranged from Nkr25.9 billion to Nkr35.7 billion crowns.

Oil and gas production according to the entitlement method rose to 1.94 million barrels of oil equivalent per day in the first quarter from 1.89 million a year earlier, beating analysts' average forecast of 1.89 million.

StatoilHydro shares…

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