StatoilHydro: Solid performance in a demanding market
StatoilHydro’s (OSE:STL, NYSE:STO) second quarter 2009 net operating income was NOK 24.3 billion, compared to NOK 62.6 billion in the second quarter of 2008.
The quarterly result was negatively affected by a 40% drop in oil prices, an 18% decrease in the average price of natural gas and a 9% reduction in liftings of liquids, partly offset by a 4% increase in lifted gas volumes and improved margins for natural gas.
Adjusted for certain items that management considers not to be reflective of StatoilHydro’s underlying operational performance in the individual reporting period, adjusted earnings in the second quarter of 2009 were NOK 29.2 billion, compared to NOK 56.3 billion in the second quarter of 2008. The decrease in adjusted earnings was primarily due to lower prices and volumes of liquids and partly due to decreasing prices for natural gas. The reduction was only partly compensated by higher margins and sales volumes of natural gas.
The second quarter net income was NOK 0.0 billion and was mostly influenced by lower crude oil and gas prices, currency effects and an unusually high effective tax rate caused in part by tax on currency gains not reflected in the net financial items.