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Statoil net profits up 11.2 percent
AFP
OSLO
Petroleumworld.com 07 30 07
Statoil, the leading Norwegian oil and gas group, said Monday that net profit had risen 11.2 percent in the second quarter on the back of higher sales of natural gas.
Net earnings rose to 10.951 billion kroner (1.364 billion euros, 1.861 billion dollars) while after-tax profits fell by 11.9 percent to 28.329 kroner.
But the after-tax result beat market expectations of 28.08 billion kroner.
Sales in the April-June period gained 1.18 percent from second quarter 2006 to 108.883 billion kroner.
"The 11 percent increase in net income from the second quarter of 2006 to the second quarter of 2007 was mainly due to lower income taxes and higher sales volumes of natural gas," Statoil said in a statement.
But it added that "the increase in net income was partly offset by a decrease in the natural gas price and in the average realised oil price, both measured in Norwegian kroner."
Norway is the world's third largest oil exporter.
The company noted that in the second quarter prices for crude oil had fallen 3.0 percent while those for natural gas were down 13 percent.
As a result operating earnings fell 13.14 percent in the period to 25.987 kroner.
Statoil said its hydrocarbon output rose 3.0 percent to 1.112 million equivalent barrels of oil from second quarter 2006.
Statoil shares were showing a gain of 0.44 percent to 170.50 kroner in early trading here on an overall market that was 0.53 percent stronger.
AFP 30 0909 GMT 07 07
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