Statoil posts Q3 manufacturing/marketing op loss

29 October 2007 11:31  [Source: ICIS news]

LONDON (ICIS news)--StatoilHydro reported a manufacturing and marketing division third-quarter operating loss of NKr50m ($9.4m/€6.5m) on weaker exchange rates and lower refining margins, the company said on Monday.


The manufacturing and marketing division's loss of NKr50m was sharply down from a profit of Nkr2.1bn in the third quarter of 2006. The division includes includes oil trading and methanol production.


The results only take into account operating profit as the merger with NorskHydro's oil and gas operations came into effect at the beginning of the fourth quarter.


Revenues from the division rose just 1% to Nkr93.2bn.


Divisional operating profit for the first nine months of 2007 was down just 40% over the same period in 2006.


Overall net operating income in the third quarter of 2007 was down 19% to Nkr24.4bn.


The decrease was mainly due to lower downstream results, a 15% decrease in gas prices in the Norwegian kroner, an increase in unrealised profit on inventories of Nkr1.9bn and higher total operating expenses, the company said.


“The decrease in net operating income was partly offset by increased lifted volumes of oil and gas,” the company said.


($1 = NKr5.36/€1 = Nkr7.72)


By: Lucy Craymer
+44 20 8652 3214

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