The increase in net income from the second quarter of 2007 to the second quarter of 2008 was mainly due to a 44% increase in realized liquids prices measured in Norwegian kroner (NOK), a 49% increase in natural gas prices and an 8% increase in lifted volumes. The increase was partly offset by negative net financial income and higher taxes.
Net income in the first half of 2008 amounted to NOK35 billion, compared to NOK23.9 billion in the first half of 2007. The increase in net income from the first half of 2007 to the first half of 2008 was mainly due to a 44% increase in realized liquids prices measured in NOK and a 31% increase in natural gas prices. The increase was partly offset by increased operating expenses, exploration expenses and higher taxes.
StatoilHydro’s total liquids and gas entitlement production in the second quarter of 2008 was 1.71 million barrels of oil equivalent (boe) per day. Lifted volumes increased by 8% to 1.73 million boe. Combined with record high prices for liquids and natural gas, net operating income for the second quarter of 2008 increased to NOK62.6 billion, up 74% from NOK36.1 billion in the second quarter of 2007.
StatoilHydro delivered liquids and gas entitlement production in the first half of 2008 totaling 1.79 million boe per day. Solid production and record high prices yielded a net operating income of NOK114.1 billion for the first half of 2008, compared to NOK70.5 billion in the first half of 2007.
During the first half of 2008, StatoilHydro gained access to 15 new licenses through licensing rounds in the Gulf of Mexico, Alaska and Brazil. This comes in addition to the acquisition of the remaining 50% of the Peregrino development offshore Brazil. The acquisition is still pending government approval.
