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StatoilHydro's 3Q Profit Rose 26%

Integrated oil and gas company StatoilHydro ASA reported Monday that its profit for the third quarter grew 26%

Integrated oil and gas company StatoilHydro ASA reported Monday that its profit for the third quarter grew 26% from the previous year, aided by foreign exchange gains, despite a 19% decline in net operating income.

The company recorded a mere 1% growth in quarterly revenues due to lower production in the Norwegian continental shelf, together with 15% decrease in gas prices.

According to the company, Statoil ASA's merger with Norsk Hydro's oil and gas operations became effective as of October 1, 2007.

In the third quarter, the Stavanger, Norway-based company's net income climbed 26% to NOK 10.68 billion or US$1.97 billion from NOK 8.49 billion in the previous year quarter.