Norway's state oil giant Statoil ASA had a net income of NOK 7.8 billion in the first quarter of 2007, compared to NOK 10.8 billion in the first quarter of 2006.
The 27% decrease in net income from the first quarter of 2006 to the first quarter of 2007 was mainly due to an 11% decrease in the average realised oil price and a 14% decrease in gas prices, both measured in NOK.
"We are delivering strong results despite lower oil- and gas prices," says Statoil's chief executive officer Helge Lund.
"We are facing some technical challenges, mainly related to the pioneering high temperature and high pressure fields Kvitebjrn and Kristin."
In the first quarter of 2007, earnings per share were NOK 3.58 (USD 0.59) compared to NOK 4.92 (USD 0.75) in the first quarter of 2006.
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Statoil's 1Q 2007 Profit Declined 27%
Statoil ASA had a net income of NOK 7.8 billion in the first quarter of 2007
