StatoilHydro ASA (OSE: STL, NYSE:STO) first quarter 2008 result was influenced by high oil and gas prices. Net income in the first quarter of 2008 amounted to NOK 16.0 billion, compared to NOK 9.9 billion in the first quarter of 2007.
The increase in net income from the first quarter of 2007 to the first quarter of 2008 was mainly due to a 42% increase in realised oil prices measured in NOK.
In addition, the increase in net income is explained by higher natural gas prices, lower write-down of inventories, gains from sales of assets and currency gains. The increase was partly offset by increased exploration expenses.
