StatoilHydro 1Q Net Profit Plunges 75 Percent

The group said its deliveries of oil and gas increased 2 percent to an average of 1.935 million barrels of oil equivalents, which measure energy content rather than volume of oil and gas.

"Our long-term strategy remains firm. We have strengthened our portfolio of exploration acreage in Norway and the US Gulf of Mexico and we have maintained high exploration activity, with good results," said Lund.

StatoilHydro is the main oil producer on the Norwegian continental shelf, and has about 31,000 employees and activities in more than 40 countries.

StatoilHydro shares closed down 2.1 percent at 137.70 kroner ($21.76) on the Oslo stock exchange.

____

On the Net:

www.statoilhydro.com