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StatoilHydro 1Q Net Profit Plunges 75 Percent

Stock quotes in this article: STL  

OSLO (AP) — State-controlled oil company StatoilHydro ASA on Monday reported a 75 percent plunge in first quarter net profits due largely to lower crude prices and higher taxes.

The Stavanger-based group said its net profit for the January through March quarter was 4 billion kroner ($618 million) compared to 16 billion kroner a year earlier when oil prices were regularly hitting new highs.

A news release said oil prices fell 41 percent from a year ago, and that the earnings were hit by currency exchange rates, unusually high Norwegian taxes and greater costs, especially for exploration. ...

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