This first annual report from the merged company will be presented under the title ”Building together". The printed version will be distributed on 25 April.
"StatoilHydro's first annual result is strong, and we are in a good position to achieve long-term growth and increased value creation for our shareholders," chief executive Helge Lund emphasises in the preface to the annual report.
The improvement potentials on the Norwegian continental shelf and opportunity to take part in the development of the Shtokman project support the logic of the merger and are early indications of the opportunities and potential that the merger has created," he maintains.
The StatoilHydro board of directors characterises the merger of Statoil ASA and Norsk Hydro's oil and gas activities on 1 October 2007 as a forceful response to increasing complexity and international competition in the industry.
The successful merger represents an important milestone in a year marked by a historically high level of activity, the board maintains. Other important milestones in 2007 are the completion of the Ormen Lang project and first shipment of Snøhvit liquefied natural gas (LNG) from the plant at Melkøya. In addition, eight projects on the Norwegian continental shelf and five international projects have come on stream during the year.
StatoilHydro's entitlement production of oil and gas totalled 1 724 million barrels of oil equivalent per day in 2007. The contribution from the international part of the business was record high, accounting for 18 percent of the entitlement production. The annual result for 2007 totalled NOK 44 641 million. The board of directors proposes to the annual general meeting that a total ordinary and extraordinary dividend of NOK 8.50 per share be paid.
Source: StatoilHydro
