Statoil reports over threefold rise in Q4 profits

Norwegian oil company Statoil ASA said Thursday that fourth quarter profits more than tripled, as a rise in oil prices and increased production offset slumping gas prices. Net profit for the October through December period surged to 7.1 billion kroner ($1.2 billion) from 2 billion kroner in 2008, the state-controlled oil concern said. Revenue, meanwhile, slumped to 125 billion kroner from 150 billion kroner a year earlier. The Stavanger-based... [more]

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