StatoilHydro Annual & Sustainability Reports
"StatoilHydro's results and deliveries in 2008 were strong, and we are well positioned to steer through the current economic downturn. Good exploration results and targeted business development strengthen our resource base and underpin our long-term growth strategy," wrote chief executive Helge Lund in the foreword to the annual and sustainability reports 2008.
For the first time, the annual and sustainability reports have only been published online, without an equivalent printed version. Only the reporting required by laws and regulations will be printed and distributed to shareholders.
StatoilHydro's operational performance in 2008 was solid and characterized by record equity production of oil and gas and the most expansive exploration program ever.
"We increased our production and delivered on the production guidance we had given the market, we drilled more efficiently and improved our turnaround performance, and we strengthened our resource base by adding more than 3.5 billion barrels of oil equivalent (boe) through exploration and business development," wrote Lund.
The net operating income was $31.1b, compared with $21.5b in 2007. The net income was $6.8b in 2008, compared with $7b in 2007.
The board of directors has proposed an ordinary dividend and a special dividend of $1.1b per share to the Annual General Meeting, totaling $3.6b.
The annual and sustainability reports describe the group's results and prospects in the areas of finance, health, safety and the environment, human resources and social responsibility.
"I am particularly pleased that HSE results on our offshore installations improved in 2008, and we are dedicated to maintaining this progress," wrote Lund.
The report also describes the group's overall strategy for managing environmental and social impacts, how we handle the main risks and opportunities we are facing, as well as the results we achieved in this area in 2008.
"Hydrocarbons will continue to dominate the energy mix, and population growth and increased prosperity will continue to increase the demand for energy. The challenge is how this energy can be developed and produced at the same time as we limit carbon emissions," wrote Lund, and points out the group's focus on carbon capture and storage.
The reports will be published on StatoilHydro's web site (www.statoilhydro.com). At the same time they will be distributed electronically to the shareholders who have chosen to receive electronic versions of the reports.