STO - StatoilHydro ASA

STO - StatoilHydro ASA



Company Description
www.statoilhydro.com

StatoilHydro ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products. It involves in the exploration, development, and production of crude oil and natural gas in Norway and internationally, as well as extraction of natural gas liquids, sulphur, and carbon dioxide. The company also transports and markets natural gas and natural gas products. In addition, it engages in petroleum refining operations; and marketing and selling crude oil and refined petroleum products. Further, StatoilHydro trades in petroleum products, methanol, power, and emission allowances. Its energy and retail network consists of approximately 2,000 Statoil-branded service stations, 470 tanks trucks, and 99 depots in 8 countries in northern Europe. StatoilHydro also has 7,000 kilometers of pipeline from the Norwegian continental shelf to Europe. StatoilHydro ASA was formerly known as Statoil ASA and changed its name to StatoilHydro ASA in 2007. Prior to Statoil ASA, the company was known as Den Norske Stats Oljeselskap A.S. and changed its name to Statoil ASA in 2001. The company was founded in 1972 and is Stavanger, Norway.

Down to support levels at $26 on big volume.

Shares of state-controlled oil company StatoilHydro ASA (NYSE: STO) plunged recently after the company raised its forecast for capital expenditure next year. The cut "surprised the market this morning," and led Credit Suisse to slash its production forecasts by 6 percent, said Credit Suisse analyst Mark Hume. Capital expenditure for the year is estimated at roughly 75 billion Norwegian kroner (US$13.6 billion; euro9.3 billion) compared with 65 billion kroner in 2007.