Energy group Statoil has reported a slightly smaller-than-expected jump in fourth-quarter operating profit.
Earnings before interest and tax rose to $4.12 billion in the three months to end-December from $2.75 billion in the same quarter a year earlier, Statoil said.
The Norwegian company said 2006 oil and gas production would rise to around 1.2 million barrels of oil equivalent per day, and it stuck to its target for daily output of 1.4 million barrels per day in 2007.
"Last year was a prosperous year for the group, with strong results underpinned by increased production and continued strict cost control, as well as high oil and gas prices," chief executive Helge Lund said.
Statoil's shares were 1.7 per cent lower at 173.50 crowns (€25.48) early this morning, compared with an all-time high of 187 crowns.