Strong quarter • Strong financial results • Growing production as expected - Record international production - Continued strong NCS production • Strong exploration performance - Three high impact discoveries - Accessing new acreage • Streamlining our portfolio • Outlook unchanged 2
Growing production – as expected • Production increase by 11 % Equity production mboe/d from 1Q 2011 2193 1971 1975 • Strong gas production 1764 1692 984 • IOR efforts paying off 847 826 640 616 • New fields on stream • Ramping up international production 1209 1124 1075 1149 1124 • Uncertainties 2012 − Gas value over volume 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 − Start-up and ramp-up Oil Gas − Operation regularity 3
Strong financial results • Increased production of oil and gas 1Q 2012 NOK bn • Higher oil and gas prices 15.4 57.9 1.2 59.2 (42.3) 16.8 − Oil price up 12 % (NOK) (4%) 14% 25% 41% − Gas price up 15 % (NOK) Net income Reported Adjustments Adjusted Tax on adj. Adjusted NOI earnings earnings earnings after tax 1Q 2011 NOK bn 16.1 50.8 (3.5) 47.2 (35.4) 11.9 4
Increased earnings in all segments 1Q 2012 1Q 2011 NOK bn Adjusted earnings Adjusted earnings Business area pre tax after tax pre tax after tax D&P Norway 47.1 11.4 39.4 9.7 International D&P (DPNA & DPI) 7.0 4.4 5.1 1.4 Marketing, Processing & Renewable energy (MPR) 4.6 1.0 2.7 0.7 Fuel & Retail 0.2 0.2 0.3 0.3 Other 0.2 (0.2) (0.4) (0.1) Total adjusted earnings 59.2 16.8 47.2 11.9 Year-on-year change 25 % 41 % 5
Strong cash generation YTD 2012 NOK bn Cash flow from underlying • Robust financial position Cash flows Cash flows operations Taxes paid to organic from sale of investments assets 71 1) (19) • Further strengthening 14 2) (30) our balance sheet 1) Income before tax (57) + Non cash adjustments (14) 2) Including cash payment related to the sale of Gassled received in 1Q 2012. 6
Securing long-term growth through exploration Three new high impact discoveries in 2012 2012-2014: Around 20 high impact wells Pão de Açúcar (Brazil) Havis (Norway) Zafarani (Tanzania) 400-600 mmboe 1 Up to 5 TCF 2 > 250 mmboe 3 Statoil share: 50 % Statoil share: 65 % Statoil share: 35 % Access to new acreage Wells to watch in 2Q 2012 Norway (APA 2011) West Greenland Ghana Kilchurn Lavani King Lear 11 licenses 29000 sq km 2100 sq km Gulf of Mexico Tanzania Norway Statoil share: 35 % North S. & Norwegian S. Statoil share: 30.625 % Statoil share: 70% Statoil share: 65% Statoil share: 78% Basin/area with high impact wells 1 Provisional total volume estimate for Skrugard and Havis discoveries in PL532 7 2 Up to 5 Tcf of gas in-place 3 Pending final testing and evaluation
Substantial and profitable international growth On track for 2020 production ambition Contributing significantly to cash flow Equity production, D&P International Adjusted EBITDA 1 from D&P International mboe/d NOK bn >1100 1200 15 12.9 1000 800 662 8.6 10 6.5 26% 600 422 5 400 200 0 0 1Q 2011 4Q 2011 1Q 2012 2007 1Q 2012 2020 Investing for profitable growth Building the resource base Capital expenditures outlook 2012-2016 Increase in resources outside NCS 100 % bn boe Modifications MPR Other Exploration IOR Wells 80 % Gas Rest of world 15 E&P NCS 60 % Inter- North America national 10 40 % Green field Liquids 5 E&P INT 20 % NCS 0 % 0 Upstream/downstream Upstream per region Upstream exp. Gas/liquids share Statoil 2006, StatoilHydro 2007 Statoil 2011 category before merger with Hydro 1 Adjusted EBITDA = Adjusted earnings + adjusted depreciation, amortisation and net impairment losses 8
Strategic cooperation – Rosneft and Statoil Access at scale: Area equals Supports our growth Securing early access “a new North Sea” beyond 2020 to frontier acreage Illustrative • More than 100 000 km 2 of • Joint exploration program in 4 • Broadens our presence offshore licences, studies in 2 prospective acreage across the Arctic onshore licenses • Size of area equals ~200 • Confirms Statoil’s competitive • Rosneft opportunity to acquire blocks on the NCS position as technology- interest in Statoil assets at focused upstream player • Multiple long-term, high- negotiated terms impact opportunities New positions Existing Statoil positions 9
Outlook 2012 • Organic capex of around USD 17 billion • Exploration activity at around USD 3 billion − ~ 40 wells in 2012 − ~ 20 high impact wells 2012-14 • Around 3 per cent CAGR in production 2010-2012 • Uncertainties 2012 − Gas value over volume − Start-up and ramp-up − Operation regularity 10
Supplementary information Items impacting net operating income 1Q 13 Indicative PSA effect 23 Tax rate reconciliation 1Q 2012 14 Reconciliation of adjusted earnings to net operating income 24 Forward looking statements 25 Net financial items 15 Development in net debt to capital employed 16 Investor relations in Statoil 26 Long term debt portfolio redemption profile 17 Adjusted earnings breakdown – MPR 1Q 2012 18 Statoil production per field – DPN 1Q 2012 19 Statoil equity production per field – DPI & DPNA 1Q 2012 20 Exploration Statoil group 21 Refining margin and methanol price 22 12
Items impacting net operating income 1Q 1Q 2012 1Q 2011 (NOK billions) Before tax After tax Before tax After tax 0.0 0.0 (0.9) (0.9) Impairments MPR 0.0 0.0 (0.9) (0.9) 1.7 0.7 2.6 2.1 Derivatives IAS 39 DPN 0.0 0.0 (0.3) 0.0 DPI 0.0 0.0 0.1 0.1 MPR 1.8 0.7 2.8 2.0 (0.2) (0.1) 1.6 0.6 (Overlift)/Underlift DPN 0.3 0.1 0.1 0.2 DPI (0.5) (0.1) 0.6 0.4 (0.4) (0.7) (6.9) (7.1) Other Operational Storage (MPR) (0.4) (0.3) (0.8) (0.6) Other adjustments (SFR) (0.4) (0.3) 0.0 0.0 Provisions (MPR) 0.0 0.0 (0.7) (0.7) (Gain)/Loss sale of asset (DPN+DPI) 0.0 0.0 (5.5) (5.2) Currency effects fixed assets (MPR) 0.0 (0.3) 0.0 (0.1) Currency effects fixed assets (DPI) 0.0 (0.4) 0.0 (0.5) Eliminations 0.5 0.7 0.1 0.1 Adjustments to net operating income 1.2 (0.1) (3.5) (5.2) 13
Tax rate reconciliation 1Q 2012 14
Net Financial Items 1Q 2012 NOK bn Interest income and Net foreign exchange other financial items gains/losses Interest and other net (0.4) finance expenses 2.1 (2.2) Net financial items 1Q 12 (0.5) 15
Development in net debt to capital employed Net financial liabilities Net debt to capital employed* (NOK bn) 90.0 30 % 80.0 77.4 76.5 76.0 70.0 28 % 26 % 60.0 20 % 21 % 50.0 50.0** 15%** ** 8.3 40.0 41.7 2 % ** 30.0 13 % 10 % 20.0 10.0 0.0 0 % 2009 2010 2011 1Q 12 2009 2010 2011 1Q 12 Net debt to capital employed is estimated to be approx. 11% by the end of 2012 (excluding the effect of the SFR transaction) * Net debt to capital employed ratio = Net financial liabilities/capital employed ** Adjusted for increase in cash for tax payment 16
Long term debt portfolio Redemption profile 31.03.2012 – low refinancing risk 17
MPR 1Q 2012 Adjusted Earnings – Break-down NOK bn Summary 4.6 • Crude oil, Liquids and Products: Strong 0,6 results from Gas Liquids amid a volatile market and a record high level of LPG 2.7 arbitrage trading. • Natural Gas had higher volumes and prices. 4,1 In addition there was a positive effect on cost 3,3 coverage from DPN. Also high results on US due to the LNG arbitrage. This is offset by lower income on Gassled due to reduction in owner share. -0,4 -0,2 -0,2 • Good operational performance in 1Q 2012 1Q 2011 the production facilities and higher refining margins. Other Crude oil processing, marketing and trading Natural gas processing, marketing and trading 18
DPN 1Q 2012 Statoil production per field 19 -
DPNA & DPI 1Q 2012 Statoil equity production per field * Statoil’s average working interest (WI) for the asset. Actual WI can vary depending on wells 20
Exploration Statoil group Exploration Expenses First quarter Full year Exploration 2012 YTD (in NOK billion) 2012 2011 2011 Exploration Expenditure (Activity) 6,0 4,4 18,8 Capitalized Exploration -3,3 -1,5 -6,4 From Previous Years 0,4 0,8 1,5 3,3 4,5 Exploration Expenses IFRS 3,1 3,6 13,8 0,4 Items impacting 0,0 0,0 0,3 0,0 2,6 2,6 Exploration Expenses Adjusted 3,1 3,6 14,2 1,5 0,5 0,5 Activity Capitalised From Prev. Expenses Items Adjusted Years IFRS Impacting Expenses Exploration Expenses First quarter Full year (in NOK billion) 2012 2011 2011 Exploration Activity Norw ay 0,5 1,3 5,1 International 2,6 2,3 8,7 Exploration Expenses IFRS 3,1 3,6 13,8 E&P International 4,5 E&P Norway 2,6 1,8 1,5 QTD 1Q 2011 QTD 1Q 2012 21
Refining margin and methanol price Methanol contract price Refining margins USD/bbl EUR/ton 3,5 350 3,0 300 2,5 2,0 250 1,5 1,0 200 0,5 150 0,0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 J F M A M J J A S O N D 2012 2011 2010 Reference Margin 22
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