INCOME STATEMENT

NOK 1 000	Notes	2015	2014
Operating income
Petroleum income	2	7 899 328	12 377 232
Other income	3	35 321	91 730
Total operating income		7 934 649	12 468 962
Operating expenses
Change in over-/under lifting of petroleum		-46 724	216 193
Transport expenses		621 963	670 485
Payroll expenses	4, 9	885 453	802 458
Depreciation and depletion	6	3 107 633	3 194 905
Impairment	6	0	7 107 357
Production costs		2 037 468	2 005 072
Other operating expenses	4, 16	759 679	894 248
Removal and abandonment		1 392 401	2 482 225
Total operating expenses		8 757 873	17 372 944
Operating profit		-823 224	-4 903 981
Financial income and expenses
Interest received from group companies		17 601	18 522
Other interest income		2 327	3 620
Interest paid to group companies		-344 141	-495 692
Other interest expenses		-6 638	-7 654
Net foreign currency losses/gain		270 144	336 695
Net financial items		-60 708	-144 508
Ordinary profit before tax		-883 933	-5 048 489
Taxes	5	-583 306	-583 306
Profit for the year		-300 627	-4 465 184
Allocated to dividend		0	0

BALANCE SHEET AS AT 31 DECEMBER

NOK 1 000	Notes	2015	2014
Assets
Fixed assets
Intangible assets
Mineral rights	6	909 904	909 904
Long-term operating assets
Production plant and pipeline	6	19 821 845	22 204 418
Capitalised exploration and evaluation expenses	6	132 672	109 330
Means of transport, machinery and fixtures	6	62 462	70 105
Total fixed assets		20 926 883	23 293 757
Current assets
Stocks	16	271 699	329 076
Receivables
Accounts receivable from customers		69 070	5 597
Accounts receivable from group companies	7	2 162 444	2 380 220
Other receivables		23 010	392 333
Under lifting of petroleum		70 544	75 916
Bank deposits	7	13 195	2 143
Total current assets		2 609 962	3 185 286
Total assets		23 536 845	26 479 043

NOK 1 000	Notes	2015	2014
Equity and liabilities
Equity
Contributed equity
Share capital	8	2 000	2 000
Share premium	8	2 874 000	2 874 000
Earned equity
Other equity	8	828 048	1 128 675
Total equity		3 704 048	4 004 675
Liabilities
Provisions for obligations
Pension obligations	9	657 428	452 211
Deferred taxation	5	2 443 627	3 058 864
Provisions for removal and abandonment	11	7 529 252	6 947 890
Total provisions for obligations		10 630 307	10 458 965
Other long-term liabilities
Debt to group companies	10	7 500 000	10 000 000
Total other long-term liabilities		7 500 000	10 000 000
Short-term liabilities
Public duties payable		116 790	115 487
Tax payable	5	162 705	180 914
Debt to group companies		55 282	70 166
Other short-term liabilities	12	1 281 431	1 510 458
Over lifting of petroleum		86 282	138 377
Total short-term liabilities		1 702 490	2 015 403
Total equity and liabilities		23 536 845	26 479 043

Board of Directors, BP Norge AS Stavanger, 31. March 2016

Peter J. Mather (Chairman)

Jan J. Norheim Christen I. Minos Mark J. Thomas

Kåre Ekroll Ørjan Holstad Christine Eikeberg Ingard Haugeberg

NOK 1 000	2015	2014
Cash flow from operating activities
Ordinary profit before taxes	-883 933	-5 048 489
Taxes paid during the period	-50 140	18 571
Depreciation, depletion and impairment	3 107 633	10 302 262
Removal and abandonment expenses	1 392 401	2 482 225
Change in short-term receivables and stocks	586 377	-859 346
Change in short-term liabilities	-294 703	-711 818
Change in other accrual items	205 216	123 626
Actual decommissioning costs	-811 041	-609 960
Net cash flow from operating activities	3 251 810	5 697 071
Cash flow to investment activities
Disbursements for acquisitions of fixed assets	-740 759	-1 905 429
Net cash flow to investment activities	-740 759	-1 905 429
Cash flow to financing activities
Repayment of long-term debt	-2 500 000	-3 800 000
Net cash flow to financing activities	-2 500 000	-3 800 000
Net change in cash and cash equivalents for the period	11 052	-8 357
Cash and cash equivalents, 1 January	2 143	10 500
Cash and cash equivalents, 31 December	13 195	2 143

NOK 1 000	Notes	2013	2012
Operating income
Petroleum income	2	8 507 771	5 241 664
Other income	3	43 843	744 495
Total operating income		8 551 614	5 986 159
Operating expenses
Change in over-/under lifting of petroleum		-261 232	-52 180
Transport expenses (oil/gas/NGL)		581 287	430 813
Payroll expenses	4, 10	674 048	608 374
Depreciation and depletion	7	2 108 654	676 398
Other operating expenses	5	4 627 752	4 660 090
Total operating expenses		7 730 509	6 323 496
Operating profit		821 105	-337 337
Financial income and expenses
Interest received from group companies		875	6 321
Other interest income		13 026	28 311
Interest paid to group companies		-595 263	-700 600
Other interest expenses		-20 452	-8 114
Net foreign currency losses/gain		8 886	4 800
Net financial items		-592 928	-669 283
Ordinary profit before tax		228 177	-1 006 619
Taxes	6	110 595	-1 490 011
Profit for the year		117 582	483 392
Allocated to dividend		0	1 000 000

NOK 1 000	Notes	2013	2012
Assets
Fixed assets
Long-term operating assets
Mineral rights	7	1 106 730	1 106 730
Production plant and pipeline	7	29 715 739	26 961 819
Production plant under construction	7	802 481	3 049 709
Means of transport, machinery and fixtures	7	65 641	66 413
Total fixed assets		31 690 591	31 184 671
Current assets
Stocks		376 563	381 266
Receivables
Accounts receivable from customers		67 578	19 148
Accounts receivable from group companies		1 285 315	693 443
Tax receivable	6	14 961	162 465
Other receivables		414 016	362 465
Under lifting of petroleum		153 732	0
Bank deposits	8	10 500	5 125
Total current assets		2 322 666	1 623 912
Total assets		34 013 257	32 808 584

NOK 1 000	Notes	2013	2012
Equity and liabilities
Equity
Contributed equity
Share capital	9	2 000	2 000
Share premium	9	2 874 000	2 874 000
Earned equity
Other equity	9	2 766 961	2 649 379
Total equity		5 642 961	5 525 379
Liabilities
Provisions for obligations
Pension obligations	10	328 585	278 260
Deferred taxation	6	6 646 371	6 485 951
Provisions for removal and abandonment	12	5 075 625	3 539 849
Total provisions for obligations		12 050 582	10 304 059
Other long-term liabilities
Debt to group companies	11	13 800 000	13 800 000
Total other long-term liabilities		13 800 000	13 800 000
Short-term liabilities
Public duties payable		108 991	105 601
Dividend	9	0	1 000 000
Debt to group companies		805 528	131 544
Other short-term liabilities	13	1 605 195	1 834 501
Over lifting of petroleum		0	107 500
Total short-term liabilities		2 519 714	3 179 145
Total equity and liabilities		34 013 257	32 808 584

Board of Directors, BP Norge AS Stavanger, 19. March 2014

Peter J. Mather (styreleder)

Jan J. Norheim Christen I. Minos Olav Fjellså

Kåre Ekroll Christopher Birknes Christine Eikeberg Olav Henriksen

NOK 1 000	2013	2012
Cash flow from operating activities
Ordinary profit before taxes	228 177	-1 006 619
Taxes paid during the period	197 329	94 710
Profit on disposal of fixed assets		-682 818
Depreciation and depletion	2 108 654	676 398
Removal and abandonment expenses	1 760 039	2 325 856
Change in short-term receivables and stocks	-840 845	456 189
Change in short-term liabilities	340 568	-2 169 590
Change in other accrual items	50 326	119 397
Effect of change in currency	0	0
Actual decommissioning costs	-224 263	-116 568
Net cash flow from operating activities	3 619 985	-303 045
Cash flow to investment activities
Disbursements for acquisitions of fixed assets	-2 614 611	-4 257 910
Payment received for sale of fixed assets	0	736 256
Reclassification of fixed assets	0	0
Net cash flow to investment activities	-2 614 611	-3 521 654
Cash flow to financing activities
Borrowing /(repayment) of long-term debt	0	1 938 641
Dividend paid	-1 000 000	-1 000 000
Share capital increase - cash contribution	0	2 875 000
Net cash flow to financing activities	-1 000 000	3 813 641
Net change in cash and cash equivalents for the period	5 375	-11 058
Cash and cash equivalents, 1 January Cash and cash equivalents, 31 December	5 125 10 500	16 183 5 125