Equinor — Earnings Release 2010

May 5, 2010

Statoil: Stronger results in volatile markets

Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11%

increase compared to NOK 35.5 billion in the first quarter of 2009.

The quarterly result was mainly affected by a 48% increase in liquids prices

measured in NOK and a 35% decrease in gas prices.

Adjusted earnings in the first quarter of 2010 were NOK 38.9 billion. The 8%

increase in adjusted earnings from first quarter 2009 to first quarter 2010 was

primarily caused by the increase in prices for liquids and was only partly

offset by reduced gas prices, lower entitlement volumes and lower results from

oil trading.

Net income in the first quarter of 2010 was NOK 11.1 billion, compared to NOK

4.0 billion in the first quarter of 2009. The 181% increase was mainly due to

higher net operating income in International Exploration & Production, reduced

losses on net financial items and a lower tax rate.

Adjusted earnings after tax were NOK 12.1 billion in the first quarter of 2010.

Adjusted earnings after tax exclude the effect of tax on net financial items and

represent an effective adjusted tax rate of 69% in the first quarter of 2010.

"I am pleased with the results in the first quarter. Our equity production has

been high and oil prices have been rising. Despite weaknesses in the gas market

our Natural Gas business has delivered solid results, as a consequence of high

offtake from our customers and good trading performance," says Statoil's chief

executive Helge Lund.

"Project activity is maintained at a high level. In the first quarter we have

sanctioned six new projects. Among them are important field developments like

Gudrun and Marulk on the Norwegian Continental Shelf and the Chirag Oil Project

in Azerbaijan. These projects are underpinning our long term growth

ambitions," says Lund.

Highlights since fourth quarter 2009:

* Equity production is up 1% from first quarter 2009 to 2,102 mboe per day.

Entitlement production is down 1% to 1,915 mboe per day.

* Average liquid prices measured in NOK are up 48% to NOK 434 per barrel,

while average gas prices are down 35% to NOK 1.64 per standard cubic metre

of gas.

* Six upstream projects were sanctioned during the quarter.

* On 3 March Statoil ASA and the Norwegian state reached a settlement in the

Kårstø expansion case. Statoil agreed to pay a NOK 500 million settlement

and NOK 270 million in interest, after tax.

* On 17 March Statoil's Board of Directors decided to launch a process to

separate and list the company's energy and retail business on the Oslo Stock

Exchange. The initial public offering will take place at the earliest in the

fourth quarter of 2010 or at a time when the capital market is deemed

favourable for such an offering.

* On 23 March Statoil announced that the Shell operated Vito appraisal well in

deep water US Gulf of Mexico has encountered more than 600 net feet of high

quality oil. Statoil holds a 25% working interest in the block.

* On 26 March Statoil signed an agreement with Chesapeake which added

approximately 59 thousand net acres to Statoil's current 600 thousand net

acre position in the Marcellus shale gas play.

Further information from

Investor relations:

Lars Troen Sørensen, senior vice president IR, +47 90 64 91 44 (mobile)

Geir Bjørnstad, vice president, US IR, +1 203 978 6950

Press:

Ola Morten Aanestad, vice president for media relations, +47 480 80 212 (mobile)

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1411821]