Equinor — Earnings Release 2016

Jul 27, 2016

Photo: Gina Krog module sail-away

Second quarter 2016

• Continued weak and volatile markets
• Operational performance remains strong
• Improvement programme on track
• Lowering 2016 capex and exploration guidance
• Maintaining dividend of USD 0.2201 per share, with 5% discounted scrip dividend option

Financial results

• Adjusted earnings impacted by low prices and margins
• Above 100% tax rate, due to earnings composition
• Continued cost improvement, opex and SG&A down 18% YoY

Adjusted earnings by segment

• Strong operational performance, production impacted by planned maintenance
• Gas earnings impacted by seasonality and contract structure
• 11% reduction in adjusted opex and SG&A per boe in NOK
• DD&A per boe down 10% in NOK

D&P Norway D&P International MMP

• Underlying production up 4%
• 23% reduction in adjusted opex and SG&A per boe

• DD&A per boe increased by 1%1)

• Good marketing results from Natural Gas Europe

• Weaker refinery margins and availability
• Good results from crude and products trading

USD mill	Pre tax	After tax	Pre tax	After tax	Pre tax	After tax
2Q'16	1,163	436	(506)	(549)	329	132
2Q'15	2,305	705	(16)	(181)	679	483

Strong production performance

• High gas volumes despite lower flex gas
• High production efficiency
• Maintenance season ongoing, increased impact in the third quarter

Equity production

mboe/d

Cash flow 2016

• Reducing capital expenditure 2016 YTD; USD mill reflecting efficiency and strict prioritisation1)
• Adjusted net debt to capital employed of 31.2%
• Lower tax payments in second half of the year

2) Income before tax (1896) + Non cash items (4516)

Outlook 2016

Capex USD ~12 bn1)

Production ~1% organic CAGR (2014-17)

115 mboe per day in 3Q

Maintenance 60 mboe per day

Exploration USD ~1.8 bn1)

Forward-looking statements

This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "ambition", "continue", "could", "estimate", "expect", "focus", "likely", "may", "outlook", "plan", "strategy", "will", "guidance" and similar expressions to identify forward-looking statements. All statements other than statements of historical fact, including, among others, statements regarding plans and expectations with respect to market outlook and future economic projections and assumptions; Statoil's focus on capital discipline; expected annual organic production through 2017; projections and future impact related to efficiency programmes and cost reductions; capital expenditure and exploration guidance for 2016; Statoil's expected report on helicopter safety on the Norwegian continental shelf; organic capital expenditure for 2016; Statoil's intention to mature its portfolio; exploration and development activities, plans and expectations, including estimates regarding exploration activity levels; projected unit of production cost; equity production; planned maintenance and the effects thereof; impact of PSA effects; risks related to Statoil's production guidance; accounting decisions and policy judgments and the impact thereof; fair value estimates; expected dividend payments, the scrip dividend programme and the timing thereof; estimated provisions and liabilities; the projected impact or timing of administrative or governmental rules, standards, decisions, standards or laws, including with respect to the deviation notice issued by the Norwegian tax authorities and future impact of legal proceedings are forward-looking statements. You should not place undue reliance on these forward- looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.

These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including levels of industry product supply, demand and pricing; price and availability of alternative fuels; currency exchange rate and interest rate fluctuations; the political and economic policies of Norway and other oil-producing countries; EU developments; general economic conditions; political and social stability and economic growth in relevant areas of the world; global political events and actions, including war, political hostilities and terrorism; economic sanctions, security breaches; changes or uncertainty in or non-compliance with laws and governmental regulations; the timing of bringing new fields on stream; an inability to exploit growth or

investment opportunities; material differences from reserves estimates; unsuccessful drilling; an inability to find and develop reserves; ineffectiveness of crisis management systems; adverse changes in tax regimes; the development and use of new technology; geological or technical difficulties; operational problems; operator error; inadequate insurance coverage; the lack of necessary transportation infrastructure when a field is in a remote location and other transportation problems; the actions of competitors; the actions of field partners; the actions of governments (including the Norwegian state as majority shareholder); counterparty defaults; natural disasters and adverse weather conditions, climate change, and other changes to business conditions; an inability to attract and retain personnel; relevant governmental approvals; industrial actions by workers and other factors discussed elsewhere in this report. Additional information, including information on factors that may affect Statoil's business, is contained in Statoil's Annual Report on Form 20-F for the year ended December 31, 2015, filed with the U.S. Securities and Exchange Commission, which can be found on Statoil's website at www.statoil.com.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this report, either to make them conform to actual results or changes in our expectations.

Investor Relations in Statoil

E-mail: irpost@statoil.com

Investor Relations Europe

Peter Hutton	Senior Vice President	phutt@statoil.com	+44 788 191 8792
Lars Valdresbråten	IR Officer	lava@statoil.com	+47 40 28 17 89
Erik Gonder	IR Officer	ergon@statoil.com	+47 99 56 26 11
Gudmund Hartveit	IR Officer	guhar@statoil.com	+47 97 15 95 36
Anca Jalba	IR Officer	ancj@statoil.com	+47 41 07 79 88
Marius Javier Sandnes	Senior Consultant	mjsan@statoil.com	+47 90 15 50 93
Sunniva Furnes	Senior Consultant	sfur@statoil.com	+47 97 01 50 06
Investor Relations USA & Canada
Morten Sven Johannessen	Vice President	mosvejo@statoil.com	+1 203 570 2524
Ieva Ozola	IR Officer	ioz@statoil.com	+1 713 485 2682