Equinor — Earnings Release 2018

Apr 25, 2018

1st Quarter 2018 results

Chief Financial Officer Hans Jakob Hegge

First quarter 2018

• Solid earnings and very strong cash flow
• Net debt ratio reduced to 25.1%
• High production at higher prices
• Project portfolio progressing according to plan
• Dividend of USD 0.23 per share

Safety

Serious incident frequency

Serious incidents per million work-hours, 12-month rolling figures

Financial results

• High production capturing higher prices
• Sustaining cost improvements
• Tax rate at 66.6%

Solid adjusted earnings from all segments

	E&P Norway		E&P International			MMP
	Continued high production level • Stable underlying operating cost •		Record high production • Stable underlying operating cost •		Strong results from gas business and • high regularity at the onshore plants Lower refinery margins •
Million USD	Pre tax	After tax		Pre tax	After tax	Pre tax	After tax
1Q' 18	3,372	965		638	426	454	237
1Q' 17	2,621	679		272	155	500	321

High production

• Record high international production
• Higher gas deliveries into strong markets
• Increased well capacity
• Solid production regularity
• Ramp-up of new fields

Equity production

mboe/d

Strong cash generation

• Very strong cash flow from operations
• Net debt ratio reduced from 29.0% to 25.1%
• Martin Linge consideration paid first quarter

• Continued strict capital discipline

• 1. Income before tax (4,540) + non-cash adjustments (2,591).

• 2. One of six NCS tax instalments in 2018

Outlook

	PERIOD	OUTLOOK
Organic capex	2018	11 Around bn USD1
Exploration	2018	1.5 bn USD Around
Production	2017 – 2018 2017 - 2020	1-2% 3-4% CAGR
Maintenance	2018 2Q 2018	30 mboe per day Around 50 Around mboe per day

1. Based on USD/NOK exchange rate of 8.25.

Page 8 | by Hans Jakob Hegge, Chief Financial Officer

1st Quarter 2018 results

Chief Financial Officer Hans Jakob Hegge

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", "believe", "focus", "likely", "may", "outlook", "plan", "strategy", "will", "guidance" and similar expressions to identify forwardlooking 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 2018; projections and future impact of efficiency programmes including expected efficiency improvements, including expectations regarding costs savings from the improvement programme; capital expenditure and exploration guidance for 2018; production guidance; Statoil's value over volume strategy; organic capital expenditure for 2018; 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 and expectations for equity production growth; planned maintenance and the effects thereof; impact of PSA effects; risks related to Statoil's production guidance; accounting decisions and policy judgments, ability to put exploration wells into profitable production, and the impact thereof; expected dividend payments; estimated provisions and liabilities; and the projected impact or timing of administrative or governmental rules, standards, decisions or laws, including with respect to 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 noncompliance with laws and governmental regulations; the timing of bringing new fields or wells 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, 2017, filed with the U.S. Securities and Exchange Commission (and section 2.11 Risk review – Risk factors thereof). Statoil's 2017 Annual Report and Form 20-F is available at Statoil's website 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 these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any of these statements after the date of this report, whether to make them either conform to actual results or changes in our expectations or otherwise.

Prices used in the presentation material are given in real 2018 value, unless otherwise stated.

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
Anca Jalba	IR Officer	ancj@statoil.com	+47 41 08 79 88
Marc Jacouris	IR Officer	mnjac@statoil.com	+44 7885983904
Marius Javier Sandnes	Senior Consultant	mjsan@statoil.com	+47 90 15 50 93
Anne Sofie Dahle	Senior Consultant	asda@statoil.com	+47 90 88 75 54

Investor Relations USA & Canada

Helge Hove Haldorsen	Vice President	hehh@statoil.com	+1 281 224 0140
Ieva Ozola	IR Officer	ioz@statoil.com	+1 713 485 2682