Equinor — Interim / Quarterly Report 2017

May 4, 2017

First quarter 2017

• Solid financial results and strong cash flow from all segments
• Strong operational performance and continued improvements
• Gearing reduced to 30.0%
• Maintaining dividend of USD 0.2201 per share, with 5% discounted scrip dividend option1

Solid financial results

• Adjusted earnings up ~4x YoY, Adjusted earnings after tax up ~9x
• Continued cost improvement, opex and SG&A down 5% YoY in USD
• Lower tax rate in line with normal guidance reflecting the earnings composition

Positive adjusted earnings from all segments

	D&P Norway • High production efficiency, • and SG&A in NOK per boe •	highest production since 1Q'12 8% reduction in underlying opex Project execution and capex on track; 3 new projects sanctioned	D&P International • flow per boe • • and SG&A per boe	Positive earnings, strong cash 6% underlying production growth 11% reduction in adjusted opex	MMP • Strong result at top of guiding range, good results across all units • 3% reduction in adjusted opex and SG&A • Record production at Mongstad capturing healthy refining margins
USD mill.	Pre tax	After tax	Pre tax	After tax	Pre tax	After tax
1Q'17	2,621	679	272	155	500	321
1Q'16	1,301	463	(800)	(648)	431	355

Strong production performance

• High production efficiency
• Ramp up of new fields and increased well capacity
• High gas offtake
• Organic production growth of 5% ^{1154 1172}

Equity production

Strong net cash flow in the quarter

• 2017 YTD; USD mill Strong cash contribution from all segments
• − One NCS tax installment in 1Q'17
• Net debt ratio reduced from 35.6% to 30.0%
• − Two dividend payments in 2Q'17

• Continued strict capital discipline

• 1) Income before tax (4,044) + Non cash adjustments (2,199)

• 2) One of six tax instalments in Norway 2017

Outlook

	Period	Outlook
Organic capex	2017	USD ~11 billion1
Production	2016-2017 2016-2020	~4-5% organic production growth ~3% organic CAGR
Maintenance	2017 2Q 2017	30 mboe per day 75 mboe per day
Exploration	2017	USD ~1.5 billion
Efficiency improvements	2017	USD 1 billion

Forward-looking statements

This report 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; capital expenditure and exploration guidance for 2016; production guidance; Statoil's value over volume strategy; Statoil's plans with regard to its acquisition of 66% operated interest in the BM-S-8 offshore license in the Santos basin; 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; 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.

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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
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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