2012-10-24 Classification: Internal

European Credit Investor Update September 2016

Fride Seljevold Methi

Vice President, Corporate Financing 1

Statoil “at a glance” Statoil’s Focus:

Statoil’s Strategy and Global Footprint:

Statoil as a company:

• International energy company with operations in more than 30

countries.

• More than 40 years of O&G experience from the NCS.

• Headquartered in Stavanger, Norway with approximately

21600 employees worldwide.

• Listed on NYSE and OSE - 67 % Norwegian state ownership

Statoil Key Figures:***

* Water Depths > 100 meter. ** Frequency of incidents with actual and potential serious consequences – per million hours worked *** Per 31.12.2015

• Market Capitalization of ~ NOK 394 Bn and ~USD 45 Bn.

• Equity production of 1.971 Mill. Boed.

• Reserves and resources of 21 Bn boe.

• Serious incident Frequency** is 0.6, down from 1.1 in 2011.

• Upstream focus - World’s largest offshore operator*.

• Operating more than 3 Mill. boed

• Norwegian continental shelf (NCS) legacy position.

• OECD exposure - 50% of resources on NCS

• Leading global exploration company.

• Leading European gas supplier.

• Building strong US gas value chain

• Deepen & prolong NCS position.

• Grow material and profitable

international positions.

• Pursue focused and value- adding

mid- & downstream activities.

• Provide energy for a low carbon future.

2

Production postponed Pre-FID, million barrels per day

-3,5

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

2017 2019 2021 2023 2025

Source: Wood Mackenzie, Upstream Data Tool

Onshore (conventional) Oil sands Shallow water Deepwater

Industry responding to market forces Rebalancing of markets Million barrels per day

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

2011 2012 2013 2014 2015 2016 2017

Source: IEA, Monthly Oil Data Service, September 2016

Stock reduction Stock addition

0

20

40

60

80

100

120

140

160

2005 2007 2009 2011 2013 2015

The cyclical nature of oil Brent, USD per barrel

Source: Platts

Firm strategy to capture value in the upturn

4

● Efficiency improvements and market effects

● Strict financial discipline

Faster and deeper cost reductions

Preparing to invest in next generation portfolio

● Radically improved break-evens

● Introducing scrip dividend

● Sustained efficiency gains ● Significant new volumes

2018 - 2022

Capturing the upturn in oil and gas prices

Johan Castberg Johan Sverdrup

Additional reduction of USD 3.3 billion

Measures to improve cash flow Stepping up efficiency USD billion

1.7

0.8 2.5

1.9

Capital expenditure Operating expenses

Improved regularity1)

Unplanned losses as percent of production

12%

10%

5% 5%

2012 2014 2013 2015

5

0

5

10

15

20

2016/ 2017

2018/ 2019

2015 guided

2015 actual

Sanctioned projects

Non-sanctioned projects US onshore & capitalised exploration

Additional flexibility of USD 4-6 billion

Significant capex flexibility USD billion

1) Norwegian Continental Shelf

2014 Target @ CMU 2015

Delivered 2015

Step-up @ CMU 2016

New target

Capturing value from next-generation portfolio

2013 2016

Production potential to 2022

Production from non-sanctioned1) projects2), mboe/d

29% below

$50/boe

82% below

$50/boe

1) Non-sanctioned projects exclude exploration 2) Includes partner-operated projects

Break-even per barrel

Capex

Optimised portfolio Operated non-sanctioned projects starting up by 2022, weighted by volume

6

70 USD

41 USD

0

50

100

150

200

250

300

2017/18 2019/20 2021/22

Johan Sverdrup - full field development

Production capacity bopd

140-170 bn Investment estimate NOK (2016 value)

Below 30 Break-even

USD/bbl

1,9-3,0 bn Resources

bbl

660 000

Expected start-up

2022

7

0

5

10

15

20

25

0%

10%

20%

30%

40%

2015 2016/17 2018/19

Maintaining flexibility in an improved portfolio Well positioned to adapt to macro volatility USD billion

$70/bbl

$50/bbl

$40/bbl

$50/bbl

$70/bbl

CFFO CFFO Capex Capex

2016/17 2018/19

USD ~2 bn

USD 4-6 bn

Net cash flow neutral at $60/bbl in 2017 and $50/bbl in 2018, excluding impact of scrip programme

Sanctioned projects

Non-sanctioned projects US onshore & capitalised expl.

1) For illustrative purposes. Assumes 40% outtake rate for two-year scrip program 4Q15-3Q17 Note: The various scenarios for CFFO also imply different operational assumptions. The higher price scenarios assume lower utilisation of capex flexibility while the lower price scenarios assume larger utilisation of capex flexibility.

Net debt to capital employed1)

$70/bbl

$50/bbl

$40/bbl

$50/bbl

$70/bbl

$90/bbl

8

Rating ambition: Maintain credit ratings at least within the single A category on a stand-alone basis

Recent downgrades driven by oil price development

S&P* “Rating downside, which we view as highly unlikely, would appear if the weighted-average FFO to debt moves below 40%...” “Rating upside would appear if we saw or gained strong confidence that FFO to debt would move toward 60%. This could happen if, for example, cost reductions, efficiency measures, and asset disposals were higher and taxes lower than in our base case.”

Limited rating downside concerns by rating agencies

Moody’s* “Positive pressure could be placed on Statoil’s a2 BCA and, by extension, on Aa3 rating, if it continues to strongly execute on the investment programme and improve its financial profile, with retained cash flow/net debt recovering sustainably to 50% level.” Moody's does not expect downward pressure on Statoil’s Aa3 rating …”

9 * S&P: Statoil’s A+ rating incorporates a one-notch uplift based on that S&P «...view Statoil as a government-related entity with a moderately high likelihood of extraordinary state support» ** Moody’s: «Statoil’s Aa3 rating incorporates a two-notch uplift based on Moody’s assumption of «Strong» support from the Government of Norway (Aaa stable)» For the full rating agency comments, please review the reports which can be found on http://www.statoil.com/no/InvestorCentre/BondsAndCreditRating

Issue activity and strategy

Key Elements: � Bonds issued at corporate level

� Regular issuer since 2009; ~ USD 30 Bn outstanding

� Smooth maturity profile - long weighted average maturity

� Updated market tools: EMTN, US Shelf, US CP

� Long term funding raised when a need is identified or when

market conditions are favorable

� Access to a diversified investor group

� Geographic and investor type

� Bonds can be issued in a variety of currencies:

� USD, EUR, GBP, CAD, CHF, NOK and JPY

10

Providing energy for a low-carbon future Carbon-efficient oil and gas producer CO2 intensity (kg CO2/boe)

18 17 18

9 10 11 10 9

2012 2013 2014 2015 Target 2020

Industry average (IOGP)

Statoil 1)

Gradually building a new energy business • Leveraging core competence • Key focus on offshore wind – industrial approach • Exploring other energy sources • Established New Energy Solutions (NES)

11

Hywind

1) Excluding Snøhvit/Hammerfest LNG

Resetting costs – capturing opportunities

Faster and deeper cost reductions

Preparing to invest in next-generation portfolio

Capturing the upturn in oil and gas prices

12

1

2

3

2012-10-24 Classification: Internal

Forward-looking statements 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 directives; general economic conditions; political and social stability and economic growth in relevant areas of the world; the sovereign debt situation in Europe; global political events and actions, including war, terrorism and sanctions; security breaches; situation in Ukraine; 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, 2014, 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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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 future financial position, results of operations and cash flows; changes in the fair value of derivatives; future financial ratios and information; future financial or operational portfolio or performance; future market position and conditions; business strategy; growth strategy; future impact of accounting policy judgments; sales, trading and market strategies; research and development initiatives and strategy; projections and future impact related to efficiency programs, market outlook and future economic projections and assumptions; competitive position; projected regularity and performance levels; expectations related to our recent transactions and projects, completion and results of acquisitions, disposals and other contractual arrangements; reserve information; future margins; projected returns; future levels, timing or development of capacity, reserves or resources; future decline of mature fields; planned maintenance (and the effects thereof); oil and gas production forecasts and reporting; domestic and international growth, expectations and development of production, projects, pipelines or resources; estimates related to production and development levels and dates; operational expectations, estimates, schedules and costs; exploration and development activities, plans and expectations; projections and expectations for upstream and downstream activities; oil, gas, alternative fuel and energy prices; oil, gas, alternative fuel and energy supply and demand; natural gas contract prices; timing of gas off-take; technological innovation, implementation, position and expectations; projected operational costs or savings; projected unit of production cost; our ability to create or improve value; future sources of financing; exploration and project development expenditure; effectiveness of our internal policies and plans; our ability to manage our risk exposure; our liquidity levels and management; estimated or future liabilities, obligations or expenses and how such liabilities, obligations and expenses are structured; expected impact of currency and interest rate fluctuations; expectations related to contractual or financial counterparties; capital expenditure estimates and expectations; projected outcome, objectives of management for future operations; impact of PSA effects; projected impact or timing of administrative or governmental rules, standards, decisions, standards or laws (including taxation laws); estimated costs of removal and abandonment; estimated lease payments, gas transport commitments 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.