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Presentation 4Q 2007

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Presentation 4Q 2007 Classification: Confidential Financial highlights – 4Q and full year 2007 Helge Lund President and Chief Executive Officer 2 Dynamic markets Brent blend Global market developments (USD / bbl) (cost development, index) Rig market (NCS semi submersible) 100 Subsea systems Steel 80 400% 60 40 10 0 % 20 20032004 2005 2006 2007 20032004 2005 2006 2007 37622 37773 37926 38078 38231 38384 38534 38687 38838 38991 39142 39295 39448 3 Value capture and growth Production growth 2012 Value capture & Synergies Balance return & growth RoACE* ExxonMobil 2.2 BG 1.9 ChevronTexaco Occidental Shell 6 bn NOK Total annual pre-tax StatoilHydro improvement Lukoil Eni 2008 Fight Additional 2012 BP decline production Petrobras Encana ConocoPhillips Anadarko Devon Repsol YPF 0% 10% 20% 30% *RoACE: Return on Average Capital Employed Source: Morgan Stanley Oil and Gas research StatoilHydro RoACE adjusted for merger and restructuring costs 4 High activity in new organisation • Building capacity and resource base • Solid returns and production • Attractive dividend 5 Focus on HSE Serious incident frequency * 3.3 2.4 2.2 2.1 2004 2005 2006 2007 *) Number of serious incidents per million workhours 6 Quarterly earnings impacted by merger 4Q 2007 Return on Average Capital Employed in 2007 * 35.2 30.8 ExxonMobil BG ChevronTexaco NOK bn Occidental 15.0 Shell 6.2 Total StatoilHydro 4Q 200616.0 4Q 2007 Lukoil Eni Full year 2007 BP 166.2 Petrobras Encana 137.2 ConocoPhillips Anadarko Devon NOK bn Repsol YPF 51.8 44.6 0% 10% 20% 30% 16.0 Full year Full year EPS 4Q 06 4Q 07 FY 06 FY 07 2006 2007 NOK 4.65 1.93 15.82 13.80 Net operating income Net income USD 0.86 0.36 2.91 2.54 *Source: Morgan Stanley Oil and Gas research and StatoilHydro actual RoACE adjusted for merger and restructuring costs 7 Solid production PSA effect Entitlement Gas Oil 1,818 1,839 1 1,732 1,2 1,735 1,724 115 712 654 1,106 1,070 1,724 1,000 boepd 1,000 4Q 07 2007 2007 equity 2007 actual 2007 Entitlement production USD 60/bbl guidance 1 Guiding based on USD 60 per barrel 2 PSA effect of ~8,000 boepd Strong balance sheet Net debt Net debt to capital employed* 43.8 ** ** 24% 21 % 25.5 NOK bn 12 % 2006 2007 2006 2007 * Net debt to capital employed ratio = Net interest-bearing debt/capital employed 9 Attractive dividend Dividend per STL-share NOK Special dividend 8.50* Ordinary dividend Dividend policy: Share Buyback Proposed special dividend Average payout of 45-50% of net income Proposed ordinary dividend Grow ordinary dividend year on year 2001 2002 2003 2004 2005 2006 2007 2007 dividend proposal* Payout ratio 51% 8.50 NOK per share % Payout 61%* • NOK 4.20 ordinary (4.00 in 06) % Proposed payout • NOK 4.30 special 2001 2002 2003 2004 2005 2006 2007 * Dividend proposal, subject to approval by Annual General Meeting on May 20, 2008 Classification: Confidential 4Q and full year result 2007 Eldar Sætre Executive Vice President and Chief Financial Officer 11 Net income overview – 4Q 2007 (13.6) (0.7) 44.4 (23.9) 30.8 NOK bn 6.2 Operating income Operating income Financial items Taxes Net income before infrequent after infrequent items items 12 (13.6) (0.7) 44.4 30.8 (23.9) Net Operating Income by business area bn NOK 6.2 Items Adjusted net Items Adjusted net impacting operating impacting operating Business area 4Q 2007 NOI income 4Q 2006 NOI income (NOK billions) E&P Nor w ay 32.6 4.6 37.2 31.5 0.9 32.4 International E&P 2.2 2.7 4.9 -3.4 2.6 -0.8 Natural Gas -1.8 3.2 1.4 6.6 -3.0 3.6 Manufacturing & Marketing -0.6 1.4 0.8 0.4 0.2 0.6 Other -1.3 1.4 0.1 0.0 0.0 0.0 Eliminations -0.3 0.3 0.0 0.1 -0.1 0.0 Net Operating Income (NOI) 30.8 13.6 44.4 35.2 0.6 35.8 13 (13.6) (0.7) 44.4 30.8 (23.9) Items impacting income statement NOK bn 6.2 4Q 2007 4Q 2006 (NOK billions) Before tax After tax Before tax After tax Merger related -10.7 -3.9 - - Impairment -1.7 -1.2 -3.7 -2.3 Derivatives 0.1 -0.8 3.7 2.1 Over/underlift -1.8 -0.6 -1.1 -0.2 Other 0.4 0.5 0.5 0.1 Impact on Net Income -13.6 -5.9 -0.6 -0.3 14 (13.6) (0.7) 44.4 30.8 (23.9) Net financial items NOK bn 6.2 4Q 2007 Financial Currency income 0.6 Securities Net financial (0.0) items 4Q 07 NOK bn (1.0) Financial expenses (0.7) (0.3) 15 (13.6) (0.7) 44.4 30.8 (23.9) High effective tax rate in 4Q NOK bn 6.2 • Effective tax rate Q4 2007 79.4% • Relatively higher income from NCS • Lower than average tax rate on negative operating income outside NCS • Lower than average tax rate on negative financial income 16 Proved reserves as of 31.12.2007 Reserves developmentResources & reserves Reserves replacement Total Resources * 2007 RRR 9 StatoilHydro's reserves 100% 94 % 86% replacement ratio for 2007 are Price effect non - 80% 86% OECD 23% 60% 9 The price effect on reserves OECD 40% going from USD 59/bbl year 77% end 2006 to USD 96/bbl year 20% end 2007 are approximately – 50 million boe 0% Proved Reserves ** RRR 2007 RRR net price effect 3 years average RRR 120% 9 Reserves replacement ratio 100% 92% correcting for the negative price 76% 81% Oil 80% effect are 94% 40% Gas 60% 60% 40% 20% 0% 2005 2006 2007 * 2006 resources plus oil sands and Shtokman **SEC reserves as per 31.12.2007 17 Production unit cost NOK/boe 44.1 41.4 • Merger and restructuring costs amount to NOK 8.4/boe (entitlement) * • Gas purchase for injection amounts 28.4 33.2 to NOK 2.5/boe (entitlement) 31.2 2006 Entitlement 2007 Entitlement 2007 Equity * Basis for guiding 2008-12 18 Capital and exploration expenditures StatoilHydro capital expenditure Exploration activity 75 ~15-16 ~65 14.2 57 8.5 NOK bn NOK bn 5.7 2007 Actual 2007 Guiding 2007 Actual 2007 Guiding E&P Norway Natural gas NCS International International E&P Other Manufacturing & Acquisitions Marketing (NOK 18 bn) 19 Guiding 2008 • Production (mill boepd) 1.9 1 • Capex (NOK bn) ~75 2 • Exploration activity (NOK bn) ~18 2 2012 • Production (mill boepd) 2.2 1 • Production cost (NOK/ boe 2008 - 2012) 33 - 36 3 1. Equity production 2. Based on NOK 6/USD 3. Production cost range during the period 2008-2012, based on equity volumes and excluding gas purchase 20 Supplementary information Page Items impacting income statement 21 Key figures StatoilHydro group 22 Exploration StatoilHydro group 25 E&P Norway 26 E&P Norway production 29 International E&P 31 International E&P production 34 Proved reserves 35 Natural Gas 36 Manufacturing & Marketing 39 Sensitivities 44 Reconciliation ROACE 45 Normalised production cost per boe 46 Reconciliation net debt and capital employed 47 Forward-looking statements 48 End notes 49 21 Items impacting income statement 4Q 2007 4Q 2006 (NOK billions) Before tax After tax Before tax After tax Merger related (mostly restructuring) -10.7 -3.9 - - E&P Norway -5.5 -1.2 - - International E&P -1.3 -0.8 - - Natural Gas -1.3 -0.5 - - Manufactoring & Marketing -1.2 -0.8 - - Other -1.4 -0.5 - - Impairment -1.7 -1.2 -3.7 -2.3 International E&P -0.8 -0.5 -3.1 -1.9 Natural Gas -0.3 -0.3 0.0 0.0 Impairment and provisions Manufactoring & Marketing -0.6 -0.4 -0.6 -0.4 Derivatives IAS 39 0.1 -0.8 3.7 2.1 E&P Norway 2.2 0.5 0.3 0.1 International E&P -0.2 -0.1 0.4 0.2 Natural Gas -1.6 -1.0 3.0 1.8 Deferred gains on inventories IAS 39 (Manufactoring &Marketing -0.4 -0.3 0.0 0.0 Other -1.4 0.0 -0.6 0.0 Underlift 24 000 boe / underlift 46 000 boe (E&P Norway) -1.3 -0.3 -1.3 -0.3 Underlift 9 000 boe / overlift 3 000 boe (International E&P) -0.5 -0.3 0.2 0.1 Operational storage (Manufactoring & Marketing) 0.7 0.5 -0.2 -0.1 Sale of retail business in Ireland (Manufactoring &Marketing) - - 0.6 0.4 Eliminations -0.3 0.0 0.1 -0.2 Net impact operating income -13.6 -5.9 -0.6 -0.3 22 StatoilHydro group Net Operating Income changes 3Q 07– 4Q 07 45 40 0.8 0.9 3.0 35 0.8 1.0 0.1 30 n b 25 20 NOK 35.8 15 30.8 10 5 0 3Q 2007 E&P Norway International Natural Gas Manufacturing & Other Eliminations* 4Q 2007 E&P Marketing 23 StatoilHydro group Net Operating Income changes 4 Q 06 – 4Q 07 60 50 5.6 8.3 40 1.1 1.0 1.2 0.4 30 NOK bnNOK 20 35.2 30.8 10 0 4Q 2006 E&P Norway International Natural Gas Manufacturing & Other Eliminations* 4Q 2007 E&P Marketing 24 StatoilHydro group Net Operating Income changes YTD 06 – YTD 07 200 180 12.0 8.2 20.1 160 3.5 0.8 0.7 140 120 100 NOK bnNOK 80 166.2 137.2 60 40 20 0 YTD 2006 E&P Norway International E&P Natural Gas Manufacturing & Other Eliminations* YTD 2007 Marketing 25 Exploration StatoilHydro group NOK mill 4Q 2007 4Q 2006 Exploration expenditure 2007 2006 5,173 5,018 Exploration expenditure (activity) 14,241 13,391 746 404 Expensed, previously capitalised exploration expenditure 1,653 705 -1,420 -1,411 Capitalised share of current period's exploration activity -4,562 -3,446 4,500 4,011 Exploration expenses 11,333 10,650 NOK mill 4Q 2007 4Q 2006 Exploration expenses 2007 2006 1,453 885 Exploration expenses - Norway 3,638 3,480 3,047 3,126 Exploration expenses - International 7,695 7,170 Exploration 2007 YTD Exploration activity 13.4 14.2 (4.6) 1.7 8.5 8.5 8.8 7.7 NOK bn International E&P E&P Norway 5.7 NOK bn 5.7 3.6 4.6 Activity Capitalised From prev Expenses years 2006 2007 26 E&P Norway Net Operating Income changes 3Q 07 – 4Q 07 1.2 0.6 3.3 7.0 4.5 0.8 0.1 32.6 31.8 NOK bnNOK 3Q 2007 Price Volume Other income Exploration Operating DD&A Sales and 4Q 2007 expenses admin.
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