2015 Statutory report in accordance with Norwegian authority requirements © Statoil 2016 STATOIL ASA BOX 8500 NO-4035 STAVANGER NORWAY TELEPHONE: +47 51 99 00 00 www.statoil.com Cover photo: Øyvind Hagen Statutory report 2015 Board of directors report ................................................................................................................................................................................................................................................................ 3 The Statoil share ............................................................................................................................................................................................................................................................................ 4 Our business ..................................................................................................................................................................................................................................................................................... 4 Group profit and loss analysis .................................................................................................................................................................................................................................................... 6 Cash flows ......................................................................................................................................................................................................................................................................................... 9 Liquidity and capital resources .................................................................................................................................................................................................................................................. 9 Group outlook ............................................................................................................................................................................................................................................................................... 11 Risk review ..................................................................................................................................................................................................................................................................................... 11 Safety, security and sustainability ......................................................................................................................................................................................................................................... 14 People .............................................................................................................................................................................................................................................................................................. 18 Research and development ...................................................................................................................................................................................................................................................... 19 Board developments ................................................................................................................................................................................................................................................................... 20 Board statement on corporate governance ....................................................................................................................................................................................................................... 20 Board statement on Reporting of payments to governments ..................................................................................................................................................................................... 21 Consolidated financial statement Statoil ............................................................................................................................................................................................................................ 23 Notes to the Consolidated financial statements .............................................................................................................................................................................................................. 28 1 Organisation ......................................................................................................................................................................................................................................................................... 28 2 Significant accounting policies ...................................................................................................................................................................................................................................... 28 3 Segments ............................................................................................................................................................................................................................................................................... 37 4 Acquisitions and disposals .............................................................................................................................................................................................................................................. 40 5 Financial risk management .............................................................................................................................................................................................................................................. 41 6 Remuneration....................................................................................................................................................................................................................................................................... 44 7 Other expenses ................................................................................................................................................................................................................................................................... 45 8 Financial items ..................................................................................................................................................................................................................................................................... 46 9 Income taxes ........................................................................................................................................................................................................................................................................ 47 10 Earnings per share ........................................................................................................................................................................................................................................................... 49 11 Property, plant and equipment ................................................................................................................................................................................................................................... 49 12 Intangible assets .............................................................................................................................................................................................................................................................. 52 13 Financial investments and non-current prepayments ........................................................................................................................................................................................ 54 14 Inventories ......................................................................................................................................................................................................................................................................... 54 15 Trade and other receivables ........................................................................................................................................................................................................................................ 55 16 Cash and cash equivalents ........................................................................................................................................................................................................................................... 55 17 Shareholders' equity ....................................................................................................................................................................................................................................................... 55 18 Finance debt .....................................................................................................................................................................................................................................................................