Statoil: Results for first quarter 2011

Statoil's (OSE:STL, NYSE:STO) first quarter 2011 net operating income was NOK
50.7 billion, a 28% increase compared to NOK 39.6 billion in the first quarter
of 2010. The quarterly result was mainly affected by a 33% increase in the
average prices for liquids measured in NOK, a 20% increase in average gas
prices, and a 12 % decrease in liftings, when compared to the same period last
year.

"In the first quarter of 2011 we delivered good financial results and passed
important industrial milestones. Through the Skrugard discovery and the new
acreage awarded Statoil in the Barents Sea, we take new steps in opening a new
energy frontier in the North", says Helge Lund, Statoil's chief executive
officer.

Statoil has started production and closed the deals that bring industrial
partners into its Leismer and Peregrino field developments. Statoil's
operatorship of these assets in Canada and Brazil has created substantial
shareholder value. Statoil has announced important discoveries in Norway and
Brazil, accessed new attractive acreage, including the nomination for
operatorship of pre-salt blocks in Angola, and received drilling permits for two
exploration wells in the Gulf of Mexico. In addition, Statoil has submitted plan
for development and production for two new projects in Norway and sanctioned new
projects in Canada and Algeria.

Total equity production was 1,971 mboe per day in the first quarter of 2011
compared to 2,102 mboe per day in the first quarter of 2010. The production has
developed in line with expectations.

Statoil expects equity production in 2011 to be around the 2010 level, or
slightly below. Equity production for 2012 is expected to grow with around 3%
Compound Annual Growth Rate (CAGR) based on the actual 2010 equity production.

Adjusted earnings in the first quarter of 2011 were NOK 47.3 billion, compared
to NOK 38.9 billion in the first quarter of 2010.

Net income in the first quarter of 2011 was NOK 16.1 billion compared to NOK
11.1 billion in the same period last year. This result reflects higher prices
for both liquids and gas, a gain on NOK 5.3 billion net of tax from the 40% Kai
Kos Dehseh oil sands divestment, and lower net financial losses, partly offset
by reduced liftings and higher taxes. The tax rate for the quarter was 68%.

Adjusted earnings after tax were NOK 11.9 billion in the first quarter of 2011.
Adjusted earnings after tax exclude the effect of tax on net financial items,
and represent an effective adjusted tax rate of 74.8 % in the first quarter of
2011.

Highlights since fourth quarter 2010:

* Average liquids prices are up 33% and average gas prices are up 20%, both
measured in NOK.
* Total equity production has decreased by 6% from the first quarter of 2010
to 1,971 mboe per day in the first quarter of 2011.
* Total entitlement production was 1,765 mboe per day, down 8% compared to the
first quarter of 2010.
* On 1 April Statoil announced a significant oil discovery on the Skrugard
prospect in the Barents Sea.
* On 9 April Statoil started oil production from the Peregrino offshore field
in Brazil.
* On 12 and 15 April respectively, Statoil submitted the plan for development
and operation (PDO) for the Vigdis North-East development and the Katla fast
track project in the North Sea to the Norwegian Ministry of Petroleum and
Energy.
* On 14 April Statoil's sale of 40% of the Peregrino offshore field in Brazil
to Sinochem Group was formally closed.
* On 15 April the government announced that Statoil was awarded holdings in
11 new production licences in the Barents Sea in the 21st licensing round on
the Norwegian continental shelf.

Further information from:

Investor relations

Hilde Merete Nafstad, senior vice president investor relations,
Tel: + 47 957 83 911 (mobile)

Morten Sven Johannessen, vice president investor relations USA,
Tel: + 1 203 570 2524 (mobile)

Press

Jannik Lindbæk jr, vice president for media relations,
Tel: + 47 977 55 622 (mobile)

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.




Presentation 1st quarter 2011 Torgrim Reitan CFO:
http://hugin.info/132799/R/1512047/447543.pdf

Press release - Results 1st quarter 2011:
http://hugin.info/132799/R/1512047/447542.pdf

Financial statements and review 1st quarter 2011:
http://hugin.info/132799/R/1512047/447541.pdf




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Source: Statoil via Thomson Reuters ONE

[HUG#1512047]


Unternehmen: Statoil - ISIN: NO0010096985