UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

October 28, 2015

Commission File Number 1-15200

Statoil ASA

(Translation of registrant’s name into English)

FORUSBEEN 50, N-4035, STAVANGER, NORWAY

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X        Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):_____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):_____

This Report on Form 6-K shall be deemed to be filed and incorporated by reference in the Registration Statements on Form F-3 (File No. 333-188327) and Form S-8 (File No. 333-168426) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

This document includes portions from the previously published results announcement of Statoil ASA as of, and for the first nine months ended, 30 September, 2015, as revised to comply with the requirements of Item 10(e) of Regulation S-K regarding non-GAAP financial information promulgated by the U.S. Securities and Exchange Commission. For more information on our use of non-GAAP financial measures in this report, see the section entitled "Use and Reconciliation of Non-GAAP Financial Measures". This document does not update or otherwise supplement the information contained in the previously published results announcement.

2015 THIRD QUARTER RESULTS

In the third quarter of 2015, Statoil’s net operating income was NOK 7.3 billion, impacted by net impairment charges and provisions. Net income was negative NOK 2.8 billion.

“We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices. The results enable us to increase our guided production growth to above 3% for 2015, as well as reduce the guided capital expenditure level with USD 1 billion to around USD 16.5 billion. We have generated a strong cash flow in the current environment and have a solid balance sheet with a net debt ratio of 24%", says president and CEO of Statoil ASA, Eldar Sætre.

Net operating income for the quarter was NOK 7.3 billion, compared to NOK 17.0 billion in the same period in 2014. The reduction was primarily a consequence of lower liquids prices and increased depreciation, partially offset by decreased net impairment charges, stronger refining margins, good operational performance and reduced underlying operating costs. Realised average liquids prices in the quarter were down 37% measured in NOK compared to the third quarter last year. Net impairment charges of NOK 4.8 billion related to exploration assets and various other asset impairments and reversals, provisions for disputes of NOK 3.3 billion and net other adjustments of NOK 1.3 billion, impacted the results in the third quarter.

Earnings per share were negative NOK 0.89 in the quarter, an improvement compared to negative NOK 1.48 in the same period last year.

“We are progressing our efficiency programs according to the plan we communicated in February, and continue to reduce the underlying operational cost. I am pleased with the way we are taking costs down, but the continued low prices in the third quarter demonstrates that we must continue to chase further cost efficiencies,” says Sætre.

Statoil delivered production of 1,909 mboe per day in the third quarter, up 4% compared to the same period in 2014. The underlying production growth, after adjusting for divestments, was 7% compared to the third quarter last year. The production from the Norwegian continental shelf (NCS) grew 10% in the third quarter of 2015 compared to last year, adjusted for divestments. Equity production outside of Norway was 735 mboe per day, a 4% increase compared to the same period last year, adjusted for divestments. 

Statoil is pleased with the development of Johan Sverdrup with cost estimates coming down by 7%. However, Statoil and its partners have decided to accept a delayed timetable for the commencement of production from the Aasta Hansteen and Mariner fields from 2017 to the second half of 2018. The updated cost estimate for Aasta Hansteen has been increased by around 9% since the plan for development and operation (PDO). In addition, a currency effect of NOK 2.4 billion brings the total cost estimate to around NOK 37 billion. For Mariner, the cost increase is slightly above 10% as compared to the original plan. 

In the third quarter Statoil made two discoveries on the NCS, as well as one on the UK Continental Shelf. As of 30 September, Statoil had completed 33 wells, with five wells on-going. Exploration expenses in the third quarter were NOK 9.9 billion, compared to NOK 8.5 billion in the third quarter of 2014.

Cash flow from operations amounted to NOK 90.2 billion in the first nine months compared to NOK 99.1 billion last year. Statoil maintained a strong capital structure, and net debt to capital employed at the end of the quarter was 24%. Organic capital expenditure was USD 11.6 billion in the first nine months.

The board of directors has decided to pay a dividend of USD 0.2201 per ordinary share for the third quarter and Statoil shares will trade ex-dividend on Oslo Børs commencing 17 February 2016. From and including the third quarter, dividends will be declared in USD, with the NOK dividend calculated and communicated four business days after the record date for the Oslo Børs shareholders.

The serious incident frequency (SIF) for the 12 months period ending 30 September 2015 was 0.5 compared to 0.6 the same period last year.

Key events since second quarter 2015:

·          The plan for development and operation (PDO) for Johan Sverdrup, Phase One, was approved by the Ministry of Petroleum and Energy in August

·          The Peregrino field offshore Brazil passed a significant milestone, with 100 million barrels of oil produced since April 2011

·          Statoil and its partners put the first subsea gas compression facility on line at Åsgard in the Norwegian Sea, adding more than 300 million barrels of oil over the field’s life

·          The final pipe in the 482 kilometer long Polarled Pipeline was laid at the Aasta Hansteen field at a depth of 1,260 meters in the Norwegian Sea. Polarled was delivered under budget and is the first pipeline on the NCS to cross the Arctic Circle

·          In October Statoil acquired a 24% equity share in the UK part of Alfa Sentral, a gas and condensate field planned to be developed as a tie-back to the existing infrastructure for Sleipner on the NCS

·          Two new compressors on the Troll A platform were started up, increasing the gas recovery from the field by 83 billion cubic meters

·          Wenche Agerup was elected as new member of the board of directors, replacing Catherine Hughes who withdrew from the board in April

THIRD QUARTER 2015 GROUP REVIEW

The third quarter results were positively impacted by strong operational performance with production growth and high regularity, improved refining margins and a decreasing development in underlying expenses. Continuously low liquids prices, foreign exchange rate effects and impairment charges offset the positive development.   

Total equity liquids and gas production [4]  was 1,909 mboe per day, up 4% from 1,829 mboe per day in the third  quarter of 2014, with strong operational performance at our fields. The increase was mainly due to enhanced utilisation of the gas value chain to create value from the NCS, ramp-up on various fields and production from new fields on stream, partially offset by expected natural decline on mature fields and reduced production due to lower ownership shares from redetermination and divestments.

Total entitlement liquids and gas production [3] increased by 7% to 1,741 mboe per day compared to the third  quarter of 2014, impacted by the increase in equity production and a lower negative effect from production sharing agreements (PSA effect) mainly as a result of the decline in oil prices.

Net operating income was NOK 7.3 billion in the third  quarter, compared to NOK 17.0 billion in the third  quarter of 2014, primarily due to the significant drop in liquids prices and net impairment charges. Significantly higher refining margins partially offset the decrease.

Impairments charges of NOK 12.7 billion, mainly related to exploration assets and various other assets, and provisions for disputes of NOK 3.3 billion, negatively impacted net operating income. Reversal of impairment charges of NOK 7.9 billion, mainly related to a refinery asset and to offshore assets in the Gulf of Mexico, positively impacted net operating income.

In the third quarter of 2014, net operating income was negatively affected by impairment losses of NOK 13.5 billion in total, mainly relating to an oil sands project in Canada and exploration assets, mainly in Angola and in the Gulf of Mexico.

Total revenues and other income decreased primarily due to the drop in liquid prices partially offset by higher refinery margins

Operating and administrative expenses increased by NOK 2.1 billion compared to the third  quarter of 2014. Reduced operational costs and lower maintenance, in addition to reduced royalties caused by lower prices, had a positive impact. The ongoing cost initiatives and divestments added to the decrease. The decrease was however more than offset by the USD/NOK exchange rate development.

Depreciation, amortisation and net impairment losses decreased by NOK 8.5 billion mainly due to reversal of impairments in the third  quarter, with net impairment losses lower in the third  quarter of 2015 than in the third  quarter of 2014. The decrease was partly offset by an increase in depreciation compared to the third quarter of 2014 mainly due to the USD/NOK exchange rate development and start-up and ramp-up of several fields.

Exploration expenses increased by NOK 1.4 billion, mainly due to impairments, higher drilling costs due to the USD/NOK exchange rate development, higher average equity share in wells drilled and a higher portion of exploration expenditures capitalised in previous periods being expensed this quarter. A higher portion of current exploration expenditures being capitalised because of successful drilling, partially offset the increase.

Net financial items amounted to a gain of NOK 0.7 billion in the third  quarter of 2015, compared to a loss of NOK 1.0 billion in the third  quarter of 2014. The change was primarily driven by a gain on derivatives of NOK 3.1 billion related to our long term debt portfolio, mainly due to a decrease in the interest yield curves.

Income taxes were NOK 10.7 billion in the third quarter, equivalent to an effective tax rate of 135.3%, compared to 129.7% in the third quarter of 2014.

Please refer to note 5 Income tax to the condensed interim financial statements for information related to income taxes.

Net income in the third  quarter of 2015 was negative NOK 2.8 billion compared to negative NOK 4.8 billion in the third  quarter of 2014, mainly due to decreased impairment losses, higher refining margins and lower taxes offset by a significant drop in the liquid prices.

Cash flows provided by operating activities were NOK 42.2 billion in the third quarter of 2015 compared to NOK 26.1 billion in the third quarter of 2014. Excluding working capital movements and taxes paid, cash flows provided by operating activities were NOK 42.9 billion in the third quarter of 2015 compared to NOK 50.0 billion in the third quarter of 2014. The decrease of NOK 7.1 billion was mainly due to reduced liquid prices.

Cash flows used in investing activities were NOK 31.6 billion in the third quarter of 2015 compared to NOK 17.5 billion in the third quarter of 2014. The increase of NOK 14.1 billion was mainly due to higher investments in deposits with more than three months to maturity of NOK 9.2 billion and higher capital expenditures of NOK 5.9 billion.

Cash flows used in financing activities were NOK 3.2 billion in the third quarter of 2015 compared to NOK 6.6 billion in the third quarter of 2014, a decrease of NOK 3.4 billion mainly due to change in collateral payments.

First nine months 2015

Net operating income was NOK 13.2 billion in the first nine months of 2015 compared to NOK 100.4 billion in the first nine months of 2014. Net operating income was negatively impacted by net impairment losses of NOK 53.9 billion, lower fair values of derivatives of NOK 3.5 billion and provisions for disputes of NOK 2.6 billion. Gain from sale of assets of NOK 14.5 billion mainly related to the divestment of the Shah Deniz project impacting net operating income positively. In the first nine months of 2014, net operating income was negatively affected by impairment losses of total NOK 18.0 billion. Gain on sale of assets of NOK 6.5 billion and an award payment related to a commercial dispute of NOK 2.8 billion positively affected net operating income.

Total revenue and other income decreased, impacted by lower prices measured in NOK partially offset by significantly improved refinery margins and higher volumes of both liquids and gas sold, in addition to a gain realised from divestment of the Shah Deniz project.  

Operating and administrative expenses increased mainly due to the USD/NOK exchange rate development in the first nine months of 2015. Lower maintenance and transportation costs, lower royalties due to reduced liquids prices, and positive effects from on-going cost initiatives and portfolio changes, partially offset the increase.  

Depreciation, amortisation and net impairment losses increased mainly due to increased impairment charges in the first nine months of 2015. The USD/NOK exchange rate development, start-up and ramp-up of production of several fields and negative revisions of proved reserves for certain assets, added to the decrease in depreciation costs compared to the first nine months of 2014.

Exploration expenses increased mainly due to impairment of exploration assets in the first nine months of 2015 and the USD/NOK exchange rate development. Increased drilling costs due to higher well equity share, and exploration expenditures capitalised in previous periods being expensed this period also contributed to the increase. A higher portion of current exploration expenditures being capitalised partially offset the increase.

Net financial items amounted to a loss of NOK 5.3 billion in the first nine months of 2015 compared to a gain of NOK 0.9 in the first nine months of 2014. The change from 2014 is mainly related to loss on derivatives related to long term debt portfolio the first nine months in 2015 of NOK 1.6 billion, compared to a gain on derivatives of NOK 3.6 billion the first nine months of 2014. Fair value changes of derivatives are

mainly due to changes in interest yield curves.

Income taxes in the first nine months of 2015 is NOK 36.1 billion equivalent to a tax rate of 455.7 % compared to 69.5 % in the first nine months of 2014.

Please refer to note 5 Income tax to the condensed interim financial statements for information related to income taxes.

Net income  in the first nine months of 2015 was negative NOK 28.2 billion compared to positive NOK 30.9 billion in the first nine months of 2014.

Cash flows provided by operating activities were NOK 90.2 billion in the first nine months of 2015 compared to NOK 99.1 billion in the first nine months of 2014. Excluding working capital movements and taxes paid, cash flows provided by operating activities were NOK 130.8 billion in the first nine months of 2015 compared to NOK 167.9 billion in the first nine months of 2014. The decrease of NOK 37.1 billion was mainly due to reduced liquid prices.

Cash flows used in investing activities were NOK 112.9 billion in the first nine months of 2015 compared to NOK 75.8 billion in the first nine months of 2014. The increase of NOK 37.1 billion was due to increased investments in deposits with more than three months maturity of NOK 45.6 billion and increased capital expenditures of NOK 7.8 billion partially offset by increased proceeds from sale of assets of NOK 16.0 billion.

Cash flows provided by financing activities were NOK 0.1 billion the first nine months of 2015 compared to negative NOK 29.5 billion in the first nine months of 2014, an increase of NOK 29.6 billion mainly due to the issuance of new debt of NOK 32.1 billion in the first quarter of 2015.

OUTLOOK

·       Organic capital expenditures for 2015 (i.e. excluding acquisitions, capital leases and other investments with significant different cash flow pattern) are estimated at around USD 16.5 billion

·       Statoil intends to continue to mature the large portfolio of exploration assets and estimates a total exploration activity level of around USD 3.0 billion for 2015, excluding signature bonuses

·       Statoil expects to deliver efficiency improvements with pre-tax cash flow effects of around USD 1.7 billion from 2016

·       Statoil’s ambition is to maintain RoACE  (Return on Average Capital Employed) at the 2013 level adjusted for price and foreign exchange level, and to keep the unit of production cost in the top quartile of Statoil`s group

·       For the period 2014 – 2016, organic production growth [7] is expected to come from new projects resulting in around 2% CAGR (Compound Annual Growth Rate) from a 2014 level rebased for divestments

·       The equity production development for 2015 is estimated to be above 3% CAGR from a 2014 level rebased for divestments [7]

·       Scheduled maintenance activity  is estimated to reduce quarterly production by approximately 15 mboe per day in the fourth quarter of 2015, of which the majority is liquids. In total, the maintenance is estimated to reduce equity production by around 40 mboe per day for the full fiscal year 2015, of which the majority is liquids

·       Indicative effects from Production Sharing Agreement (PSA-effect) and US royalties are estimated to be around 170 mboe per day in 2015 based on an oil price of USD 60 per barrel and 200 mboe per day based on an oil price of USD 100 per barrel [4]

·       Deferral of gas production to create future value, gas off-take, timing of new capacity coming on stream and operational regularity represent the most significant risks related to the production guidance

·        With effect from first quarter of 2016, Statoil will change to USD as presentation currency. From and including the third quarter of 2015 quarterly dividend is declared in USD  

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. For further information, see section Forward-Looking Statements. 

DEVELOPMENT AND PRODUCTION NORWAY

Third quarter 2015 review

Average daily production of liquids and gas increased by 8% to 1,174 mboe per day in the third quarter of 2015 compared to the third quarter of 2014. The increase was mainly due to higher gas off-take, ramp-up on new fields and increased production from several fields. Expected natural decline on mature fields partially offset the increase.

Net operating income for Development and Production Norway (DPN) was NOK 13.9 billion compared to NOK 24.6 billion in the third quarter of 2014. Impairment of assets of NOK 1.8 billion negatively impacted net operating income. The decrease by 43% in net operating income in the third quarter of 2015 compared to the third quarter of 2014 was mainly due to the drop in liquids prices, partially offset by a positive USD/NOK exchange rate development and increased gas prices.

Operating and administrative expenses  are at the same level as last year.

Depreciation, amortisation and net impairment losses increased mainly due to impairments, ramp-up of new fields and increased investments on fields in production partially offset by higher gas off-take.  

Exploration expenses increased compared to 2014 mainly due to higher average well equity share, partially offset by a higher portion of current exploration expenditures being capitalised.

First nine months 2015

Net operating income for DPN was NOK 43.1 billion in the first nine months of 2015 compared to NOK 82.1 billion in the first nine months of 2014, negatively impacted by impairment of assets of NOK 5.7 billion and lower fair value of derivatives of NOK 2.6 billion.

Total revenues and other income decreased primarily driven by the drop in liquids prices. Positive USD/NOK exchange rate development and increased volumes partially offset the decrease.

Operating and administrative expenses  increased primarily driven by ramp-up on new fields, partially offset by cost improvements and reduced turnaround activity level.

Depreciation, amortisation and net impairment losses increased primarily driven by impairments, ramp-up on new fields, reductions in proved reserves for certain assets and increased organic investments.

Exploration expenses increased mainly due to higher average well equity share.

DEVELOPMENT AND PRODUCTION INTERNATIONAL

Third quarter 2015 review

Average equity production of liquids and gas in the third quarter of 2015 decreased by 1% to 735 mboe per day compared to the third quarter of 2014. Ramp-up on several fields, including Jack/ St. Malo (US) and CLOV (Angola) was offset by the divestment of the Shah Deniz project and expected natural decline on various fields.

Average daily entitlement production of liquids and gas increased by 5% to 567 mboe per day compared to the third quarter of 2014. The increase was due to lower negative effect of production sharing agreements (PSA effect), mainly driven by the decline in prices. The PSA effect was 125 mboe per day in the third quarter of 2015 compared to 166 mboe per day in the third quarter of 2014. 

Net operating income for Development and Production International (DPI) was negative NOK 15.0 billion compared to negative NOK 8.8 billion the third quarter of 2014. Lower realised oil and gas prices, net impairment losses of NOK 7.5 billion and provisions for disputes of NOK 3.3 billion negatively impacted net operating income. This was partially offset by higher entitlement production.

In the third quarter of 2014, net operating income was negatively impacted by net impairment losses of NOK 12.1 billion.

Operating and administrative expenses increased due to the USD/NOK exchange rate development, in addition to start-up of the Jack/St.Malo fields. The increase was partially offset by lower royalties caused by reduced prices, lower operation and maintenance costs, and divestments.

Depreciation, amortisation and net impairment losses decreased primarily due to lower net impairment losses in the third quarter of 2015 compared to third quarter of 2014, increased reserves and impairment of assets in 2014 and 2015. The decrease was partially offset by the USD/NOK exchange rate development and higher production from start-up and ramp-up on various fields.

Exploration expenses increased primarily due to impairments and increased capitalised exploration expenditures from earlier years being expensed this quarter, partially offset by higher portion of current exploration expenditures being capitalised this period.

First nine months 2015

Net operating income for DPI was negative NOK 49.6 billion in the first nine months of 2015 compared to positive NOK 5.1 billion in the first nine months of 2014. Net impairment losses of NOK 52.3 billion and net provisions for disputes of 2.6 billion negatively impacted net operating income, partially offset by a gain from sale of assets of NOK 12.3 billion.

Net operating income in the first nine months of 2014 was negatively impacted by impairment losses of NOK 16.5 billion, partially offset by gain on sale of assets of NOK 5.8 billion.

Total revenues and other income decreased due to lower realized oil and gas prices and provision for disputes, partially offset by higher gain related to sale of assets and higher entitlement production.

Operating and administrative expenses  increased primarily due to the USD/NOK exchange rate development, production ramp-up onshore North America and the start-up of CLOV and Jack/ St. Malo. Lower royalties caused by lower prices, portfolio changes and reduced operations and maintenance costs partially offset the increase.

Depreciation, amortisation and net impairment losses increased primarily driven by significant impairments in the first nine months of 2015 in addition to the USD/NOK development, and higher production from start-up and ramp-up of fields. The increase was partially offset by reduced depreciation from increased reserves and from impairment of assets in 2014 and 2015.

Exploration expenses increased primarily driven by increased impairments and higher drilling expenditures due to higher activity and equity shares in wells drilled. Increased exploration expenses capitalised earlier years being expensed this period added to the increase. The higher portion of current exploration expenditures being capitalised in the first nine months of 2015 partially offset the increase.

MARKETING, MIDSTREAM AND PROCESSING

Third quarter 2015 review

Natural gas sales volumes amounted to 12.2 billion standard cubic meters (bcm), up 9% compared to the third quarter of 2014. The increase was mainly due to higher Statoil entitlement production on the Norwegian continental shelf. Of the total gas sales in the third quarter of 2015, entitlement gas was 10.5 bcm compared to 9.2 bcm in the third quarter of 2014.

Average invoiced European natural gas sales price increased by 12% mainly due to the exchange rates development in NOK towards other currencies. Average invoiced North American piped gas sales price decreased by 17%. The prices have continued to be weak in the US during the quarter.

Net operating income for Marketing, Midstream and Processing (MMP) was NOK 8.0 billion compared to NOK 1.8 billion in the third quarter of 2014. The increase was mainly due to a net reversal of impairment charges of NOK 3.9 billion related to a refinery asset, and higher refinery margins as a result of an oversupplied crude market with low spot prices combined with strong gasoline markets. Solid trading results for liquids and the USD/NOK foreign exchange rate development added positively to the increase.

In the third quarter of 2014 net operating income was negatively impacted by impairment charges of NOK 1.4 billion.

Operating and administrative expenses  increased mainly due to exchange rate developments in NOK compared to other currencies, partially offset by reduced transportation costs and lower costs due to on-going cost initiatives.

First nine months 2015

Net operating income for MMP was NOK 19.5 billion in the first nine months of 2015 compared to NOK 13.4 billion in the first nine months of 2014, mainly positively impacted by net reversal of impairment charges of NOK 3.5 billion and higher refinery margins due to an oversupplied crude market with low spot prices. Solid liquids trading results also contributed to the increase.

Net operating income in the first nine months of 2014 was positively impacted by an award payment related to a commercial dispute of NOK 2.8 billion and gain on sale of assets of NOK 0.7 billion.

Total revenues and other income decreased driven by lower US crude oil prices and the decrease was partially offset by the USD/NOK exchange rate development.

Purchases [net of inventory variation] decreased driven the same factors as described above.  

Operating and administrative expenses  increased primarily driven by the USD/NOK foreign exchange rate development which more than offset the positive effect of the on-going cost initiatives and the decrease in transportation and capacity costs.

Depreciation, amortisation and net impairment losses were positively impacted by net reversal of impairment charges of NOK 3.5 billion.

CONDENSED INTERIM FINANCIAL STATEMENTS

Third quarter 2015

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

¹⁾ Foreign currency translation differences adjustment of NOK 20.7 billion is net of accumulated currency translation gains of NOK 3.2 billion reclassified to the Consolidated statement of income related to the sale of interests in the Shah Deniz project and the South Caucasus Pipeline. See note 3 Disposals. 

CONSOLIDATED BALANCE SHEET

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

¹⁾  Currency translation adjustments amount of NOK 20.7 billion is net of accumulated currency translation gains of NOK 3.2 billion reclassified to the Consolidated statement of income related to the sale of interests in the Shah Deniz project and the South Caucasus Pipeline. See note 3 Disposals. 

CONSOLIDATED STATEMENT OF CASH FLOWS

At 30 September 2015 Cash and cash equivalents included a net bank overdraft of NOK 0.1 billion and at 30 September 2014 Cash and cash equivalents included a net bank overdraft that was rounded to zero. At 31 December 2014 Cash and cash equivalents included a net bank overdraft of NOK 0.7 billion.

Notes to the Condensed interim financial statements

1 Organisation and basis of preparation

General information and organisation

Statoil ASA, originally Den Norske Stats Oljeselskap AS, was founded in 1972 and is incorporated and domiciled in Norway. The address of its registered office is Forusbeen 50, N-4035 Stavanger, Norway.

The Statoil group’s (Statoil) business consists principally of the exploration, production, transportation, refining and marketing of petroleum and petroleum-derived products. Statoil ASA is listed on the Oslo Børs (Norway) and the New York Stock Exchange (US).

All Statoil's oil and gas activities and net assets on the Norwegian continental shelf (NCS) are owned by Statoil Petroleum AS, a 100% owned operating subsidiary of Statoil ASA. Statoil Petroleum AS is co-obligor or guarantor of certain debt obligations of Statoil ASA.

Statoil's Condensed interim financial statements for the third quarter of 2015 were authorised for issue by the board of directors on 27 October 2015.

Basis of preparation

These Condensed interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Condensed interim financial statements do not include all of the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and these Condensed interim financial statements should be read in conjunction with the Consolidated annual financial statements. IFRS as adopted by the EU differ in certain respects from IFRS as issued by the IASB, but the differences do not impact Statoil's financial statements for the periods presented. A description of the significant accounting policies applied is included in Statoil`s Consolidated annual financial statements for 2014 and applies to these Condensed interim financial statements. There have been no changes to significant accounting policies in the first nine months of 2015 compared to the annual financial statements for 2014.

An amendment to IFRS 15 Revenue from Contracts with Customers was issued in September 2015, deferring the standard’s effective date by one year to 1 January 2018. Statoil has not yet determined its adoption date for the standard.

The Condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period.

The Condensed interim financial statements are unaudited.

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis, considering the current and expected future market conditions. A change in an accounting estimate is recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2 Segments

With effect from the third quarter of 2015 Statoil implemented a new corporate structure. Statoil’s operations are now managed through the following operating segments: Development and Production Norway (DPN), Development and Production USA (DPUSA), Development and Production International (DPI), Marketing, Midstream and Processing (MMP), New Energy Solutions (NES) and Other.

Statoil's operations were previously managed through the following operating segments: Development and Production Norway (DPN), Development and Production North America (DPNA), Development and Production International (DPI), Marketing, Processing and Renewable Energy (MPR) and Other. DPUSA was previously included in DPNA. The Canadian operations were previously part of DPNA, but are now included in DPI.

Statoil reports its business through reporting segments which correspond to the operating segments, except for the operating segments DPUSA and DPI which have been aggregated into one reporting segment, Development and Production International. This aggregation has its basis in similar economic characteristics, the nature of products, services and production processes, the type and class of customers and the

methods of distribution. The new operating segment NES, previously a part of MPR, is reported in the segment Other effective from the third quarter of 2015. Due to immateriality the change in the NES segment has not been applied retrospectively.

The Eliminations section includes the elimination of inter-segment sales and related unrealised profits, mainly from the sale of crude oil and products. Inter-segment revenues are based upon estimated market prices.

Segment data for the third quarter and the first nine months of 2015 and 2014 is presented below. The reported measure of segment profit is Net operating income. Deferred tax assets, pension assets and non-current financial assets are not allocated to the segments. The line item Additions to PP&E, intangibles and equity accounted investments excludes movements related to changes in asset retirement obligations.