The company increased its equity production in 2009 by 2% to 1,962 mboe per day. Statoil also delivered a successful exploration programme, while maintaining a strict cost control and capital discipline. However, net operating income was down by 39%, mainly because of lower prices for both oil and gas. Net operating income amounted to NOK 121.6 billion.

Around 80% of the synergies from the merger in 2007 have been achieved. Additional cost savings have been implemented during 2009.

The company has had a strong cash flow through times of financial turmoil and has maintained its sound financial position. Statoil is thus positioned to deliver according to its stated production guidance for 2012, despite the current weakness in the gas markets. The group has a strong resource potential and a high quality project portfolio to underpin profitable growth also beyond 2012.