Cash flows from operating activities
Statoil's primary source of cash flow consists of funds generated from operations. Cash flow provided by operating activities was NOK 73.0 billion in 2009, compared to NOK 102.5 billion in 2008. Adjusting for changes in cash flows due to changes in working capital and other non-current items related to
operating activities, cash flows from underlying operations less tax payments contributed NOK 81.5 billion.

The NOK 29.5 billion decrease in cash flows from operating activities was primarily due to a NOK 57.9 billion decrease in cash flows from underlying
operations, an increase in cash flows used due to changes in working capital of NOK 7.0 billion and a decrease in cash flows from non-current items related
to operating activities of NOK 3.7 billion. These effects were partly offset by a decrease in taxes paid of NOK 39.1 billion.

Cash flows used in investing activities
Cash flows used in investing activities amounted to NOK 75.4 billion in 2009, a NOK 10.5 billion decrease from 2008. The decrease stems mostly from
acquisitions paid for in 2008, partly offset by NOK 3.9 billion less in proceeds from sales.

Cash flows used in financing activities
Net cash flows provided by financing activities for 2009 amounted to
NOK 11.3 billion, compared to cash flow used in financing activities of
NOK 17.0 billion for 2008. The NOK 28.3 billion change was mainly
related to NOK 41.7 billion in net changes in long-term borrowing and
NOK 4.0 billion in less dividend paid in 2009, partly offset by repayment
of short-term borrowings by NOK 7.1 billion in 2009, compared with an
increase in short-term borrowings by NOK 10.5 billion in 2008.