The decrease was primarily attributable to lower prices of liquids and gas, and increased depreciation, amortisation and impairment losses, partly offset by income from higher volumes sold.

Consolidated statement of income	For the year ended 31 December
(in NOK billion)	2009	2008	Change
Revenues and other income
Revenues	462.3	652.0	(29%)
Net income from associated companies	1.8	1.3	39%
Other income	1.4	2.8	(51%)
Total revenues and other income	465.4	656.0	(29%)
Operating expenses
Purchase, net of inventory variation	205.9	329.2	(37%)
Operating expenses	56.9	59.3	(4%)
Selling, general and administrative expenses	10.3	11.0	(6%)
Depreciation, amortisation and net impairment losses	54.1	43.0	26%
Exploration expenses	16.7	14.7	14%
Total operating expenses	343.8	457.2	(25%)
Net operating income	121.6	198.8	(39%)
Net financial items	(6.7)	(18.4)	(64%)
Income tax	(97.2)	(137.2)	(29%)
Net income	17.7	43.3	(59%)
Earnings per share for income attributable to equity holders of company basic and diluted
	5.7	13.6	(58%)

Revenues and other income was NOK 465.4 billion in 2009, compared to NOK 656.0 billion in 2008. Most of the revenues stem from the sale of lifted
crude oil, natural gas and refined products. In addition, we also market and sell the Norwegian state's share of liquids from the NCS. All purchases and sales of the Norwegian state's production of liquids are recorded as purchases net of inventory variations and sales, respectively.

The NOK 190.6 billion decrease in revenues from 2008 to 2009 was mainly attributable to lower prices of both liquids and gas. Realised prices of liquids measured in NOK decreased by 29% from 2008 to 2009, contributing NOK 56.5 billion to the reduction in revenues. Gas prices were down
21% in 2009 compared to last year, and contributed NOK 25.0 billion to the reduction in revenues.

The reduction in revenues was partly compensated by the 4% increase in liftings of both liquids and gas, with a total off-setting effect of NOK 15.2 billion. The decrease in revenues related to volumes purchased from The Norwegian state contributed NOK 124.3 billion.

Total liquids liftings amounted to 1.045 mmboe per day in 2009, an increase of 3% compared to last year.

Total liftings of gas increased by 6% from 696 mboe per day in 2008 to 740 mboe per day in 2009.

Net income from associated companies was NOK 1.8 billion in 2009 compared to NOK 1.3 billion in 2008.

Other income was NOK 1.4 billion in 2009, compared with NOK 2.8 billion in 2008. The income in 2009 was mainly related to income from insurance
proceeds regarding business interruptions. The income in 2008 was mainly related to gain from sale of assets.

Purchase, net of inventory variation amounted to NOK 205.9 billion in 2009, compared to NOK 329.2 billion in 2008. The 37% decrease from 2008 to
2009 mainly stem from lower prices of liquids measured in NOK.

Operating expenses include field production and transport systems costs related to the company's share of oil and natural gas production. Operating
expenses were NOK 56.9 billion in 2009, which is a reduction of 4% since 2008. The reduction was mainly attributable to reduced transportation costs
and the reversal of provisions related to a take-or-pay contract in previous periods.

Total liquids and gas entitlement production increased from 1.751 mmboe per day in 2008 to 1.806 mmboe per day in 2009. Equity production of oil
and gas increased from 1.925 mmboe per day in 2008 to 1.962 mmboe per day in 2009.

The production cost per boe based on equity volumes for the two periods was NOK 35.3 and NOK 34.6, respectively. Adjusted for restructuring costs and
other costs arising from the merger recorded in the fourth quarter of 2007 and gas injection costs, the production cost per boe for the 12 months ending
31 December 2009 and 2008, was NOK 35.3 and NOK 33.3, respectively.

Selling, general and administrative expenses amounted to NOK 10.3 billion in 2009, compared to NOK 11.0 billion in 2008. The improvement is mainly
due to cost savings.

Depreciation, amortisation and net impairment losses includes depreciation of production installations and transport systems, depletion of fields in
production, amortisation of intangible assets and depreciation of capitalised exploration expenditure. It also includes write-downs of impaired long-lived
assets and reversals of impairments. These expenses amounted to NOK 54.1 billion in 2009, compared to NOK 43.0 billion in 2008. The 26% increase in
depreciation, amortisation and impairment expenses was mainly due to increased production and impairment charges net of reversals of NOK 7.1 billion, mostly related to assets in the Gulf of Mexico and refinery assets in Norway and Denmark.

Exploration expenditures are capitalised to the extent that exploration efforts are considered successful, or pending such assessment. Otherwise, such
expenditures are expensed. The exploration expense consists of the expensed portion of our exploration expenditure in 2009 and write-offs of exploration
expenditure capitalised in previous years. In 2009, the exploration expenses were NOK 16.7 billion, up 14% from 2008. The increase was mainly due to a
higher number of wells drilled and a higher portion of exploration expenditure capitalised in previous years being impaired.

	For the year ended 31 December
Exploration (in NOK billion)	2009	2008	change
Exploration expenditure (total activity level)	16.9	17.8	(5 %)
Expensed, previously capitalised exploration expenditure	7.0	3.7	89%
Capitalised share of current periods exploration activity	(7.2)	(6.8)	6%
Exploration expense	16.7	14.7	14%

In 2009, a total of 68 exploration and appraisal wells and two exploration extension wells were completed, 41 on the NCS and 29 internationally. Thirtyeight exploration and appraisal wells and two exploration extension wells have been declared as discoveries. In 2008, a total of 79 exploration and
appraisal wells and nine exploration extension wells were completed, 48 on the NCS and 40 internationally. Thirty-five exploration and appraisal wells and
six exploration extension wells were declared as discoveries.

Net operating income was NOK 121.6 billion in 2009, compared to NOK 198.8 billion in 2008. The decrease was primarily attributable to lower prices of
liquids and gas, and increased depreciation, amortisation and impairment losses, partly offset by income from higher volumes sold.

In 2009, net operating income was affected by the following items: impairment losses net of reversals (NOK 12.2 billion) and underlift (NOK 1.2 billion)
negatively affected net operating income, while higher fair value of derivatives (NOK 2.2 billion), higher values of products in operational storage (NOK 2.1
billion), other accruals (NOK 1.3 billion), gain on sale of assets (NOK 0.5 billion) and reversals of restructuring costs (NOK 0.3 billion) all positively affected  net operating income in 2009.

In 2008, net operating income was affected by the following items: impairment charges net of reversals (NOK 4.8 billion), lower values of products in
operational storage (NOK 2.8 billion), underlift (NOK 2.4 billion) and other accruals (NOK 2.3 billion) all affected net operating income in 2008 negatively,
while increased fair value of derivatives (NOK 1.8 billion), gains on derivatives to hedge the value of inventories (NOK 0.8 billion), gains on sales of assets
(NOK 1.4 billion) and reversal of restructuring cost accrual (NOK 1.6 billion) positively affected net operating income in 2008.

Net financial items amounted to a loss of 6.7 billion in 2009, compared to a loss of NOK 18.4 billion in 2008. The NOK 11.7 billion positive change was
mostly attributable to NOK 2.0 billion net currency gains caused by a 17% weakening of US dollar versus the NOK for the year ended 31 December 2009,
compared to NOK 32.6 billion in net currency losses caused by a 29% strengthening of the US dollar versus the NOK for the year ended 31 December 2008.

Income taxes were NOK 97.2 billion in 2009, equivalent to a tax rate of 84.6%, compared to NOK 137.2 billion in 2008, equivalent to a tax rate of
76.0%. The increase in the tax rate from 2008 to 2009 was mainly due to significant taxable exchange gains, which do not have an impact on the
statement of income for companies in the group whose functional currency is USD. In 2009 the taxable income related to these exchange gains is
estimated to be NOK 25.0 billion higher than income before tax, which increases the tax rate. In addition, the tax rate was increased by relatively higher income from the NCS with higher than average tax rates, and impairment losses with lower than average tax rates.

In 2009, the non-controlling interest (minority interest) in net profit was negative NOK 0.6 billion, compared to NOK 0.005 billion in 2008. The noncontrolling interest is primarily related to the Mongstad refinery.

Net income was NOK 17.7 billion in 2009, compared to NOK 43.3 billion in 2008. The 59% decrease from 2008 to 2009 is mainly due to reduced
operating income caused by lower revenues from liquids and gas sales and a higher effective tax rate, only partly offset by reduced loss on net financial
items.

Considering the proposed dividend for 2009, the remaining net income in the parent company will be allocated to reserve for valuation variances and
retained earnings with NOK 14.9 billion and NOK (5.1) billion, respectively. The company's distributable equity after allocations amounts to NOK 98.1
billion.

In accordance with Section 3-3 of the Norwegian Accounting Act, the board of directors confirms that the financial statements have been prepared on the
basis of the going concern assumption.