Fourth quarter and annual results 2009

The quarterly operating income was NOK 33.5 billion, compared to NOK 37.8 billion in the same quarter last year. It was mainly affected by a 48% drop in natural gas prices and a 55% reduction in refining margins. This was only partly compensated by a 17% increase in the average prices for liquids measured in NOK, and a 4% growth in lifted volumes of oil and gas.

Adjusted earnings in the fourth quarter 2009 were NOK 34.4 billion, compared to NOK 43.4 billion in the fourth quarter of 2008.