**Calculation of Ratio of Earnings to Fixed Charges**

|                        | (in USD millions, except ratio)***                              | For  the year ended 31 December 2016 | For  the year ended 31 December 2015 | For  the year ended 31 December 2014 | For the year ended 31 December 2013 | For the year ended 31 December 2012 |
|-----------------------------|-----------------------------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|-------------------------------------|-------------------------------------|
| **Fixed Charges**           |                                                            |                                 |                                 |                                 |                                |
|                        | Interest expense*                                               | 1,043                                | 971                                  | 1,205                                | 784                                 | 964                                 |
| +                           | Interest  within rental expense                                 | 1,079                                | 1,444                                | 1,528                                | 1,233                               | 1,285                               |
| +                           | Capitalized  interest                                           | 355                                  | 392                                  | 250                                  | 183                                 | 204                                 |
| **Total fixed charges (A)** | 2,477                                                           | 2,807                                | 2,983                                | 2,201                                | 2,452                               |
|                        |                                                            |                                 |                                 |                                 |                                |                                |
| **Earnings**                |                                                            |                                 |                                 |                                 |                                |
|                        | Income  before tax and minority interest                        | (178)                                | 55                                   | 17,898                               | 23,646                              | 35,831                              |
| -                           | Equity  in net inc non-consol investees                         | 119                                  | 29                                   | 34                                   | (20)                                | (288)                               |
| +                           | Distributed  income of equity investees                         | (2)                                  | (1)                                  | (1)                                  | (1)                                 | (1)                                 |
| =                           | Income before taxes, minority interests    and equity investees | (60)                                 | 83                                   | 17,931                               | 23,625                              | 35,542                              |
| +                           | Fixed charges (A)                                               | 2,477                                | 2,807                                | 2,983                                | 2,201                               | 2,452                               |
| +                           | Ordinary  depr capital interest                                 | 198                                  | 171                                  | 186                                  | 210                                 | 233                                 |
| -                           | Capitalized  interest                                           | (355)                                | (392)                                | (250)                                | (183)                               | (204)                               |
| **Total earnings**          | 2,260                                                           | 2,669                                | 20,850                               | 25,852                               | 38,023                              |
|                        |                                                            |                                 |                                 |                                 |                                |                                |
| **Ratio****                 | **0.9**                                                         | **1.0**                              | **7.0**                              | **11.7**                             | **15.5**                            |

*From and including 2016, interest expense excludes change in fair value of derivatives. The ratio for earlier years has been re-stated to reflect this change

**The dollar amount of the deficiency in Earnings to Fixed Charges for the full year 2016 is USD 216 million 

***On 1 January 2016, Statoil changed its presentation currency from Norwegian kroner (NOK) to US dollars (USD). Comparative figures in 2015, 2014, 2013 and 2012 have been represented in USD to reflect the change. For further details, reference is made to Note 26 Change of presentation currency to the Consolidated Financial Statements included in the 2016 20-F filing.