Statoil announces changes to corporate structure and management team

CFO Torgrim Reitan is named EVP for Development & Production USA (DPUSA) after Bill Maloney decided not to extend his contract with Statoil. Hans Jakob Hegge is appointed new EVP and CFO. Hegge comes from the position of senior vice president for northern operations in development and production in Norway.

Irene Rummelhoff is appointed EVP for New Energy Solutions, and Jens Økland new EVP for Marketing, Midstream & Processing (MMP). Rummelhoff and Økland take office on June 1, 2015. Reitan and Hegge take office on August 1, 2015.

CEO Eldar Saetre

“I am pleased that Torgrim Reitan has accepted the opportunity to lead DPUSA, and happy to welcome Hans Jakob Hegge, Irene Rummelhoff and Jens Økland as new members of my management team. Their vast and deep experience brings renewal to CEC to meet our future challenges,” said Eldar Sætre, President and CEO of Statoil.

The new DPUSA will further focus efforts to strengthen the profitability of our Gulf of Mexico offshore assets and onshore U.S. shale oil and gas operations. Combined, offshore and onshore activities in the United States give Statoil a strong position in the largest integrated energy market in the world.

Statoil’s offshore and onshore operations in Canada are part of the Development & Production International (DPI) business area. Operations in Canada add materiality and longevity to DPI’s portfolio and provide new opportunities to create synergies with offshore operations in Brazil, UK and Tanzania.

image

Bill Maloney

“I am grateful to Bill, who joined Statoil in 2002 as Head of Global Exploration. Leading our North American business since 2010, he has been instrumental in maturing our GoM portfolio and building Statoil’s position as an onshore operator,” says Sætre.

The transition of global energy systems to a low-carbon society is creating new business and growth opportunities in renewable energy and new energy solutions. Statoil will establish a new business area for New Energy Solutions (NES) to drive profitable growth in these areas.

The establishment of NES as a separate business segment reporting directly to the CEO reflects aspirations to incrementally supplement the oil and gas portfolio with cost-effective renewables and other low-carbon energy solutions. A more detailed plan for the business will be developed as part of Statoil’s strategy.

The development of energy systems opens up opportunities to create new cost-effective solutions, combining Statoil’s oil and gas portfolio, its project execution capability and its ability to integrate technological solutions. As a starting point, the existing offshore wind portfolio will constitute our activities in this field.

The ambition is to grow and eventually expand to other renewable energy sources, while considering appropriate financial structures. The business sector will seek new opportunities to generate attractive returns through technological and business innovation, as well as venture capital activities.

Irene Rummelhoff has been appointed EVP to lead the development of the business line. Rummelhoff comes from the position of senior vice president for Exploration Norway at Statoil.

image

Tor Martin Anfinnsen

Jens Økland has been appointed EVP and will lead the new Marketing, Midstream & Processing (MMP) business area. The renewables business is separated from the former Marketing, Processing and Renewables (MPR) business area. Acting EVP of MPR since October 2014, SVP Tor Martin Anfinnsen will serve as SVP Marketing and Trading at MMP.

“I thank Tor Martin, who rose to the challenge at short notice and effectively led MPR through a period of considerable change,” said CEO Eldar Sætre.

General Information on Appointees

image

Reitan of Torgrim

Reitan of Torgrim was named executive vice president (EVP) for US development and production. He assumes his new responsibilities on August 1, 2015 and his office will be located in Houston.

Torgrim Reitan has 20 years of experience at Statoil. He has broad and diverse leadership experience, both in Norway and abroad. During his five years as Chief Financial Officer, Reitan has been a driving force in supporting the business line’s strategic development, performance and improvement agenda. On the Corporate Executive Committee (CEC), Reitan has taken early action to address key challenges in our industry, reducing costs and increasing capital efficiency through efficiency improvement programs. company in order to strengthen Statoil’s overall competitiveness and value creation.

Reitan holds an MSc. business degree from Norges Handelshøyskole, 1995.

Image

Hans Jacob Hegge

Hans Jacob Hegge will succeed Reitan as Executive Vice President and Chief Financial Officer effective August 1, 2015, based in Stavanger. Hegge is currently Senior Vice President of Development and Production Operations (DPN) North, based in Harstad, Norway.

Hans Jakob Hegge brings 20 years of experience to Statoil and has provided consistent leadership to drive change and efficiency, including the recent successful turnaround of operational performance at the Snøhvit plant in his current role. Leading DPN’s Joint Operations and Eastern Operations, he played a key role in implementing the new operating model after the merger with Norsk Hydro’s oil and gas division.

Previously, Hans Jakob worked in Statoil’s natural gas business and then led the development of Global Business Services (GBS) from 2005 to 2009. Hegge’s experience will be important for the role of CFO in the future, making Statoil an even more efficient company and expanding the global footprint.

Hegge holds a Masters in Commerce from Norges Handelshøyskole, 1994.

image

Irene Rummelhoff

Irene Rummelhoff has been appointed EVP of the New Energy Solutions (NES) business area from June 1, 2015. Her office will be located in Stavanger. Since January 2014, she is SVP for Exploration Norway.

Rummelhoff has extensive business experience and value chain knowledge from his career with Statoil since 1991, particularly in business development and natural gas.

The new business area will focus on the development of commercial sources of alternative energy, as well as investments in proven alternative and renewable energies. Irene Rummelhoff has seven years of international experience, leading the strengthening of our asset base in North America, including the acquisition of Brigham Exploration Company in 2011.

Rummelhoff holds an MSc. degree in geology/geophysics, Norwegian University of Science and Technology, 1990.

image

Jens Okland

Jens Okland has been appointed EVP for the Marketing, Midstream & Processing (MMP) organization from June 1, 2015. His office will be located in Stavanger.

Jens Økland brings 21 years of experience to Statoil, mainly in the downstream sector. He was previously senior vice president at MPR where he was responsible for portfolio and supply and US gas in MPR natural gas.

In 2013, he joined DPN as Vice President of Operations for the Åsgard region. His extensive downstream industry experience and varied exposure to the international and operational areas of the business give him solid experience leading the new MP organization and as a member of the CEC.

Økland holds an MSc. Business degree from Handelshoyskolen BI, 1994