b'PROJECTINGSUCCESSPROJECTS FORSUCCESSCONTENTS FINANCIAL STATEMENTSpg 2.Projects for Success pg 56. Independent Auditors Report pg 8.Vision/Mission/Values pg 62. Consolidated Statement of pg 9.Overview Performance 2021ProfitorLosspg 10. pg 63. Consolidated Statement ofSupervisory Board & Other Comprehensive Income Board of Executive Directorspg 11.General Information pg 64. Consolidated Statement ofFinancial Positionpg 66. Consolidated Statement ofBOARD REPORT AND LETTER Changes in Equitypg 12. Message from the Managing Directorpg 68. Consolidated Statement of Cash Flowspg 16.Report of the Supervisory Board pg 73. Notes to the ConsolidatedFinancial StatementsFINANCIAL AND OPERATIONALPERFORMANCEpg 20. Macro-economic Environmentpg 22. 2021 Key Financial Indicators pg 23. 2021 Operating Income per Segmentpg 24. Strategic Goals 2022-2026pg 26. Financepg 30. Upstreampg 34. Offshorepg 38. Downstreampg 42. Power & Sustainable Energypg 46. Staatsolie Hydrocarbon Institute (SHI)pg 48. Environmental, Social andGovernance (ESG)pg 54. Risk Management2 STAATSOLIE 2021 ANNUAL REPORT'