b'Financial and OperationalPerformance 2018FINANCIALS 2018 In 2018, we continued to maintain a healthy debt to EBITDA ratio of less than 2.5. Going forward, we are planning to diversify our funding sources RESULTS OVERVIEW through the issuance of an international bond Though the oil industry remained volatile in 2018,anticipated for 2020. In preparation for a potential Staatsoliesfinancialresultswereimpactedby entry of the international capital market, we continue crudepricesthatweresignificantlyhigher,with to engage Ernst & Young to audit our yearly the average posting price per barrel reachingfinancialstatements,with2018markingthesecondUS$ 61 compared to US$ 47 in 2017. Staatsolieyear we are sharing our results in accordance with attained gross revenue of US$ 506 million inInternational Financial Reporting Standards (IFRS). 2018,upfromUS$434millionin2017.Profit We are further enhancing our processes with before tax was US$ 149 million, compared toinitiativesfocusedonimprovedfinancialclosingandUS$ 94 million the prior year. Our contribution toreporting as well as on the controls framework.the government of Suriname, consisting of taxes,Concerning capital expenditures, our investments dividend and royalties due to the 25% interest ofover the next 3 years will focus on sustaining Staatsolie in the gold mine of Newmont Surinameproduction at 6 MMbbls per year going forward, amounted to US$ 150 million for 2018, comparedEnhanced/Improved Oil Recovery (EOR/IOR) to US$ 139 million in 2017. andasthisyearsreporthighlightsnearshoreSales and revenue for 2018 breaks down asexploration. follows: In 2018, Staatsolie committed US$ 203 million to Capex, with approximately US$ 99 million devoted to the Nearshore Drilling (NSD) Project. SALES AND REVENUE2018 2017x 1000 Bbls in M$ x 1000 Bbls in M$Fuel Oil & Crude2,5231752,795162 Diesel1,9631881,940147 Gasoline64065 666 61 Bitumen222 24 2 Other 17519 149 13 Total 5,3234495,574386 Electric Energy in MWh 438,388 57 335,05648 Total revenues (x US$ 1 mln) 506 43412 STAATSOLIE 2018 ANNUAL REPORT'