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and full year 2020 respectively, primarily driven by higher oil and gas prices.
Profit before taxes was USD 1 124 million in the quarter (+87%) and USD 2 498
million for the year compared to a net loss in 2020. Cash flow from operations
(CFFO) was USD 923 million in the quarter and USD 4 438 million for the full
year. The Company maintains its 2022 guidance of minimum USD 800 million in
dividends including USD 225 million expected for the first quarter.
Highlights:
· Zero actual serious incidents in 2021
· Production of 259 kboepd, an increase from 247 kboepd in the third quarter
on improved production efficiency, full-year 2021 production was 246 kboepd (-7%
from previous year)
· Average realised price of USD 103.4 per boe in the quarter (+46% from Q3
2021) and USD 70.9 for the full year (+128% from the previous year)
· Strong full-year cash flow generation, fourth quarter impacted by tax
payments and increased working capital due to higher gas sales
· Fourth quarter and full-year production cost of USD 13.4 per boe and USD
12.0 per boe, respectively, with full-year 2022 guidance unchanged at USD 12.5
to 13.5 per boe
· 2021 exploration campaign with 75% success rate adding 135 million boe
(mmboe) of resources, equal to 1.5x full-year production of 90 mmboe
· Main development projects progressing according to plan and budget
· Obtained Investment Grade credit ratings from S&P and Moody’s
· Refinanced reserve-based lending facility with a USD 6 billion unsecured
loan
· Leverage ratio reduced to 1.1x at year end from 3.2x at end 2020 on lower
net debt and strong cash flow
“Vår Energi delivers record earnings for the fourth quarter and 2021 driven by
solid operational performance, a significant gas share and increased realised
commodity prices. The development projects which support our mid-term production
targets are progressing as planned and we maintained focus on safe operations
with zero serious accidents recorded. We see a continued supportive commodity
price environment which, together with our strong balance sheet, scale of
production and cash flow generation underpin our commitment to deliver on our
full-year 2022 dividend expectations of minimum USD 800 million.” Torger Rød,
CEO of Vår Energi
Webcast and conference call
The company will today hold a webcast and conference call followed by Q&A at
10:00 CET hosted by CEO Torger Rød and CFO Stefano Pujatti.
You can follow the webcast with supporting slides, available on:
https://streams.eventcdn.net/vaarenergi/2021q4/
To access the conference call, please pre-register at:
https://www.incommglobalevents.com/registration/q4inc/10188/vår-energi
-fourth-quarter-2021-results/
You will receive your access details via email.
The report, presentation and webcast will be available at www.varenergi.no.
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). We are committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record. Our ambition is to be the
safest operator on the NCS, the partner of choice, an ESG leader and a net-zero
producer (Scope 1 and 2) by 2030.
Vår Energi has more than 900 employees and equity stakes in 36 fields producing
net 246,000 boe per day in 2021. We have our headquarters outside Stavanger,
Norway, with offices in Oslo and Hammerfest. To learn more, please visit
varenergi.no.
Contact
Investor relations
Ida Marie Fjellheim, Head of IR
+47 90509291
ida.fjellheim@varenergi.no
Media relations
Communication Manager
Andreas Wulff
+47 92616759
andreas.wulff@varenergi.no
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
release was published by Ida Fjellheim, Head of Investor Relations at Vår Energi
ASA, on 1 March 2022 at 07:00 CET.
This announcement may include projections and other “forward-looking” statements
within the meaning of applicable securities laws. Any such projections or
statements reflect the current views of Vår Energi AS (“Var Energi”) about
further events and financial performance. No assurances can be given that such
events or performance will occur as projected and actual results may differ
materially from these projections. Vår Energi undertakes no obligation to
publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this announcement.
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