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"As one of the fastest growing E&P companies in the world, we are on track to
nearly double production to around 400 thousand barrels of oil equivalent per
day by end 2025. We are pleased to see that the quarter delivered solid
operational performance within guidance. Strong realised prices and financial
results underpin our commitment to provide stable and predictable dividends to
our shareholders, and our growth trajectory will give increased capacity to
sustain this.
Vår Energi’s outstanding growth outlook is backed by nine high-quality
development projects and the acquisition of Neptune Energy Norge which was
completed on 31 January 2024. The deal marks a key milestone to deliver strong
value accretive growth." Says Nick Walker, CEO of Vår Energi.
Strong financial results
· Total income in the quarter was USD 1 699 million, an increase of 5% from
the third quarter
· Achieved realised price of USD 84 per boe in the quarter with gas price
realisation USD 13 per boe above spot market
· Continued strong financial position with USD 3.7 billion in available
liquidity and a leverage ratio of 0.5x
· Cash flow from operations (CFFO) was USD 857 million
Attractive and predictable shareholder distribution
· Dividend of USD 270 million (NOK 1.136 per share) for the fourth quarter
will be distributed on 27 February
· Dividend guidance of USD 270 million for the first quarter of 2024, aiming
for a dividend distribution of approximately 30% of CFFO after tax?for the full
year
Good operational performance
· Production of 225 kboepd in the quarter, up 7% from the third quarter
· Full year production of 213 kboepd and December exit rate of 233 kboepd
within guidance
· Unit production cost below guidance with USD 14.1 per boe for the full year
and USD 13.9 per boe in the quarter
On track for growth and value creation
· Neptune Energy Norge acquisition closed 31 January 2024
· With Neptune assets total combined reserves plus resources of approximately
2 billion boe[1]
· Breidablikk and Tommeliten Alpha started up ahead of schedule and on budget
in October 2023
· Balder X project making solid progress towards completion with targeted
first oil moved to Q4 2024
· Johan Castberg project is on track for targeted first oil in Q4 2024
Safety and ESG
· Continued safe operations with no serious incidents?for the full year
· Vår Energi included in “Sustainalytics’ 2024 ESG top-rated companies list”
[1]As per Annual Statement of Reserves 2023, Proved plus Probable (2P) Reserves
and 2C Contingent Resources
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 Nick Walker and CFO Stefano Pujatti.
You can follow the webcast with supporting slides, available on:
Q4 2023 • WN Event
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 with a tangible
plan to reduce emissions from our operations by 50% within 2030.
Vår Energi has around 1300 employees and equity stakes in 47 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no
Contact
Investor relations
Ida Marie Fjellheim, Head of Investor Relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
Andreas Wulff, Communication Manager
+47 92616759
andreas.wulff@varenergi.no
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. Var 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.
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 13 February 2024 at 07:00 CET.
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