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"We are pleased to deliver a record high production of 299 thousand barrels of
oil equivalent per day (kboepd) for the quarter. As one of the world’s fastest
growing E&Ps, our commitment to increase production to around 400 kboepd by end
2025 remains firm. Strong financial performance continues to provide attractive
and predictable shareholder returns. The quarter was further characterised by
good operational performance and the completion of the Neptune Energi Norge
acquisition in January. We expect the two organisations to be fully integrated
within the second quarter, enabling the realisation of synergies of around USD
500 million post tax over time.
Our key development projects, Johan Castberg and Balder X, continue to progress,
with targeted start-up’s maintained as previously communicated. Also, our
exploration efforts continue to generate positive results, with the discovery of
Ringhorne North in the Balder Area, a potential tie-back to existing
infrastructure.
The recent inclusion of Vår Energi in the Oslo Stock Exchange ESG Index is a
motivating recognition and adds weight to our commitment to take a leading ESG
position." Nick Walker, the CEO of Vår Energi
Strong financial performance
· Total income in the quarter was USD 1956 million, an increase of USD 257
million from last quarter
· Achieved realised gas price of USD 67 per boe, USD 14 per boe above spot
price
· Unit production cost better than guidance with USD 12 per boe in the quarter
· Solid cash flow from operations of USD 1009 million
· Vår Energi included in the Oslo Stock Exchange ESG index: OBX ESG
Continued attractive and predictable dividends
· Dividend of USD 270 million (NOK 1.192 per share) for the first quarter will
be distributed 8 May
· Dividend guidance of USD 270 million for the second quarter of 2024, with a
dividend distribution of approximately 30% of CFFO after tax for the full year
· Solid balance sheet following Neptune acquisition with leverage ratio of
0.7x
Good operational performance
· Production of 299 kboepd, an increase of 33% from previous quarter
· Breidablikk at plateau in first quarter
· Neptune Energy Norge acquisition closed 31 January 2024, and consolidated
from 1 January 2024
Progressing towards ~400 kboepd by end-2025 and unlocking future value
· Johan Castberg and Balder X projects making progress towards completion,
targeted start-up’s maintained in fourth quarter 2024
· 7 of 8 sanctioned projects with start-up’s by end-2025 are more than 50%
complete
· Discovery at Ringhorne North in the Balder Area
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:
Q1 2024 • 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 more than 50% within 2030. Vår
Energi has around 1300 employees and equity stakes in 47 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 23 April 2024 at 07:00 CET.
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