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Production milestones met ahead of schedule
· Average fourth quarter production expected ~430 kboepd
· Jotun FPSO reached peak production in September
· Adding ~180 kboepd at peak from new projects in 2025, 7 out of 9 projects on
stream
· Derisked outlook with key projects delivered
Solid financial performance
· Significant cash flow from operations of USD 1.2 billion
· Reduced net debt and USD 3.6 billion of available liquidity
· Unit production cost expected around USD 10 per boe in the fourth quarter of
2025
· 18% of third quarter gas volumes sold at USD 90 per boe
Unlocking long-term future value creation
· Expected to sanction ten projects in 2025
· Increasing ownership in Ekofisk Previously Produced Fields project adding
high value barrels
Delivering predictable and attractive dividends
· Third quarter dividend of USD 300 million (NOK 1.211 per share) will be
distributed 25 November¹
· Full year dividend guidance for 2025 and 2026 of USD 1.2 billion
"We are pleased to see strong results for the quarter. Seven of the nine growth
projects planned for start-up in 2025 are on stream, including Johan Castberg
and the Jotun FPSO at the Balder field, with both producing at plateau. Our
company is de-risked and has never been in a stronger position to continue to
deliver high value and attractive shareholder returns.
With the strong ramp up of our new projects we expect to produce an average of
approximately 430 thousand barrels of oil per day (kboepd) in the fourth quarter
and we’re on track to meet around the mid-point of the full year guidance range
of 330 to 360 kboepd.
We are on target to sustain production at 350 to 400 kboepd towards 2030 and
beyond. This will be delivered through our portfolio of around 30 early phase
projects, backed by already discovered resources that are being moved towards
development sanction at pace. We expect to sanction 10 projects in 2025, of
which 4 are already moving forward, with average break evens below 35 USD/boe.
Furthermore, the recent acquisition of TotalEnergies’ interest in the Ekofisk
Previously Produced Fields project adds high value barrels to our portfolio at
an attractive price.
The Company demonstrates strong resilience, driven by solid financial results,
reduced net debt and efficient operating cost of 10.6 USD/boe in the quarter.
On the back of this strong performance Vår Energi continues to provide
attractive shareholder distributions. We confirm a dividend of USD 300 million
for the third quarter and maintain our total dividend distribution guidance of
USD 1.2 billion for the full year 2025 and 2026." says Nick Walker the CEO of
Vår Energi.
1.The dividend is subject to EGM approval 11 November
Webcast and conference call
The company will today hold a webcast followed by Q&A at 10:00 CET hosted by CEO
Nick Walker and CFO Carlo Santopadre. You can follow the webcast with supporting
slides, available on: WN Event
-reports/fexyBLZcSHCpppx8Jyt8
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). To learn more, please visit varenergi.no.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
Andreas Wulff, VP Public Affairs
+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 21 October 2025 at 07:00 CEST.
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