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delivering higher production and more value for longer, with material cash flow
generation and attractive dividends.
“We are pleased to have delivered transformational growth in 2025, doubling
production in just two years. The Company delivered record high production, high
reserve replacement, strong financial performance and significant value
creation, while further de-risking the outlook through the completion and
startup of nine projects, including Jotun FPSO at the Balder field and Johan
Castberg. Vår Energi has never been in a stronger position for long-term value
creation, and continues to deliver attractive returns, reflected in shareholder
distributions for 2025 of USD 1.2 billion, in line with guidance”, said Nick
Walker, the CEO of Vår Energi.
“Vår Energi is guiding full year 2026 production in the range of 390 to 410
thousand barrels of oil equivalent per day (kboepd) and raises the long-term
production target to more than 400 kboepd. This is supported by a portfolio of
13 high value projects in execution, a flexible pipeline of around 30 early
phase projects being matured, and a strengthened asset base with increased
reserves and resources”, Mr Walker continued.
“Driven by an entrepreneurial, performance-oriented organisation, we continue to
leverage incremental improvements across the business, including enhanced
recovery through infill drilling and targeted exploration, while becoming ever
more efficient with reduced costs. This continues to provide resilience in a
volatile business environment, strong cash flow generation, and long-term
attractive shareholder returns in line with our stated dividend policy of 25 to
30% of cash flow from operations after tax over the cycle”, Mr Walker ended.
Delivering a transformational 2025:
Record high production
· Production of 397 kboepd in the quarter and full year 2025 production of 332
kboepd
· Outlook for the company is de-risked with major projects completed
· Nine new growth projects started up during the year as planned, adding
around 180 kboepd new production at peak
· Strong operational performance in 2025, with an average production
efficiency of 92%[1]
Strong financial performance
· Strong CFFO post tax of USD 1.3 billion in the quarter and USD 4.6 billion
for the full year 2025
· Available liquidity of USD 3.5 billion and leverage ratio of 0.8x at year
end 2025
· Unit production cost at the lower end of annual guidance at USD 11.1 per boe
and USD 10.0 per boe for the quarter
Unlocking long-term future value creation
· Delivered 10 project sanctions in 2025, developing 160 million barrels of
oil equivalent (mmboe) net with average USD 30 per boe breakeven
· High value exploration activity delivering six commercial discoveries in
2025
· Increased reserves and resources[2] of 2.2 billion boe at year end 2025 with
2P reserve replacement ratio of 185%[3 ]
Delivering attractive dividends
· Fourth quarter dividend of USD 300 million (NOK 1.209 per share) will be
distributed 12 February
· Dividend guidance of USD 300 million for the first quarter of 2026[4] in
line with dividend policy of 25-30% of CFFO after tax over the cycles
CMU highlights - More value for longer:
Targeting higher production and value creation for longer
· De-risked company with major projects complete, with full year 2026
production expectation at record 390-410 kboepd, in line with previous guidance
· High value barrels delivering full year 2026 production cost guidance of
around USD 10 per boe, reiterating target to sustain at this level[ ]long term
· Delivering higher production for longer, raising the production target to
above 400 kboepd long term
· A material resource base with around 2.2 billion boe of net proved plus
probable (2P) reserves and 2C contingent resources providing a strong foundation
for long-term value creation
· 13 projects in execution developing 210 mmboe of 2P reserves net with low
operating costs, breakeven at around USD 30 per boe and IRR above 30%
· Progressing around 30 high value early phase projects targeting
approximately 550 mmboe net 2C resources with attractive economics
· Up to 8 new project sanctions in 2026
· 2026 expected capex[5] of USD 2.5-2.7 billion, with average annual capex of
USD 2.5 billion over the period 2027-2032
Unlocking more value
· Continued high exploration activity, with 12 planned wells in 2026,
targeting around 75 mmboe in net risked prospective resources.
· 2026 exploration spend of USD 250-300 million
· A material, diversified exploration portfolio of over 1 billion boe of net
risked resources
Safe and responsible
· Industry top quartile emission intensity of approximately 9 kg CO\2\e/boe
· Strong ESG ratings, in the top 15% of the oil and gas industry globally
Ensuring long-term returns
· Incrementally improving for increased resilience and flexibility, delivering
high value barrels with a free cash flow breakeven at around USD 40 per boe over
the period 2026-2032
· Strong free cash flow generation of USD 5-10 billion over 2026-2032
period[6] and a flexible investment program with approximately 60% of capex
uncommitted
· Robust project portfolio, balanced commodity mix, and significant
uncommitted capital support resilience, flexibility and long-term dividend
policy
- Operated assets, excluding Balder Jotun FPSO ramp up period
- Proved and probable (2P) reserves, plus contingent resources (2C)
- Ratio of reserves added through revisions and/or acquisitions to production
in 2025
- The dividend is subject to 31.03.2026 audited interim balance sheet with
sufficient free equity and AGM approval of dividend
- Excluding exploration and abandonment
- Scenario 10 USD/bbl below and above reference case throughout the period as
stated in the appendix of the presentation
Presentation and webcast today at 14:00 CET
The CMU presentation followed by Q&A will be live webcasted from 14:00 CET,
hosted by CEO Nick Walker, COO Torger Rød and CFO Carlo Santopadre.
The presentation material 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 10 February 2026 at 07:00 CET.
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