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Record high production
· Average production of 406 kboepd in the quarter
· Strong performance on operated assets with 97% production efficiency
Strong financial performance
· Significant CFFO post tax of USD 1.1 billion in the quarter
· Available liquidity stable at USD 3.5 billion and leverage ratio reduced to
0.7x at quarter end
Well-positioned in volatile markets
· Security of supply from Norway
· No disruptions to operations following the Middle East war
· North Sea premium differentials to be realised in second quarter
Unlocking long-term future value
· Two project sanctions developing around 80 mmboe net 2P reserves
· Three commercial exploration discoveries
Delivering attractive dividends
· First quarter dividend of USD 300 million will be distributed 12 June[1]
· Dividend guidance of USD 300 million for the second quarter of 2026[2]
· Long term dividend policy of 25-30% of CFFO after tax over the cycles
"We are pleased to report strong financial and operational results for the first
quarter of 2026. As planned Vår Energi delivered record high production of 406
thousand barrels of oil equivalent per day (kboepd) within guidance, an increase
of around 50% compared to a year ago.
The Company is strongly leveraged to the current high price environment, while
maintaining our strategy and commitment to being a long-term reliable and
responsible supplier of oil and gas to Europe from the Norwegian Continental
Shelf. Norway demonstrates low political risk and continues to be a key provider
of energy to Europe as geopolitical tension remains high.
With our high quality portfolio of early phase projects, we are targeting to
deliver long-term production of over 400 kboepd, which will sustain high
shareholder returns over time.
Underpinned by strong performance and cash flow generation,
the Company continues to deliver attractive returns and confirms shareholder
distributions of USD 300 million for the first quarter of 2026. Dividend
guidance for the second quarter of 2026 continues at USD 300 million, in line
with our stated dividend policy of 25 to 30% of cash flow from operations after
tax over the cycles." says Nick Walker, the CEO of Vår Energi.
- Subject to 31.03.26 audited interim balance sheet with sufficient free
equity and Annual General Meeting approval of dividend
- Subject to a subsequent audited interim balance sheet with sufficient free
equity and Extraordinary General Meeting approval of dividend
Webcast and conference call
The company will today hold a webcast followed by Q&A at 10:00 CEST hosted by
CEO Nick Walker and CFO Carlo Santopadre. You can follow the webcast with
supporting slides, available on: WN Event
-energi/quarterly-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, VP Investor Relations at Vår Energi ASA,
on 22 April 2026 at 07:00 CEST.
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