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Europe.
On track to meet full year production guidance
· Strong performance on operated assets with 94% production efficiency year-to
-date
· Higher production in second half 2026 with new projects and wells onstream
Record financial results
· Significant CFFO post tax of USD 2.1 billion in the quarter
· Reduced net debt to USD 3.4 billion and leverage ratio to 0.4x
· High available liquidity of USD 5.3 billion
· Successful issuance of EUR 750 million hybrid bond
· Assigned Fitch rating BBB with stable outlook
Unlocking long-term value
· Vår Energi to combine with BlueNord, increasing production, cash generation
and dividend capacity
· Two project sanctions developing around 110 mmboe in net 2P reserves
· Breidablikk field reserves increased by 50% since PDO[1]
· Active portfolio management to unlock value creation and extend field life
Delivering long term attractive returns
· Increased Q2 dividend and Q3 dividend guidance of USD 350 million[2]
· Long term dividend policy of 25-30% of CFFO after tax over the cycles
"We are pleased to report record financial results in the second quarter of
2026, supported by operational delivery as planned and high realized
prices. We are on track to meet full-year production guidance, with higher
production expected in the second half as new projects and wells come on stream.
With significant cash flow from operations of USD 2.1 billion post tax in the
quarter, the Company continues to build resilience and flexibility, with reduced
debt and high available liquidity.
We continue driving strong momentum across Vår Energi and are excited about the
Company’s outlook. With the sanctioning of key projects in the Balder
and Gjøa areas, creating significant value, we now have 16 projects
in execution and a further 30 projects being matured towards development. We
have also actively optimised our NCS portfolio through a series
of transactions, unlocking value creation and extending field life.
Today we are excited to announce that Vår Energi and BlueNord have agreed a
combination of its businesses, creating the largest independent producer of oil
and gas in Europe, with a long-term production target of around 450 thousand
barrels of oil equivalent per day and reinforcing our role as a reliable and
secure supplier of energy to Europe.
Together, we are creating a stronger, more diversified company with increased
scale, resilience and cash generation. The combination increases production,
reserves and resources, underpinning our ability to deliver long-term value to
our shareholders.
As a result of the expected value creation, the Company is increasing
shareholder distributions to USD 350 million for the second quarter of 2026.
Dividend guidance for the third quarter of 2026 is also USD 350 million,
assuming completion of the transaction. We remain committed to our long term
dividend policy of 25 to 30% of cash flow from operations after tax over the
cycles."
Nick Walker, the CEO of Vår Energi
- Plan for development and operation (PDO)
- Each subject to 31.05.26 audited interim balance sheet with sufficient free
equity and general meeting approval of dividend. The Q2 2026 dividend will be
paid exclusively to existing Vår Energi shareholders. Vår Energi also intends to
distribute a dividend of USD 350 million for Q3 2026 to the shareholders of the
combined company. Assuming completion of the transaction by the effective date
for the Q3 dividend. Should the transaction complete after the record date for
the Q3 dividend, the cash consideration payable to BlueNord shareholders will be
adjusted to compensate for the value of the Q3 distribution and any potential
further distribution prior to closing.
Q2 2026 webcast
Vår Energi will release its quarterly results on 21 July at 07:00 CEST. A
webcast followed by Q&A will be held 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
-reports/AU4OtQqpy5OQnygbSUxS
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@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.
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 21 July 2026 at 07:00 CEST.
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