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Higher production expected in the fourth quarter
- Solid performance on operated assets with 91% production efficiency YTD
- Main turnarounds completed in the second and third quarters
- Higher production expected in the fourth quarter with new projects and wells
onstream
Strong financial position
- Significant CFFO post tax of USD 1.5 billion in the quarter
- Successful issuance of USD 2.5 billion senior notes
- Record high available liquidity of USD 7.5 billion
- Reduced net debt with leverage at 0.3x
- Well-positioned to capture upside from higher commodity prices
Unlocking long-term value
- BlueNord combination progressing towards completion around year-end
- DNO swap and Pandion acquisition completed in the quarter
- King Development start-up, adding high-value barrels
- High Impact Exploration Collaboration established with Equinor and Aker BP
Increased dividend with extraordinary component
- Increased third quarter dividend and fourth quarter dividend guidance of USD
400 million[1]
- Long term dividend policy of 25-30% of CFFO after tax over the cycles
"We are pleased to report strong financial results in the third quarter of 2026,
which is supported by high realised oil and gas prices.
With strong cash flow from operations of USD 1.5 billion post tax in the
quarter, materially reduced net debt over the year to USD 3.1 billion and record
high available liquidity of USD 7.5 billion, the Company continues to build
resilience and flexibility.
With the BlueNord combination expected to complete around year end, we are
building the largest independent producer of oil and gas in Europe, with an
increased long term production target of around 450 kboepd.
We continue to strengthen our portfolio and long-term value creation on the
Norwegian Continental Shelf. The Pandion acquisition and DNO swap completed
during the quarter, while we are progressing a portfolio of around 50 new
projects. We are further improving
performance and our outlook by increasing oil and gas recovery, accelerating new
projects and delivering exploration success. Combining technology, strong
partnerships and integrated ways of working through our project factory approach
enables us to realise more value from our resource base, faster and for longer.
Underpinned by continued high prices and strong financial performance, the
Company is increasing shareholder distributions with an extraordinary component.
The Company will distribute USD 400 million for the third quarter of 2026 and is
also guiding USD 400 million for the fourth quarter of 2026[1]. Which means for
the full year we will pay USD 1.45 billion compared to USD 1.2 billion for
2025."
Nick Walker, the CEO of Vår Energi
Q3 2026 webcast
Vår Energi will release its quarterly results on 21 October 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/nJXQMU6edVK9lVctmW8a
- Q3 dividend based on 31.05.26 audited interim balance sheet, and Q4 dividend
subject to 30.09.26 audited interim balance sheet with sufficient free equity
and general meeting approval of dividend. The USD 400 million for the Q3 and Q4
dividend is attributable to the shareholders of the combined company pending
closing of the BlueNord transaction. Completion of the combination is subject to
customary conditions, including partner and authority approvals. 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 dividend and any potential further distribution prior to
closing.
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 October 2026 at 07:00 CEST.
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