Var Energi Asa · OSL:VAR
Var Energi Asa — Q3 2026 Earnings Presentation
25 slides from Var Energi Asa's earnings presentation, Oct 21, 2026
Slide 1: Third quarter 2026 results presentation
Third quarter 2026 Results presentation 21 October 2026
Slide 2: Third quarter 2026 highlights
Third quarter Higher production expected in fourth quarter • Solid performance on operated assets with 91% production efficiency YTD 2026 highlights • Main turnarounds completed in Q2 and Q3 • Higher production expected in Q4 with new projects and wells onstream Strong financial position Production
Slide 3: Vår Energi to combine with BlueNord
Vår Energi to combine with BlueNord1 Growth Value Returns Adding strategic Raised long-term target to Increased resilience, cash assets on the highly generation and long-term compatible DCS2 ~450 kboepd dividend capacity Strengthened position as a reliable and secure energy supplier to Europe 1. Com
Slide 4: Largest independent producer of oil and gas in Europe
Largest independent Barents Sea producer of oil and gas in Vår Energi licences Hammerfest Europe BlueNord licences Office locations Production in Europe 2026E1 kboepd BlueNord2 ~390 Norwegian Sea ~200 licences ~1/3rd operated 57 fields North Sea Florø 6 operated Oslo Balder Area Stavanger 5 hub area
Slide 5: Higher expected production in Q4
Higher expected production in Q4 Production outlook 2026 kboepd 383 kboepd First nine months 2026 production ~390 kboepd Major turnarounds completed Full-year guidance 34 >50of Wells started up2 32% 91% Gas share Q3 Production efficiency year to date1 1. Vår Energi operated assets, incl. planned tur
Slide 6: Continuous improvement
Continuous improvement Serious incident frequency Carbon emissions intensity Incident per million hours1 kg CO2 /boe3 1.0 0.9 17 Zero 12 0.4 0.4 material safety 10 9.5 8.6 Target 0.3 incidents in carbon neutral 2024-26 by 20305 2022 2023 2024 2025 YTD Global 2023 2024 2025 YTD 20262 average4 2026 Pr
Slide 7: Developing a material resource base
Developing a material resource base Proforma for the combined company 0.7 >3 >50% 10-15 billion boe1 resource base 0.9 exploration wells per year ~30 yet to be developed early phase 1.5 projects 15 projects in execution 2P reserves2 2C resources3 Prospective resources4 1. Net including BlueNord, pen
Slide 8: Higher production for longer
Higher production for longer Production outlook kboepd1 Exploration + Long-term target additional 2C2 450 3P reserves3 ~450 kboepd BlueNord4 Improved recovery Current Projects in execution forecast5 200 Early phase projects Exploration Accretive M&A 1. Net 2. Net risked exploration resources and net
Slide 9: Barents Sea high value projects
Barents Sea 15 high value projects Goliat Gas Export Johan Castberg Isflak Johan Castberg IOR5 Snøhvit Onshore Compression in execution Norwegian Sea Mikkel FCU6 Njord power from shore ~370 mmboe ~3 USD/boe North Sea9 Ekofisk PPF7 2P reserves1 Average unit operating cost2 Fram Sør Gudrun LPP8 Snorre
Slide 10: Balder Phase VI nearing start-up
Balder Phase VI nearing start-up 18 months from sanction to first oil ~17 mmboe <1 year Gross reserves Payback from production ~30 USD/boe >30% Breakeven Internal rate of return 10
Slide 11: Flexible and high return early phase projects
Barents Sea Flexible and high return Goliat Ridge Johan Castberg Snøfonn/Skavl Johan Castberg Polynya early phase projects Snøhvit Subsea Compression Norwegian Sea Åsgard A ULP4 Erlend/Ragnfrid Fogelberg Heidrun Extension Project/Othello South Hyme Bauge LPP5 Isbjørn Lavrans phase 2 Njord Northern A
Slide 12: Exploring to unlock future value
Exploring to unlock future value High Impact Exploration Collaboration Targeting the next major NCS discovery Consistent success 2021-2026 20-25 ~5 ~295 ~50% >70% Exploration targets wells annually mmboe 2C resource Success rate2 in production or additions1 in development 1. Net 12 2. Commercial
Slide 13: Strong Q3 financial results
Strong Q3 financial results 103 USD/boe 1.5 USD billion Weighted average realised price CFFO after tax 7.5 USD billion 0.3x Available liquidity1 Leverage ratio2 0.8 USD billion 400 USD million Free cash flow Dividend Q3 and Q4 2026³ 1. Cash, cash equivalents and undrawn facilities 2. Net interest-be
Slide 14: Strong price realisations
Strong price realisations Total petroleum revenues USD million 3 566 ~6 USD/boe as Net premium realised to dated Brent in Q3 2026 il Capturing commodity price upside, whilst hedged to protect the downside2 Realised prices USD/boe ~82 USD/boe 103 USD/boe ~30% of gas volumes sold at fixed price for Q4
Slide 15: Material cash flow generation
Material cash flow generation 2 075 3.5 CFFO and Capex USD million 3.0 1 518 USD million 1 518 2.5 Q3 2026 cash flow from 1 234 operations after tax (CFFO) 2.0 1.5 2.5-2.7 USD billion 726 725 645 1.0 2026 development capex guidance maintained 0.5 0.0 Q3 2025 Q2 2026 Q3 2026 CFFO Capex1 15 1. Includi
Slide 16: Record high liquidity
Record high liquidity 7.5 Cash flow development Q3 2026 USD billion 7.5 USD billion USD million Undrawn Available liquidity credit facilities 1 902 (443) 5 ~5 years (350) 3 101 (1 140) 1 518 Average debt maturity1 (828) 4 751 2 505 Diversified long-term capital structure aligned with business needs
Slide 17: Strengthened financial position
Strengthened financial position Net interest-bearing debt and leverage ratio¹ Maturity profile 13 USD billion USD million 12 0.8x 11 10 9 10.3 ~11502 8 9.0 7 6 0.4x ~7002 6.0 5 5.2 0.3x 1750 4 3.4 1000 3.1 ~810²,³ ~860 2,4 3 2 1000 1000 1000 1 750 750 750 750 0 Q3 2025 Q2 2026 Q3 2026 2026 2027 2028
Slide 18: Cash tax sensitivities
Cash tax sensitivities Tax payments, sensitivities for 1H 2027 USD million1,2,3 2 800 2 600 2 400 2 200 ~17 NOK billion Q4 2026 tax payments 2 000 (USD ~1.7 billion)2 1 800 1 600 $105/105 boe oil/gas price 1 400 $100/100 boe oil/gas price 1 200 $95/95 boe oil/gas price Taxes paid in 1H 2027 related
Slide 19: Long term attractive dividends
Long term attractive dividends 19 quarters of stable or growing dividends Increased Q4 dividend guidance1 Dividends 400 USD million USD million Additional 1 450 dividends +150 Q41 400 Q31 150 USD million in 2026 additional dividends 400 Base Q2 350 Long-term dividend policy2 Q1 25-30% 300 of CFFO af
Slide 20: Strengthened investment proposition
Strengthened investment proposition1 Increased Higher Stronger Business Increased Higher reserves and production cash flow resilience dividend free float resources for longer generation maintained capacity 2.4 ~450 8-13 ~40 25-30% ~43% billion boe2 kboepd USD billion USD/boe CFFO after tax of shares
Slide 21: Appendix
#4 Var energi
Slide 22: 2026 guidance
2026 guidance Production ~390 kboepd Production cost USD ~11 per boe Development USD 2.5-2.7 billion Capex Exploration USD 250-300 million Abandonment USD ~200 million Dividend Q3 and Q4 2026: USD 400 million1 1. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of t
Slide 23: 2026 exploration program
Barents Sea 2026 exploration program 3 wells Pre-drill Vår Estimated unrisked Licence Prospect Operator Energi recoverable Status resources share resources1 mmboe1 Minor oil PL 124B Othello South Equinor 10 % discovery PL 027 Prince Updip Vår Energi 90 % Dry PL 1236 Vikingskipet Equinor 30 % Dry PL
Slide 24: Disclaimer
Disclaimer The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other specific issues. The Mater
Slide 25: #4 Var energi
#4 Var energi