Var Energi Asa · OSL:VAR
Var Energi Asa — Q2 2026 Earnings Presentation
22 slides from Var Energi Asa's earnings presentation, Jul 21, 2026
Slide 1: Second quarter 2026 Results presentation
Second quarter 2026 Results presentation 21 July 2026
Slide 2: Second quarter 2026 highlights
Second quarter On track to meet full year production guidance • Strong performance on operated assets with 94% production efficiency YTD 2026 highlights • Higher production in second half 2026 with new projects and wells onstream Record financial results • Significant CFFO post tax of USD 2.1 billio
Slide 3: Production within guided range
Production within guided range 391 Production outlook 2026 kboepd kboepd Upper range First half 2026 production Lower range 390-410 kboepd Full-year guidance unchanged Major turnarounds completed 3 24 >50of Remaining Wells started up3 33% 94% projects to Gas share Q2 Production efficiency year to da
Slide 4: Continuous improvement
Continuous improvement Serious incident frequency Carbon emissions intensity Incident per million hours1 kg CO2 /boe3 1.0 0.9 17 Zero 12 10 9.5 8.9 0.4 material safety Target 0.3 0.3 incidents in carbon neutral 2024-26 by 20304 2022 2023 2024 2025 1H 20262 Global 2023 2024 2025 1H 2026 average5 Prod
Slide 5: Actively high-grading the NCS portfolio
Actively high-grading the NCS portfolio Value accretive transactions Strategic rationale 01 Acquisition of Pandion Energy AS’s portfolio ▪ High-grading in core areas ▪ Increased ownership in key assets 02 Swap agreement with DNO Norge ▪ Expanding into high-value opportunities 03 Divestments in the G
Slide 6: High value projects
16 high value projects Barents Sea Goliat Gas Export in execution Johan Castberg Isflak Johan Castberg IOR5 Snøhvit Onshore Compression Norwegian Sea Mikkel FCU6 Njord power from shore ~380 mmboe ~3 USD/boe North Sea9 Ekofisk PPF7 2P reserves1 Average unit operating cost2 Fram Sør Gudrun LPP8 Snorre
Slide 7: Balder Next New Wells
Balder Next New Wells Extending the Jotun FPSO operational life Balder FPU Ringhorne Jotun FPSO 86 mmboe 2P reserves1 >35% Internal rate of return ~30 USD/boe Breakeven Project Project Balder FPU Jotun FPSO operational life sanctioned on stream Decommissioning extended 7 1. Gross, Vår Energi 90% wor
Slide 8: Gjøa Subsea Projects
Gjøa Subsea Projects Unlocking near field potential 76 mmboe 2P reserves1 >25% Internal rate of return Kyrre Gjøa North Duva <35 USD/boe Cerisa main Ofelia Breakeven Cerisa West Gjøa Nord discovery Gjøa Subsea Projects Cerisa first oil (2027) Gjøa lifetime Ofelia/Kyrre discovery sanctioned Gjøa Nord
Slide 9: Flexible and high return
Flexible and high return Barents Sea Goliat Ridge Johan Castberg Snøfonn/Skavl Norwegian Sea early phase projects Johan Castberg cluster 2 Åsgard A ULP4 Polynya Erlend/Ragnfrid Snøhvit subsea compression Fogelberg Snøhvit Albatross Sør Heidrun Extension Project Heidrun Future Well Solution Hyme Baug
Slide 10: Exploring to unlock future value
Exploring to unlock 2026 program future value 7 wells remaining Targeting ~200 mmboe 3 High impact well in Åsgard area 3 wells in Gjøa area Consistent success 2021-2026 3 wells in Balder area ~290 ~45% >70% mmboe 2C resource Success rate2 in production or additions1 in development Vår Energi licence
Slide 11: Record Q2 financial results
Record Q2 financial results 101 USD/boe 2.1 USD billion Weighted average realised price CFFO after tax 5.3 USD billion 0.4x Available liquidity1 Leverage ratio2 1.4 USD billion 350 USD million Free cash flow Dividend Q2 and Q3 2026³ 1. Cash, cash equivalents and undrawn facilities 2. Net interest-be
Slide 12: Premium differentials
Premium differentials Total petroleum revenues USD million ~6 3 705 N USD/boe as Net premium realised to Brent in Q2 2026 Oil ~83 USD/boe ~35% of gas volumes for remainder of 20262 Realised prices USD/boe Capturing commodity price upside, whilst hedged to protect the downside3 101 USD/boe Average re
Slide 13: Material cash flow generation
Material cash flow generation 2 075 3.5 CFFO and Capex USD million 3.0 2 075 USD million 2.5 Q2 2026 cash flow from operations after tax (CFFO) 2.0 1 057 1.5 2.5-2.7 USD billion 766 761 645 553 1.0 2026 development capex guidance maintained 0.5 0.0 Q2 2025 Q1 2026 Q2 2026 CFFO Capex1 13 1. Including
Slide 14: Strong liquidity and financial position
Strong liquidity and financial position 5.3 Cash flow development Q2 2026 USD billion 5.3 USD billion USD million Available liquidity Undrawn credit (96) facilities (850) 719 (300) (5) ~5 years 3 022 Average debt maturity1 (681) 2 075 2 505 Diversified long-term capital 696 structure aligned with bu
Slide 15: Strengthened financial position
Strengthened financial position Net interest-bearing debt and leverage ratio¹ Maturity profile 13 USD billion USD million 12 0.8x 0.9 11 0.7x 10 0.7 9 0.4x 0.5 8 9.0 1750 7 0.3 7.3 6 0.1 5.8 5 5.2 1000 4.6 -0.1 1000 4 ~810²,³ ~860 2,4 3.4 750 3 -0.3 1000 ~11502 2 750 -0.5 ~7002 1 500 0 -0.7 Q2 2025
Slide 16: Cash tax sensitivities
Cash tax sensitivities Tax payments, sensitivities for 1H 2027 USD million1,2 ~14 NOK billion 2 600 1H 2025 tax payments 2 400 (USD ~1.4 billion)2 2 200 2 000 1 800 1 600 1 400 ~25 NOK billion $95/95 boe oil/gas price 2H 2026 tax payments 1 200 $85/85 boe oil/gas price (USD ~2.5 billion)2 $75/75 boe
Slide 17: Long term attractive dividends
Long term attractive dividends Dividends USD million 18 quarters of stable Increased dividend guidance1 350 USD million or growing dividends Q3 350 Dividends to be guided on a quarterly basis Q2 350 Long-term dividend policy2 Q1 25-30% 300 of CFFO after tax 1 1. Each subject to 31.05.26 audited inte
Slide 18: Var Energi
#4 Var energi
Slide 19: 2026 guidance maintained
2026 guidance maintained Production 390-410 kboepd Production cost USD ~10 per boe Development USD 2.5-2.7 billion Capex Exploration USD 250-300 million Abandonment USD ~200 million Dividend Q2 and Q3 2026: USD 350 million1 1. Each subject to 31.05.26 audited interim balance sheet with sufficient fr
Slide 20: 2026 exploration program
Barents Sea 2026 exploration program 2 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 Nor
Slide 21: 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 22: Var Energi
#4 Var energi