Var Energi Asa · OSL:VAR
Var Energi Asa — Pareto Annual Energy Conference 2026
15 slides from Var Energi Asa's conference presentation, Sep 16, 2026
Slide 1: Growth and value creation
Growth and value creation Nick Walker, CEO Pareto Annual Energy Conference 16 September 2026
Slide 2: 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 3: Largest independent oil and gas producer in Europe
Largest independent oil Barents Sea and gas producer in Europe Vår Energi licences Hammerfest BlueNord licences Office locations Production in Europe 2026E1 kboepd BlueNord 390-410 Norwegian Sea ~200 licences ~1/3rd operated 57 fields North Sea Florø 6 operated Oslo Balder Area Stavanger 5 hub areas
Slide 4: A successful growth journey continues
A successful growth journey continues BlueNord ~450 Pandion combination kboepd acquisition Q3 20261 Long-term target Q2 20261 Neptune Energy Norway acquisition IPO-OSE 2024 listing 2022 >260% 169 ExxonMobil Norway acquisition Total shareholder kboepd return since 2019 IPO2 Eni Norway and Point Resou
Slide 5: 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 16 projects in execution 2P reserves2 2C resources3 Prospective resources4 1. Net including BlueNord, whi
Slide 6: 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 7: 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 8: Value driven technology implementation
Value driven technology implementation r d an re Pe rf Discover and recover more Project factory approach ve r mo de ec e li rec isco t w ery ov v ell D Safe and ~5x well completion length1 <3 years discovery to production responsible Futu ~3x ~30 ory recoverable volumes2 break even3 re ct fa op er
Slide 9: Barents Sea high value projects
Barents Sea 16 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 ~380 mmboe ~3 USD/boe North Sea9 Ekofisk PPF7 2P reserves1 Average unit operating cost2 Fram Sør Gudrun LPP8 Snorre
Slide 10: Flexible and high return early phase projects
Barents Sea Flexible and high return Goliat Ridge Johan Castberg Snøfonn/Skavl Johan Castberg cluster 2 Norwegian Sea Polynya early phase projects Åsgard A ULP4 Snøhvit subsea compression Erlend/Ragnfrid Fogelberg Heidrun Extension Project Heidrun Future Well Solution Hyme Bauge LPP5 Isbjørn Lavrans
Slide 11: 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 ~295 ~50% >70% mmboe 2C resource Success rate2 in production or additions1 in development Vår Energi licence
Slide 12: Improving long-term returns
Improving long-term returns Return On Average Capital Employed % Investing in 25-30% high return projects Low risk investments with short time-to-market Tax regime supporting investments Maintaining capital discipline ~2.5 USD billion E Average annual capex1 12 1. Average 2027-2032
Slide 13: Long term attractive dividends
Long term attractive dividends Dividends USD million 18 quarters of stable or growing dividends Q3 350 Dividends to be guided on a quarterly basis Q2 350 Long-term dividend policy2 300 Q1 25-30% of CFFO after tax 1 1. Subject to 31.05.26 audited interim balance sheet with sufficient free equity and
Slide 14: 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 15: #4 Var energi
#4 Var energi