Var Energi Asa · OSL:VAR
Var Energi Asa — Q4 2025 Earnings Presentation
91 slides from Var Energi Asa's earnings presentation, Feb 10, 2026
Slide 1: More value for longer
More value for longer Capital Markets Update 10 February 2026
Slide 2: Capital Markets Update 2026
Capital Markets Update 2026 14:05 More value for longer Leadership team presenting today Moderators 14:30 De-risked, bigger and better 14:50 High value projects 15:05 Unlocking more value Nick Walker Carlo Santopadre Torger Rød Ida Marie Fjellheim CEO CFO COO VP Investor Relations 15:15 Break 15:30
Slide 3: More value for longer
More value for longer
Slide 4: Oil and gas essential for decades
Oil and gas essential Energy addition rather than energy transition for decades World energy supply (EJ)3 Today Renewables/ Since 1970 other Global population1 Energy demand2 ~2x ~3x Coal From ~4 to ~8 billion Oil and gas 2010 2025 2050 Photo: London 1. Source: UN, World Population Prospects (2024)
Slide 5: Significant new oil and gas investments required
Significant new oil and gas investments required Oil and gas supply Million barrels of oil equivalents per day1 Supporting affordable and reliable energy Required new for all Requiredinvestments 3 new supply Meeting demand for gas as a critical Investment in existing transition fuel and approved pro
Slide 6: Highly attractive NCS
Highly attractive NCS1 Low cost Low emissions Significant resources4 Reliable Opex 2025 (USD/boe)2 Carbon intensity 2025 (kg CO2/boe produced)2 framework and 22 Produced Reserves fiscal regime ~80 Contingent Strong public 12 resources and political ~100 12 support 9 8 28 billion boe 22 19 5 15 Large
Slide 7: Consistent strategy for long-term value creation
Consistent strategy for long-term value Long-term creation returns Pure play oil and gas company on the NCS Reliable and secure supplier of affordable energy to Europe Safe and responsible 6
Slide 8: Track record of value creation
Track record of value creation Production1 Production efficiency2 Opex1 115% kboepd % USD/boe 397 Total shareholder return since IPO7 Reserves and resources3 ROACE5 EBITDAX6 billion boe % USD billion Produced 0.7 Replacement4 2.2 +279% 3-year average 7. Share price gain plus 1. Net 4. 2P + 2C resour
Slide 9: Transforming to deliver more value
Transforming to deliver more value “One Team” Unique Value driven Strong Subsea entrepreneurial NCS technology partnerships project factory culture expertise implementation 8
Slide 10: Safe and responsible
Safe and responsible Zero actual serious incidents 1 process safety events accidental spills to sea Carbon emission intensity kg CO2 per boe produced2 Top 15% globally4 ~9 Target carbon neutral by 20305 S&P Global CSA6 Ranked 3 Top 15% 1. 2025 results, Tier 1 and serious events 2. Net equity operati
Slide 11: A leading pure play E&P
A leading pure play E&P Barents Sea Hammerfest 3rd largest oil and gas producer in Norway • High quality portfolio • Diversified asset base • Balanced commodity mix Interests in Liquid share2 Norwegian Sea ~200 licences ~1/3rd operated ~50% ~65% of all fields1 North Sea Florø 42 fields 6 operated Os
Slide 12: More value for longer
More value for longer De-risked Higher production Incrementally Higher value company for longer improving creation with major with more growth for increased resilience ensuring long-term projects complete opportunities and flexibility attractive dividends 11 Photo: Gjøa platform
Slide 13: 2025 strong results
2025 strong results Production growth Growing reserves Reduced unit opex Strong CFFO 332 kboepd 185% 11.1 USD/boe 4.6 USD billion Within guidance1 Reserves replacement ratio2 Lower end of guidance3 After tax Major projects completed New project sanctions Successful exploration Attractive dividends J
Slide 14: More to come in 2026
More to come in 2026 High Future Improved Attractive production value efficiency dividends 390-410 Up to 8 project sanctions ~10 USD/boe 300 USD million kboepd1 Targeting ~140 mmboe1 Unit opex1 Q1 2026 dividend guidance5 13 projects in execution 12 exploration wells ~9 kg CO2/boe 25-30% CFFO after t
Slide 15: Developing a material resource base
Developing a material resource base ~1 ~3 ~60% billion boe1 10-15 resource 0.9 exploration base wells per year yet to be developed ~30 1.3 early phase projects 13 projects in execution 2P reserves2 2C resources3 Prospective resources4 Photo: Ringhorne platform 1. Net 3. Year-end 2025 2C contingent r
Slide 16: Transformational growth delivered
Transformational Production kboepd, net growth delivered ~100% 390-410 332 280 213 2023 2024 2025 20262026 guidance guidance 15 Photo: Jotun FPSO
Slide 17: Levers of value creation
Levers of value creation Improved Projects in Early phase Exploration M&A recovery execution projects High value infill wells 13 projects ~30 projects 50-60 wells Value accretive 2026-2030 ~310 mmboe 1 ~210 mmboe 2 ~550 mmboe 4 ~500 mmboe 5 Asset & Corporate <30 USD/boe ~30 USD/boe <35 USD/boe break
Slide 18: Higher production for longer
Higher production for longer Production outlook Long-term target >400 kboepd1 kboepd Exploration + additional 2C2 3P reserves3 400 Long life resource base ~17 years Current 200 forecast4 Reserve and resource life5 1. Net 2. Net risked exploration resources and net 2C resources not in plan 4. Include
Slide 19: Delivering long-term value
Delivering long-term value Higher production for longer High margin barrels >400 kboepd ~40 USD/boe Long-term target Free cash flow neutral, 2026-2032 Long-term returns Attractive dividends Strong FCF generation 25-30% CFFO after tax 5-10 USD billion Long-term dividend policy2 2026-20321 Investment
Slide 20: Our investment proposition
Our investment proposition Material Higher High value Resilient Long-term resource production short cycle business attractive base for longer investments returns ~3 billion boe 1 >400 kboepd <35 USD/boe ~40 USD/boe 25-30% Long-term target Breakeven2 FCF neutral3 CFFO after tax Long-term dividend pol
Slide 21: De-risked, bigger and better
De-risked, bigger and better Photo: Johan Castberg FPSO © Equinor
Slide 22: More value for longer
More value for longer Transformational growth delivered De-risked company Opportunity rich Continuously improving Higher production for longer 21
Slide 23: 2025 transformational growth
2025 transformational growth Production Full year production kboepd 332 kboepd Within guidance1 9 of 9 project start-ups delivered Production efficiency2 92% 1. Original guidance 330-360 kboepd 22 2. Gross operated assets, including planned turnarounds and excluding Jotun FPSO ramp-up
Slide 24: Jotun FPSO a future hub
Jotun FPSO a future hub 70-80 kboepd Towards 20301 ~370 mmboe Reserves and resources1,2 Expected production to 2050 First oil Balder phase V Balder phase VI Balder Next3 June 2025 First oil First oil Q4 2026 Sanction 2026 December 2025 1. Gross Balder/Ringhorne area, Vår Energi 90% working interest
Slide 25: Johan Castberg plateau
Johan Castberg plateau beyond 2030 220 kboepd Plateau production1,2 ~3 USD/bbl Production cost3 ~1 billion boe Reserves and resources1,2,4 First oil Isflak sanctioned Snøfonn/Skavl Infill drilling March 2025 December 2025 Potential sanction 2026 from 2027 1. Op ’s s im , ss 3. Q3-Q4 actual 24 2. Vår
Slide 26: Record high 2026 production
Record high 2026 production Production outlook 2026 guidance kboepd Upper range 390-410 kboepd Lower range De-risked base 4 project start-ups2 Planned turnarounds Q2 and Q3 ~35 infill wells 1 1. To 8 February 25 2. Balder Phase VI, Jotun FPSO debottlenecking, Eldfisk North and King Development
Slide 27: Strong reserve replacement
Strong reserve replacement Reserves and resources development 2025 Reserve replacement ratio mmboe1 185% 2P reserves3 2C 2 2C Total resource replacement 136% 2P reserves + 2C resources4 2P 2P Resource life5 ~17 years i s s m s s s ii s 1. Net 2. The 2025 production numbers are approximate, based on
Slide 28: Material production from 2P reserves
Material production from 2P reserves 2C resources diversified resource base Billion boe1 Targeting 0.7 Barents Sea 90-110 kboepd per hub in the long term1 0.4 Norwegian Sea Strong position in all hub areas 0.6 North Sea Opportunity rich Higher production for longer 0.5 Balder Area 27 1. Net Vår Ener
Slide 29: High quality assets creating value for decades
High quality assets creating value for decades Key operated assets Partner-operated Strong Infrastructure led Longevity Present in ~50% operations growth of NCS fields1 • High uptime and efficiency Projects and Average lifetime • Low cost and emissions near field exploration beyond 2040 Operated by
Slide 30: Ambitious long-term targets
Ambitious long-term targets Discover and Perfect well Subsea Future recover more delivery project factory operations Performance >100% Maximised <3 years >99% metrics Resource value per well from discovery to production efficiency2 replacement ratio1 production Automatic AI Powered-wired Next genera
Slide 31: Improving operating costs
Improving operating costs Unit operating cost Cost target enablers USD/boe • Higher production for longer -30% • Utilising existing infrastructure • Improved operating model 10.0 ~10 Targeting ~10 USD/boe long-term1 Reductions from previous forecast2 ~400 USD million 2026-2030 i 1. In real 2026 and
Slide 32: Infill wells
Infill wells improving recovery Material volumes ~310 mmboe 1 ~40 kboepd 30-40 wells per year End 2026 contribution High returns <30 USD/boe <1 year Breakeven2 Payback3 1. Net 2P reserves, improved recovery and 2C contingent resources 2. Average portfolio 31 3. From production start-up Photo: Infill
Slide 33: High value projects in execution
13 high value projects Barents Sea in execution Johan Castberg Isflak Johan Castberg IOR5 Snøhvit Onshore Compression Norwegian Sea Mikkel FCU6 Njord power from shore ~210 mmboe ~3 USD/boe North Sea9 Ekofisk PPF7 2P reserves1 Average unit operating cost2 Eldfisk North Extension Fram Sør Gudrun LPP8
Slide 34: Flexible and high return
Flexible and high return Barents Sea Goliat Ridge Goliat Gas Export early phase projects Johan Castberg Snøfonn/Skavl Snøhvit subsea compression Norwegian Sea Johan Castberg cluster 2 Vidsyn Njord Northern area/Noatun Hyme Bauge LPP4 Heidrun Extension Project Tyrihans North Åsgard A ULP5 Fogelberg I
Slide 35: Improving the outlook
Work on the design Improving the outlook Production forecast kboepd1 +40% Improving Improving recovery recovery Growing project portfolio Growing project portfolio Consistent exploration success Consistent exploration success Value accretive M&A Value accretive M&A 34 1. Includes 2P reserves, improv
Slide 36: Higher production for longer
Higher production for longer Production outlook kboepd1 Exploration + additional 2C2 Long-term target 400 3P reserves3 >400 kboepd Growth delivered Current 200 forecast4 De-risked company Opportunity rich Continuously improving 1. Net 2. Net risked exploration resources and net 2C resources not in p
Slide 37: High value projects
High value projects
Slide 38: A de-risked company
A de-risked company 2022-2025 Future ~60% of project portfolio ~100% of projects Jotun FPSO and Johan Castberg1 high value subsea developments Large complex projects completed Low breakeven New hubs for future tie-ins Flexible portfolio Short payback Lower risk execution High returns Subsea project
Slide 39: Subsea project factory
Subsea project factory Portfolio approach Faster execution Simplified and standardised Parallel activities Scalable and high value Strategic partners Accelerating time-to-market Pre-commitments Partnership model across the value chain 38 Illustration: Balder Next satellite
Slide 40: Growing the portfolio
Growing the portfolio Early phase projects Today CMU 2025 CMU 2024 ~30 projects CMU 2023 >25 projects +10 projects sanctioned in 2025 >20 projects ~15 projects >500 mmboe1 ~550 mmboe 1 ~225 mmboe1 ~400 mmboe1 +160 mmboe sanctioned in 2025 39 1. Targeted development, net
Slide 41: Delivering high value projects
Delivering high value projects 2026 Estimated start-up early phase project Estimated start-up project in execution 2032 Johan Castberg Snøfonn/Skavl Johan Castberg cluster 2 Barents Johan Castberg Goliat Gas Snøhvit subsea compression Sea IOR1 Johan Castberg Isflak export Snøhvit onshore compression
Slide 42: Balder Phase VI developing
Balder Phase VI developing high margin barrels fast 18 months from sanction to first oil ~17 mmboe <1 year Gross reserves Payback from production <30 USD/boe >40% Breakeven Internal rate of return 41
Slide 43: Maximising recovery and longevity
Maximising recovery and longevity Balder Next1 Up to 75 mmboe Reserves and resources2,3 Balder FPU Ringhorne Jotun FPSO 70-80 kboepd 3,4 Towards 2030 ~130 USD million 3 Annual reduced opex from 2028 Project initiation Balder Next sanction Jotun debottlenecking New wells first oil Balder FPU decommis
Slide 44: Extending lifetime
Extending lifetime Goliat projects Goliat Gas Export ~110 mmboe 1 Goliat field Goliat Ridge Goliat Ridge >200 mmboe 2 Goliat Ridge Sanction Goliat Gas Export Sanction Goliat Ridge first oil Extending lifetime discovery Concept select Goliat Ridge Goliat Ridge Goliat Gas Export to 2050 on stream 2023
Slide 45: Unlocking near field potential
Unlocking near field potential Gjøa subsea projects ~65 mmboe Resources1 Kyrre Multiple near-field Duva Gjøa North opportunities increasing value creation Ofelia Cerisa main Cerisa West Gjøa North discovery Ofelia/Kyrre discovery Sanction Gjøa subsea projects Cerisa first oil (2027) Gjøa North, Ofel
Slide 46: Realising high value projects
Realising high value projects Opportunity rich subsea developments Low breakevens Subsea project factory Flexibility and optionality across portfolio way of working Fast and low risk execution 45 Illustration: Goliat field
Slide 47: Unlocking more value
Unlocking more value 4 var energi
Slide 48: Exploration strategy unlocking high value barrels
Exploration strategy unlocking high value barrels Barents Sea Infrastructure led2 ~80% ~13 billion boe Undiscovered High margin barrels close to ~1 NCS resources3 existing infrastructure billion boe1 High impact2 Norwegian Sea ~20% North Sea Play openers Balder Area ~200 prospects ~60% oil Vår Energ
Slide 49: Consistent success
Consistent success Track record 2021-2025 ~280 mmboe >70% Creativity 2C resource additions1 In production or in development Expertise Technology ~45% ~1 USD/boe Success rate2 Finding cost3 Commitment to drill 1. Net 2. Commercial 48 3. After tax Photo: Transocean Enabler
Slide 50: 2025 exploration results
2025 exploration results Goliat Ridge >200 mmboe potential2,3 6 commercial discoveries 45-75 mmboe Vidsyn Ridge Discovered resources1 Up to 100 mmboe potential2,4 Smørbukk Midt Discovery Q2 14 new licences In production Q3 6 operated 1. Estimated net recoverable resources Vår Energi licence 2. Gross
Slide 51: Expanding the Fenja area
Expanding the Fenja area Njord platform Discovery confirming Vidsyn Ridge potential Up to 100 mmboe 1,2 Subsea tie-back to Fenja Advanced seismic imaging Vidsyn Ridge Fenja2 Future appraisals and subsurface expertise de-risking area Vidsyn discovery 25-50 mmboe 1,2 1. Estimated gross recoverable res
Slide 52: Stepping up exploration in Gjøa area
Vår Energi licence 0 KM 10 Stepping up Fields Discoveries exploration in Gjøa area Prospects 2026 exploration target Anabelle2 Near field campaign targeting >200 mmboe 1 Ofelia2 Gjøa Cerisa3 Adding value and extending Gjøa lifetime North3 Sava3 Duva3 Gjøa3 Leveraging exploration successes and advanc
Slide 53: Unlocking Goliat
0 KM 5 Vår Energi licence Unlocking Goliat New licence Fields opportunities Discoveries Prospects Drilled well Goliat Ridge potential >200 mmboe 1,2 Extensive data acquisition confirming potential Tie-back opportunities extending field lifetime to 2050 Well Test >4000 bopd3 2 zones Unlocking future
Slide 54: Focused exploration 2026 program
Focused exploration 2026 program 12 wells Number of wells ~75 mmboe Net risked prospective resources 20 250-300 USD million Exploration spend1 13 12 7 10-15 wells per year 2023 2024 2025 2026 Vår Energi licence 53 1. Net
Slide 55: Safe and responsible
Safe and responsible
Slide 56: “One Team” entrepreneurial culture
“One Team” entrepreneurial culture High employee Strong New ways Leading engagement partnerships of working ESG performance 55
Slide 57: Safe and responsible
Safe and responsible ZERO 3 Actual Process Accidental serious safety spills incidents events to sea Process safety events1 Dropped objects2 Incidents Incidents Serious incident frequency Sick leave Per million hours % 1. Tier 1 events 2. Dropped objects 40 Joules and above, incidents with medium and
Slide 58: Decarbonising operations
Decarbonising operations Reduction Offsetting Future solutions Electrification Zero emission Developing new Significant portion of production electrified electricity carbon credits 100% of electricity certified renewable1 Demonstrating high quality blue carbon credits4 Portfolio optimisation Carbon
Slide 59: Lower emissions with higher production
Lower emissions with higher production Emission outlook1 annual, kt CO2e ~40% of production planned to be electrified3 Njord electrification Statfjord A decommissioning Balder FPU decommissioning >50% New projects tied back to electrified assets3 Snøhvit Future Production outlook2 1. Net equity oper
Slide 60: Top quartile performance
Top quartile performance Emission intensity 2025 kg CO2e per boe1,2 9.5 kg CO2e/boe Gold Standard Pathway4 Top 15% Global average 250 global oil and gas producers Methane intensity 2025 %1,3 0.03% Near zero3 Global average 250 global oil and gas producers 1. Wood Mackenzie, 2025 2. Net equity operat
Slide 61: Long-term attractive returns
Long-term attractive returns
Slide 62: 2025 financial highlights
2025 financial highlights Dividend guidance Strong CFFO after tax Reduced Q4 opex 4.6 USD billion 10.0 USD/boe 300 USD million 25-30% CFFO after tax +35% from full year 2024 -25% from Q4 2024 Q1 20264 Long-term dividend policy5 Stable leverage ratio1 Successfully refinanced2 0.8x 5.2 USD billion Unc
Slide 63: Robust realised prices
Robust realised prices Total petroleum revenues USD million ~4 USD per boe 6% Above average spot Above average spot gas gas prices Q4 20252 prices for full-year 20252 ~75 USD per boe 14% of gas volumes sold in Q1-Q3 20263,4 Oi s Realised prices USD per boe 62 USD/boe Average realised price Q4 20251
Slide 64: Balanced gas position
Melkøya Balanced gas position Onshore facility LNG facility Main gas producing asset Gas pipeline4 ~30% ~70% gas share1 long-term agreements2 Åsgård hub Ormen Lange Statfjord 11% Gjøa Nyhamna Flexible gas Sture/ sales strategy above average spot Kollsnes to capture upside price 2022-20253 Fram Kårst
Slide 65: Solid liquidity and financial position
Solid liquidity and financial position 3.5 USD billion Cash flow development Q4 2025 USD million 3.5 USD billion Available liquidity 251 1.6x 2025 capex coverage Undrawn credit (811) facilities 1 845 1 285 ~5 years (970) Average debt maturity1 (155) (300) (1) 840 700 Diversified long-term capital st
Slide 66: Capital allocation framework
Capital allocation framework Higher production Pay dividends for longer with more according to stated policy growth opportunities Additional shareholder High return distributions and short cycle projects deleveraging Maintain investment grade balance sheet 65
Slide 67: Delivering long-term value
Delivering long-term value Higher production for longer High margin barrels >400 kboepd ~40 USD/boe Long-term target Free cash flow neutral, 2026-2032 Long-term returns Attractive dividends Strong FCF generation 25-30% CFFO after tax 5-10 USD billion Long-term dividend policy2 2026-20321 Investment
Slide 68: Strong cash flow generation
Strong cash flow generation Estimated cumulative free cash flow generation, 2026-2032 USD billion 5-10 USD billion Free cash flow available for shareholder distributions and deleveraging1 ~60% of capex uncommitted2 5-10 CFFO Estimated tax CFFO after tax Committed Non- Financing costs Free before tax
Slide 69: High resilience and flexibility
High resilience and flexibility Cash flow generation, 2026-2032 Free cash flow neutral 2026-32 USD billion, cumulative ~40 USD/boe1 35 USD 100/bbl oil price Free cash flow 30 USD 80/bbl oil price Dividends Deleveraging High capex flexibility 25 Strategic flexibility USD 60/bbl oil price Material div
Slide 70: Optimising spend to increase value creation
Optimising spend to increase value creation Focused Improving High value More value exploration operating cost investments for longer Long-term exploration spend Operating expenses Long-term capex Production USD million, per year USD million, cumulative 2026-2030 USD billion, per year kboepd >400 20
Slide 71: Investing in higher production for longer
Investing in higher production for longer ~2.5 USD billion p.a. Capex outlook, 2026-2032 Average capex 2027-2032 USD billion1 ~2.5 p.a. 2.5-2.7 average 2.5 High execution activity in 2027/2028 High flexibility with ~60% More growth opportunities of value accretive projects Average USD ~22 bn uncommi
Slide 72: Improving long-term returns
Improving long-term returns Return On Average Capital Employed Investing in % high return projects 25-30% Low risk investments with short time-to-market Tax regime supporting investments Maintaining capital discipline 1 2 1. Actual Brent 80.5 USD/bbl 71 2. Actual Brent 69.1 USD/bbl
Slide 73: Leverage ratio well below target
Leverage ratio well below target Leverage ratio estimation 13 Resilient financial position NIBD/EBITDAX1 Maintaining below 1.3x in a lower price scenario Committed to maintain Investment Grade rating Target below 1.3x Low case -10 USD/bbl3 Baa3 BBB Base case2 High case +10 USD/bbl3 2020 2021 2022 20
Slide 74: Long term attractive dividends
Long term attractive dividends Dividends paid Q1 2026 dividend guidance2 USD million 300 USD million Dividends to be guided on a quarterly basis Long-term dividend policy3 25-30% of CFFO after tax 1 1. Including USD 300 million dividends for Q4 2025, to be paid 12 February 2026 2. The dividend is su
Slide 75: Track record of shareholder returns
Track record of shareholder returns Total shareholder return1 % Since IPO February 2022 120% 100% 115% 80% Total shareholder return1 60% 40% 4.4 USD billion 20% Dividends paid2 0% Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 -20% 1. Share price gain including dividends reinvested in Vår Energi, from 16 Februa
Slide 76: 2026 guidance
2026 guidance 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 Q1 2026: USD 300 million1 75 1. Subject to 31 March 2026 audited interim balance sheet with sufficient free equity and G
Slide 77: Our investment proposition
Our investment proposition Material Higher High value Resilient Long-term resource production short cycle business attractive base for longer investments returns ~3 billion boe 1 >400 kboepd <35 USD/boe ~40 USD/boe 25-30% Long-term target Breakeven2 FCF neutral3 CFFO after tax Long-term dividend pol
Slide 78: Appendix
Appendix 77
Slide 79: Price assumptions
Price assumptions Reference case, real 2026 2026 2027 2028 Thereafter Oil price USD/bbl 65 70 75 77 Gas price USD/mmbtu 10 9 9 9 Exchange rate USD/NOK 10 10 10 10 Inflation rate 2% 2% 2% Unless specified, all price sensitivities are run from the second half of 2026 78
Slide 80: Price sensitivities
Price sensitivities Indicated effect on 2026 results1 USD million +10 USD/bbl oil price2 +1 USD/mmbtu gas price2 0 100 200 300 400 500 600 700 800 900 1 000 EBITDAX CFFO3 Net income 1. Based on USD/NOK 10.0 2. Full year realised price change 79 3. Assuming 50% of 2026 tax paid in 2026, the rest in f
Slide 81: Debt maturity profile
Debt maturity profile USD million 1 750 1 000 ~1 1701 1 000 750 ~8101,2 ~7001 1 000 750 500 2026 2027 2028 2029 2030 2031 2032 2035 2083 USD Senior Notes W/C Facility Euro Hybrid Euro Senior Notes Liquidity facility 1. Based on EUR/USD of 1.17 80 2. First reset date 15 February 2029
Slide 82: Cash tax sensitivities
Cash tax sensitivities Tax payments, sensitivities for 2H 2026 USD million1,2 1 600 1 400 1 200 ~13 NOK billion 1H 2026 tax payments 1 000 (USD ~1.3 billion)2 $75/70 boe oil/gas price 800 $65/60 boe oil/gas price $55/50 boe oil/gas price 600 Taxes paid in 1H 2026 related 400 to 2025 results 200 0 Q1
Slide 83: Guidance and outlook
Guidance and outlook 2026 Longer term Production 390-410 kboepd >400 kboepd long-term target Production cost USD ~10 per boe Sustain USD ~10 per boe1 2027-2032: Development USD 2.5-2.7 billion Development USD ~2.5 billion p.a. average over period Capex Exploration USD 250-300 million Exploration USD
Slide 84: 2026 exploration program
Barents Sea 2026 exploration program 2 wells Pre-drill Vår unrisked Licence Prospect Operator Energi Status resources share mmboe1 Minor oil PL 124B Othello South Equinor 10 % discovery PL 027 Prince Updip Vår Energi 90 % 9 Ongoing PL 1236 Vikingskipet Equinor 30 % 190 Ongoing Norwegian Sea PL 057 O
Slide 85: Barents Sea
Early phase project Barents Sea Project in execution Licences Fields Resource base Discoveries mmboe1 Prospects Johan Castberg Area Cluster 2 Johan Castberg Goliat Area Isflak Johan Castberg Goliat Ridge Johan Castberg IOR4 Johan Castberg Goliat Snøfonn/Skavl Potential Goliat Gas Export sanction 202
Slide 86: Norwegian Sea
Aasta Hansteen Norwegian Sea Haydn Resource base Heidrun Extension Project mmboe1 Potential sanction 2026 Heidrun Fogelberg Smørbukk North Åsgard A ULP3 Morvin Potential sanction 2026 Isbjørn Åsgard Kristin Tyrihans Subsea Boosting Kristin South Erlend/Ragnfrid Halten East Trestakk Mikkel FCU4 Tyrih
Slide 87: North Sea
Early phase project North Sea Project in execution Licences Fields Beta/Dugong Resource base Discoveries Potential sanction 2026 mmboe1 Gjøa subsea projects Statfjord Garantiana Potential sanction 2026 North Potential Snorre Gas sanction 2026 Export Vega Duva Tordis Statfjord Gjøa Florø FLX Future G
Slide 88: Balder Area
Balder Area Ringhorne North Iving Ringhorne North Resource base mmboe1 Ghost Balder phase VI King area development King / Prince Ringhorne Øst Potential sanction 2026 Prince up-dip Breidablikk 5th template Balder Next – Ringhorne Jotun FPSO debottlenecking Jotun FPSO platform Breidablikk s s i sp i
Slide 89: Investor relations at Vår Energi
Investor relations at Vår Energi Ida Marie Fjellheim VP Investor Relations ida.fjellheim@varenergi.no +47 90509291 Stian Seipæjærvi Sr. Investor Relations Analyst stian.salmi.seipaejaervi@varenergi.no +47 90954060 General enquires ir@varenergi.no 88
Slide 90: 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 91: #4 var energi
#4 var energi