Vår Energi will publish its financial report for the first quarter 2026 on 22 April. Today, the Company provides an update on production, sales volumes and other relevant items.
Vår Energi’s net production of oil, liquids and natural gas averaged 406 kboepd in the first quarter of 2026, an increase of 2% from the fourth quarter and an increase of 51% compared to the first quarter of 2025.
The production split in the first quarter was 70% oil and NGLs (liquids) and 30% gas. Total volumes produced were 36.5 mmboe whereas volumes sold in the quarter amounted to 34.6 mmboe. The underlift position is mainly due to timing of crude liftings in the quarter, where several cargoes were lifted in the first week of April.
Vår Energi obtained an average realised price (volume-weighted) of USD 77 per boe in the quarter. The realised crude price was USD 80 per barrel. Premium differentials to Brent observed in the quarter will be reflected in second quarter realised prices, as cargoes are sold one to two months prior to delivery. The realised gas price of USD 73 per boe is approximately USD 7 per boe below the average spot market reference price, mainly due to 33% of first quarter volumes were sold with month ahead indexation in a rising market (approximately USD 19 per boe below spot), whereas the impact will be the opposite in a falling market. As previously communicated, approximately 14% of the gas volumes were sold on gas year ahead indexation, with an average price of USD 76 per boe.
| Production (kboepd)1 | Q1 2026 | Q4 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |
| Crude oil | 262 | 259 | 158 | 262 | 158 | |
| Gas | 122 | 117 | 95 | 122 | 95 | |
| NGL | 22 | 21 | 16 | 22 | 16 | |
| Total | 406 | 397 | 269 | 406 | 269 | |
| Realised prices (USD/boe) | ||||||
| Crude oil price | 80 | 63 | 76 | 80 | 76 | |
| Gas price | 73 | 63 | 87 | 73 | 87 | |
| NGL price | 50 | 43 | 54 | 50 | 54 | |
| Average (volume weighted) | 77 | 62 | 79 | 77 | 79 | |
| Sales volumes (mmboe) | ||||||
| Crude oil | 23.1 | 24.4 | 15.0 | 23.1 | 15.0 | |
| Gas | 10.1 | 9.1 | 8.0 | 10.1 | 8.0 | |
| NGL | 1.4 | 1.8 | 0.7 | 1.4 | 0.7 | |
| Total | 34.6 | 35.3 | 23.8 | 34.6 | 23.8 | |
| Total production (mmboe) | 36.5 | 36.6 | 24.5 | 36.5 | 24.5 | |
¹ Produced figures are including fuel gas not for sale
Other items
Vår Energi’s functional currency is NOK, whilst interest bearing loans are in USD and EUR. The strengthening of the NOK in the first quarter of 2026 led to a net exchange rate gain of USD 210 million.
The following items impacted the free cash flow in the first quarter: cash tax payments totaling approximately NOK 6.2 billion (approximately USD 640 million), a dividend payment for the fourth quarter of USD 300 million, paid in February, and annual dividends to hybrid owners of USD 70 million was also paid in February.
The information above is based on a preliminary assessment of the Company's first quarter 2026 financial results and may be subject to change until the financial statements have been finally approved and published by the Company.
Source: Var Energy
