Vår Energi delivered as planned in the first quarter of 2026, with record high production and strong financial results.
Record high production
- Average production of 406 kboepd in the quarter
- Strong performance on operated assets with 97% production efficiency
Strong financial performance
- Significant CFFO post tax of USD 1.1 billion in the quarter
- Available liquidity stable at USD 3.5 billion and leverage ratio reduced to 0.7x at quarter end
Well-positioned in volatile markets
- Security of supply from Norway
- No disruptions to operations following the Middle East war
- North Sea premium differentials to be realised in second quarter
Unlocking long-term future value
- Two project sanctions developing around 80 mmboe net 2P reserves
- Three commercial exploration discoveries
Delivering attractive dividends
- First quarter dividend of USD 300 million will be distributed 12 June(1)
- Dividend guidance of USD 300 million for the second quarter of 2026(2)
- Long term dividend policy of 25-30% of CFFO after tax over the cycles
“We are pleased to report strong financial and operational results for the first quarter of 2026. As planned Vår Energi delivered record high production of 406 thousand barrels of oil equivalent per day (kboepd) within guidance, an increase of around 50% compared to a year ago.
The Company is strongly leveraged to the current high price environment, while maintaining our strategy and commitment to being a long-term reliable and responsible supplier of oil and gas to Europe from the Norwegian Continental Shelf. Norway demonstrates low political risk and continues to be a key provider of energy to Europe as geopolitical tension remains high.
With our high quality portfolio of early phase projects, we are targeting to deliver long-term production of over 400 kboepd, which will sustain high shareholder returns over time.
Underpinned by strong performance and cash flow generation, the Company continues to deliver attractive returns and confirms shareholder distributions of USD 300 million for the first quarter of 2026. Dividend guidance for the second quarter of 2026 continues at USD 300 million, in line with our stated dividend policy of 25 to 30% of cash flow from operations after tax over the cycles.' says Nick Walker, the CEO of Vår Energi.
- Subject to 31.03.26 audited interim balance sheet with sufficient free equity and Annual General Meeting approval of dividend
- Subject to a subsequent audited interim balance sheet with sufficient free equity and Extraordinary General Meeting approval of dividend
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). To learn more, visit varenergi.no.
Source: Vår Energi
