Vår Energi reports strong financial results and increased shareholder returns, whilst continuing to build long-term value

By Cision
Vår Energi ASA

Sandnes, Norway, 21 October 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") reports strong financial results in the third quarter 2026 and announces increased shareholder returns, whilst continuing to build long-term value.

Higher production expected in the fourth quarter

  • Solid performance on operated assets with 91% production efficiency YTD
  • Main turnarounds completed in the second and third quarters
  • Higher production expected in the fourth quarter with new projects and wells onstream

Strong financial position

  • Significant CFFO post tax of USD 1.5 billion in the quarter
  • Successful issuance of USD 2.5 billion senior notes
  • Record high available liquidity of USD 7.5 billion
  • Reduced net debt with leverage at 0.3x
  • Well-positioned to capture upside from higher commodity prices

Unlocking long-term value

  • ​BlueNord combination progressing towards completion around year-end
  • DNO swap and Pandion acquisition completed in the quarter
  • King Development start-up, adding high-value barrels
  • High Impact Exploration Collaboration established with Equinor and Aker BP

Increased dividend with extraordinary component

  • Increased third quarter dividend and fourth quarter dividend guidance of USD 400 million1
  • Long term dividend policy of 25-30% of CFFO after tax over the cycles

"We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices.

With strong cash flow from operations of USD 1.5 billion post tax in the quarter, materially reduced net debt over the year to USD 3.1 billion and record high available liquidity of USD 7.5 billion, the Company continues to build resilience and flexibility.

With the BlueNord combination expected to complete around year end, we are building the largest independent producer of oil and gas in Europe, with an increased long term production target of around 450 kboepd.

We continue to strengthen our portfolio and long-term value creation on the Norwegian Continental Shelf. The Pandion acquisition and DNO swap completed during the quarter, while we are progressing a portfolio of around 50 new projects. We are further improving

performance and our outlook by increasing oil and gas recovery, accelerating new projects and delivering exploration success. Combining technology, strong partnerships and integrated ways of working through our project factory approach enables us to realise more value from our resource base, faster and for longer.

Underpinned by continued high prices and strong financial performance, the Company is increasing shareholder distributions with an extraordinary component. The Company will distribute USD 400 million for the third quarter of 2026 and is also guiding USD 400 million for the fourth quarter of 20261. Which means for the full year we will pay USD 1.45 billion compared to USD 1.2 billion for 2025."

Nick Walker, the CEO of Vår Energi

Q3 2026 webcast

Vår Energi will release its quarterly results on 21 October at 07:00 CEST. A webcast followed by Q&A will be held at 10:00 CEST, hosted by CEO Nick Walker and CFO Carlo Santopadre. You can follow the webcast with supporting slides, available on: https://events.streamhub.no/vaar-energi/quarterly-reports/nJXQMU6edVK9lVctmW8a

  1. Q3 dividend based on 31.05.26 audited interim balance sheet, and Q4 dividend subject to 30.09.26 audited interim balance sheet with sufficient free equity and general meeting approval of dividend. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of the combined company pending closing of the BlueNord transaction. Completion of the combination is subject to customary conditions, including partner and authority approvals. Should the transaction complete after the record date for the Q3 dividend, the cash consideration payable to BlueNord shareholders will be adjusted to compensate for the value of the Q3 dividend and any potential further distribution prior to closing.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Ida Fjellheim, VP Investor Relations at Vår Energi ASA, on 21 October 2026 at 07:00 CEST.

https://news.cision.com/var-energi-asa/r/var-energi-reports-strong-financial-results-and-increased-shareholder-returns--whilst-continuing-to-%2Cc4412890

Third quarter 2026 presentation - Vår Energi ASA

Third quarter 2026 - Vår Energi ASA

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