Vår Energi: Third quarter 2026 trading update
Sandnes, Norway, 12 October 2026: Vår Energi ASA (OSE: VAR, the "Company") will publish its financial report for the third quarter 2026 on Wednesday 21 October. 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 369 kboepd in the third quarter of 2026, a decrease of 2% from the second quarter and flat compared to the third quarter last year. The Company expects full-year production of around 390 kboepd, compared to the original guidance of 390-410 kboepd, reflecting operational issues at Johan Castberg and the Jotun FPSO in July and production irregularities in the Åsgard area. Johan Castberg and Jotun FPSO have been producing at expected levels since early-August. None of the main production impacts are reservoir related and have been managed effectively.
The production split in the first quarter was 68% oil and NGLs (liquids) and 32% gas. Total volumes produced were 34.0 mmboe whereas volumes sold in the quarter amounted to 34.8 mmboe. The overlift position is mainly due to timing of crude liftings in the quarter. Vår Energi obtained an average realised price (volume -weighted) of USD 103 per boe in the quarter. The realised crude price was USD 103 per barrel, representing a premium of USD 6 per barrel compared to dated Brent. The increase in premium differentials to Brent observed since early September will be reflected in fourth quarter realised prices, as cargoes are normally sold weeks ahead of delivery. The realised gas price of USD 108 per boe is approximately 18 USD below the average spot market reference price. Volumes sold on gas year ahead and fixed price contracts represented 29% of third quarter gas volumes sold at an average price of USD 87 per boe. 25% of third quarter volumes were sold with month ahead indexation in a rising market (approximately USD 22 per boe below spot), whereas the impact will be the opposite in a falling market.
[] Production (kboepd)[1] Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Crude oil 234 235 255 244 199 Gas 118 123 98 121 95 NGL 17 18 18 19 17 Total 369 376 370 383 311
Realised prices (USD/boe) Crude oil price 103 110 69 97 71 Gas price 108 91 72 91 79 NGL price 61 62 39 59 43 Average (volume weighted) 103 101 68 93 72
Sales volumes (mmboe) Crude oil 22.5 22.2 20.8 67.8 52.9 Gas 10.6 10.5 8.6 31.3 24.4 NGL 1.7 2.7 1.7 5.8 3.6 Total 34.8 35.4 31.1 104.8 80.8
Total production (mmboe) 34.0 34.2 34.1 104.7 84.8
1 Produced figures are including fuel gas not for sale
Other items
As previously communicated, free cash flow in the third quarter was impacted by two cash tax payments totaling approximately NOK 10.8 billion (USD 1.1 billion), approximately USD 100 million related to the closing of the Pandion acquisition and the DNO swap, and a USD 350 million dividend payment for the second quarter, paid in September.
The information above is based on a preliminary assessment of the Company's third quarter 2026 financial results and may be subject to change until the financial statements have been finally approved and published by the Company.
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
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 subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act