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Vår Energi AS (0AAY) investor relations material
Vår Energi AS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Achieved transformational production growth ahead of schedule, with Q3 2025 output at 370,000 boepd (up 29% sequentially) and Q4 guidance at ~430,000 boepd, driven by major project ramp-ups and a de-risked outlook.
Seven of nine new projects on stream in 2025, including Jotun FPSO and Johan Castberg at plateau production, derisking the production outlook.
Strong financial performance with $1.2 billion post-tax operating cash flow, reduced net debt, and available liquidity of $3.6 billion.
Maintained stable or growing dividends for 15 consecutive quarters, confirming $1.2 billion dividend guidance for 2025 and 2026, with Q3 dividend of $300 million.
Portfolio of 30 early phase projects and recent acquisitions support long-term production targets of 350,000–400,000 boepd through 2030.
Financial highlights
Q3 2025 revenues exceeded $2.1 billion, up from the previous quarter due to increased production and higher sales volumes.
Realized oil price was $69/boe and gas price $70/boe, with 18% of volumes sold at $90/boe under fixed-price contracts.
Q3 operating cash flow after tax was $1.2 billion; CapEx for the quarter was $726 million.
Net interest-bearing debt at quarter-end was $5.2 billion, leverage ratio at 0.9x net debt/EBITDAX, well below the 1.3x target.
Cash balance at $840 million; overall liquidity $3.6 billion.
Outlook and guidance
2025 production guidance: 330,000–360,000 boepd, with Q4 at ~430,000 boepd; 2026 production expected at ~400,000 boepd.
Production cost expected at $11–$12/boe for 2025, trending to $10/boe in Q4 and targeted to sustain long term.
CapEx for 2025 at the upper end of $2.3–2.5 billion; $2–2.5 billion annually thereafter, with $400 million for exploration.
Dividend guidance reaffirmed at $1.2 billion for both 2025 and 2026, targeting 25–30% of CFFO after tax.
Targeting sustainable production of 350,000–400,000 boepd through 2030 and beyond.
Why discontinue Halten/Snorre power projects?
How to sustain 350-400 kboepd post-2025?
What drove Q3 impairment adjustments?
Leverage target's role in 2026 dividend confidence?
How will CapEx flexibility optimize 2026 investments?
Key drivers for sustaining $10/boe OpEx long-term?
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Next Vår Energi AS earnings date
Q4 202510 Feb, 2026
Next Vår Energi AS earnings date
Q4 202510 Feb, 2026
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Vår Energi AS is an oil and gas exploration and production company. It operates offshore assets primarily in the Norwegian Continental Shelf, producing hydrocarbons through partnerships and operator-led developments. The company is headquartered in Sandnes, Norway, and its shares are listed on the Oslo Stock Exchange.
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