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Vår Energi
Vår Energi (VAR) investor relations material
Vår Energi Q4 & CMD 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 & CMD 2026 earnings summary10 Feb, 2026
Executive summary
Achieved transformational growth in 2025, with record production averaging 332 kboepd and Q4 output reaching 397 kboepd, driven by major project completions and strong operational efficiency of 92%.
Positioned as the 3rd largest oil and gas producer in Norway, with interests in about 50% of all fields on the Norwegian Continental Shelf and a diversified asset base.
Maintains a consistent strategy focused on long-term value creation, high production, operational excellence, safety, low emissions, and attractive dividends.
Distributed USD 1.2 billion in dividends for 2025, with Q4 dividend of USD 300 million and guidance for Q1 2026 dividend at the same level.
Expanded reserves and resources to 2.2 billion boe, with a 2P reserve replacement ratio of 185%.
Financial highlights
2025 cash flow from operations post-tax reached USD 4.6 billion, a 35% increase year-over-year, with full-year revenue around USD 8 billion and Q4 revenue at USD 2.2 billion.
Production cost per boe decreased to USD 10.0 in Q4 and averaged USD 11.1 for the year, a 25% year-over-year reduction.
Available liquidity at year-end was USD 3.5 billion, with a leverage ratio of 0.8x and investment-grade balance sheet.
Realised average price in Q4 2025 was USD 62/boe, with gas prices outperforming spot averages and 15% of Q4 gas volumes sold at USD 75/boe via fixed-price contracts.
EBIT for Q4 was USD 947 million, profit before tax USD 788 million, and net profit USD 25 million, impacted by impairments and exchange losses.
Outlook and guidance
2026 production guidance is 390,000–410,000 boepd, with production cost expected around USD 10/boe.
Development capex for 2026 is projected at USD 2,500–2,700 million, exploration capex at USD 250–300 million, and abandonment capex at USD 200 million.
Dividend policy remains at 25–30% of CFFO after tax, with Q1 2026 dividend guidance at USD 300 million.
13 projects in execution and up to 8 new project sanctions planned for 2026, targeting 140 million bbl net reserves.
Exploration program includes 12 wells in 2026, targeting 75 million bbl net risked resources.
Snøhvit Future project cost and delay
Snorre redetermination: reserves and impairment
Halten/Snorre power from shore project status
What drives 400k+ boepd long-term production
Dividend payout within 25-30% range
How to avoid negative book value of equity
Partial view of Summaries dataset, powered by Quartr API
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Next Vår Energi earnings date
Q1 202622 Apr, 2026
Vår Energi
Next Vår Energi earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
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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