Material cash flow generation and an investment-grade balance sheet enable attractive and resilient dividend distributions. Vår Energi’s long term dividend policy is to distribute 25-30% of cash flow from operations (CFFO) after tax over the cycle.
1,080
300
25-30%
| Quarter | Reporting date | Last day including rights | Ex-dividend date | Record date | Payment date |
|---|---|---|---|---|---|
| Q1 2025 | 23/04/2025 | 28/04/2025 | 29/04/2025 | 30/04/2025 | 08/05/2025 |
| Q2 2025 | 22/07/2025 | 25/07/2025 | 28/07/2025 | 29/07/2025 | 05/08/2025 |
| Q3 2025 | 21/10/2025 | 24/10/2025 | 27/10/2025 | 28/10/2025 | 04/11/2025 |
| Approval Date | Ex-Date | Record Date | Payment Date | Total dividend (USD million) | Dividend per share (USD) | Dividend per share (NOK) |
|---|---|---|---|---|---|---|
| 10/02/2025 | 17/02/2025 | 18/02/2025 | 25/02/2025 | 270 | 0.11 | 1.213 |
| 21/10/2024 | 28/10/2024 | 29/10/2024 | 05/11/2024 | 270 | 0.11 | 1.180 |
| 22/07/2024 | 29/07/2024 | 30/07/2024 | 06/08/2024 | 270 | 0.11 | 1.184 |
| 22/04/2024 | 29/04/2024 | 30/04/2024 | 08/05/2024 | 270 | 0.11 | 1.192 |
| 12/02/2024 | 19/02/2024 | 20/02/2024 | 27/02/2024 | 270 | 0.11 | 1.136 |
| 23/10/2023 | 03/11/2023 | 06/11/2023 | 16/11/2023 | 270 | 0.11 | 1.204 |
| 24/07/2023 | 04/08/2023 | 07/08/2023 | 14/08/2023 | 270 | 0.11 | 1.091 |
| 21/04/2023 | 03/05/2023 | 04/05/2023 | 10/05/2023 | 270 | 0.11 | 1.148 |
| 15/02/2023 | 24/02/2023 | 27/02/2023 | 03/03/2023 | 300 | 0.12 | 1.226 |
| 24/10/2022 | 02/11//2022 | 03/11/2022 | 09/11/2022 | 290 | 0.12 | 1.225 |
| 25/07/2022 | 04/08/2022 | 05/08/2022 | 11/08/2022 | 260 | 0.10 | 1.025 |
| 26/04/2022 | 05/05/2022 | 06/05/2022 | 12/05/2022 | 225 | 0.09 | 0.827 |
| # | Name | Shares | % of top 20 | % of total | Account Type |
|---|---|---|---|---|---|
| 1 | ENI INTERNATIONAL BV | 1 573 713 749 | 79.65 % | 63.04 % | PRIV |
| 2 | FOLKETRYGDFONDET | 104 987 043 | 5.31 % | 4.21 % | PRIV |
| 3 | GEVERAN TRADING COMPANY LTD | 45 000 000 | 2.28 % | 1.80 % | PRIV |
| 4 | THE NORTHERN TRUST COMP, LONDON BR | 31 994 273 | 1.62 % | 1.28 % | NOM |
| 5 | VERDIPAPIRFONDET DNB NORGE | 26 297 383 | 1.33 % | 1.05 % | PRIV |
| 6 | VPF DNB AM NORSKE AKSJER | 22 309 051 | 1.13 % | 0.89 % | PRIV |
| 7 | STATE STREET BANK AND TRUST COMP | 19 149 654 | 0.97 % | 0.77 % | NOM |
| 8 | VERDIPAPIRFONDET ALFRED BERG GAMBA | 17 582 187 | 0.89 % | 0.70 % | PRIV |
| 9 | JPMORGAN CHASE BANK, N.A., LONDON | 17 367 101 | 0.88 % | 0.70 % | NOM |
| 10 | CLEARSTREAM BANKING S.A. | 15 591 662 | 0.79 % | 0.62 % | NOM |
| 11 | SIX SIS AG | 12 958 363 | 0.66 % | 0.52 % | NOM |
| 12 | VERDIPAPIRFOND ODIN NORGE | 11 902 773 | 0.60 % | 0.48 % | PRIV |
| 13 | UBS SWITZERLAND AG | 11 636 188 | 0.59 % | 0.47 % | NOM |
| 14 | MORGAN STANLEY & CO. LLC | 10 793 129 | 0.55 % | 0.43 % | NOM |
| 15 | CITIBANK, N.A. | 9 946 330 | 0.50 % | 0.40 % | NOM |
| 16 | BNP PARIBAS | 9 451 082 | 0.48 % | 0.38 % | NOM |
| 17 | AVANZA BANK AB MEGLERKONTO | 9 313 019 | 0.47 % | 0.37 % | MEG |
| 18 | DEUTSCHE BANK AKTIENGESELLSCHAFT | 9 181 400 | 0.46 % | 0.37 % | NOM |
| 19 | VERDIPAPIRFONDET ALFRED BERG NORGE | 8 918 741 | 0.45 % | 0.36 % | PRIV |
| 20 | VERDIPAPIRFONDET DNB NORGE INDEKS | 7 725 443 | 0.39 % | 0.31 % | PRIV |
| Total number owned by top 20 | 1 975 818 571 | 79.15 % | |||
| Total number of shares | 2 496 406 246 | 100.00 % |
Last updated 22 April 2025
| Firm | Analyst | Phone | Web | |
|---|---|---|---|---|
| ABG Sundal Collier | John Olaisen | +47 22 01 61 87 | john.olaisen@abgsc.no | www.abgsc.com |
| Arctic Securities | Daniel Stenslet | +47 41 70 72 12 | daniel.stenslet@arctic.com | www.arctic.com |
| Barclays | Lydia Rainforth | +44 (0)20 3134 6669 | lydia.rainforth@barclays.com | www.barclays.co.uk |
| BofA Securities | Matthew Smith | +44 (0)20 7996 7109 | matt.smith1@bofa.com | www.bankofamerica.com |
| Carnegie | Oddvar Bjørgan | +47 22 00 93 56 | oddvar.bjorgan@carnegie.no | www.carnegie.no |
| Clarksons | Christoffer Bachke | +47 92 20 25 28 | christoffer.bachke@clarksons.com | www.clarksons.com |
| Danske Bank | Vidar Skogset Lyngvær | +47 85 40 77 84 | vlyn@danskebank.com | www.danskebank.no |
| DNB Markets | Steffen Evjen | +47 24 16 92 97 | steffen.evjen@dnb.no | www.dnb.no/markets |
| Fearnley Securities | Sander Solheim Nilsen | +47 22 93 64 72 | s.nilsen@fearnleys.com | www.fearnleysecurities.com |
| Goldman Sachs | Michele della Vigna | +44 (0)20 7552 9383 | michele.dellavigna@gs.com | www.goldmansachs.com |
| Ing | Quirjin Mulder | + 31 20 563 8757 | quirijn.mulder@ing.com | www.ing.com |
| Jefferies | Mark Wilson | +44 (0)20 7029 8691 | mark.wilson@jefferies.com | www.jefferies.com |
| JP Morgan | Kate Somerville | +44 (0)20 3493 8464 | kate.somerville@jpmorgan.com | www.jpmorgan.com |
| Morgan Stanley | Sasikanth Chilukuru, CFA | +44 (0)20 7425 3016 | sasikanth.chilukuru@morganstanley.com | www.morganstanley.com |
| Nordea | Jørgen Bruaset | +47 93 60 96 01 | jorgen.bruaset@nordea.com | www.nordea.com |
| Norne Securities | Evelina Sarul | +370 645 36 771 | evelina.sarul@norne.no | www.norne.no |
| Pareto Securities | Tom Erik Kristiansen | +47 24 13 21 86 | tomerik.kristiansen@paretosec.com | www.paretosec.com |
| RBC | Victoria McCulloch | +44 (0)20 7429 8530 | victoria.mcculloch@rbccm.com | www.rbcroyalbank.com |
| SEB | Anders Rosenlund | +47 21 00 85 02 | anders.rosenlund@seb.no | www.seb.se |
| SpareBank 1 Markets | Teodor Sveen-Nilsen | +47 24 13 36 06 | teodor.nilsen@sb1markets.no | www.sb1markets.no |
Every quarter Vår Energi compiles a consensus of the estimates provided by sell-side analysts.
Last update: 15.04.2025.
|
USDm |
Q1 2025 |
2025 |
2026 |
2027 |
|---|---|---|---|---|
|
Total income |
1 883 |
8 918 |
10 015 |
9 672 |
|
EBITDA |
1 479 |
7 152 |
8 207 |
7 934 |
|
EBIT |
1 043 |
4 927 |
5 561 |
5 355 |
|
Profit/loss before income taxes |
1 277 |
4 899 |
5 253 |
5 060 |
|
Net earnings |
373 |
1 156 |
1 123 |
1 064 |
|
Production costs (USD/boe) |
13.0 |
11.5 |
10.4 |
10.4 |
|
Capex |
692 |
2 685 |
2 504 |
2 302 |
|
Cash flow from operating activities (CFFO) |
1 226 |
4 447 |
4 207 |
3 652 |
|
kboepd |
Actuals for Q1 2025 |
2025 |
2026 |
2027 |
|
Crude production |
160 |
N/A |
N/A |
N/A |
|
Gas production |
96 |
N/A |
N/A |
N/A |
|
NGL production |
16 |
N/A |
N/A |
N/A |
|
Total production |
272 |
339 |
398 |
382 |
|
USD/boe |
||||
|
Realised crude price |
76 |
73 |
74 |
76 |
|
Realised gas price |
87 |
77 |
62 |
56 |
|
Realised NGL price |
54 |
48 |
47 |
48 |
|
Average realised price |
79 |
N/A |
N/A |
N/A |
Method: Consensus numbers represent the average of the inputs after deducting the highest and lowest value for each item. The consensus figures are based on input from 12 sellside analyst.
Participants: ABG Sundal Collier, Arctic Securities, Barclays, Carnegie, Danske Bank, Fearnley Securities, Ing, Jefferies, Nordea Markets, RBC Capital Markets, SEB, SpareBank1 Markets
|
USDm |
Q1 |
Q2 |
Q3 |
Q4 |
|---|---|---|---|---|
|
Total income |
1985 |
1951 |
1838 |
1668 |
|
EBITDA |
1272 |
|||
|
EBIT |
1064 |
1039 |
702 |
1027 |
|
Profit/loss before income taxes |
812 |
1030 |
657 |
747 |
|
Net earnings |
91 |
241 |
150 |
-66 |
|
Production costs (USD/boe) |
13.9 |
14 |
14.2 |
13.0 |
|
Capex |
722 |
786 |
714 |
690 |
|
Cash flow from operating activities (CFFO) |
928 |
484 |
1085 |
378 |
|
kboepd |
12 April |
11 July |
10 October |
|
|
Crude production |
169 |
162 |
154 |
259 |
|
Gas production |
111 |
103 |
86 |
101 |
|
NGL production |
19 |
22 |
16 |
18 |
|
Total production |
299 |
287 |
256 |
278 |
|
USD/boe |
||||
|
Realised crude price |
84 |
85 |
81 |
73 |
|
Realised gas price |
67 |
70 |
76 |
78 |
|
Realised NGL price |
51 |
44 |
46 |
48 |
|
Average realised price |
75 |
77 |
76 |
73 |
|
USDm |
Q1 |
Q2 |
Q3 |
Q4 |
|---|---|---|---|---|
|
Total income |
2101 |
1444 |
1628 |
1682 |
|
EBIT |
1401 |
787 |
941 |
424 |
|
Profit/loss before income taxes |
1258 |
713 |
920 |
420 |
|
Net earnings |
261 |
172 |
224 |
103 |
|
Production costs (USD/boe) |
14.9 |
14.9 |
15.1 |
14.3 |
|
Capex |
676 |
665 |
692 |
676 |
|
Cash flow from operating activities (CFFO) |
1125 |
52 |
975 |
754 |
|
kboepd |
14 April |
13 July |
12 October |
25 January |
|
Crude production |
119.0 |
114.7 |
125.6 |
138.0 |
|
Gas production |
82.0 |
73.1 |
70.9 |
73.8 |
|
NGL production |
13.4 |
14.7 |
13.2 |
13.1 |
|
Total production |
214.4 |
202.5 |
209.7 |
224.9 |
|
USD/boe |
||||
|
Realised crude price |
83.6 |
78.5 |
87.1 |
84.8 |
|
Realised gas price |
175.5 |
98.5 |
90.8 |
89.5 |
|
Realised NGL price |
54.1 |
37.5 |
42.5 |
46.9 |
|
Average realised price |
115.9 |
81.9 |
85.0 |
83.9 |
|
USDm |
Q2 |
Q3 |
Q4 |
|---|---|---|---|
|
Total income |
2503 |
2590 |
2345 |
|
EBIT |
1800 |
1888 |
1512 |
|
Profit/loss before income taxes |
1734 |
1601 |
1724 |
|
Net earnings |
417 |
340 |
502 |
|
Production costs (USD/boe) |
14 |
15 |
13.6 |
|
Capex |
647 |
655 |
694 |
|
Cash flow from operating activities (CFFO) |
1737 |
1495 |
341 |
|
kboepd |
11 July |
11 October |
24 January |
|
Crude production |
113.3 |
122.0 |
122.4 |
|
Gas production |
84.6 |
78.8 |
78.3 |
|
NGL production |
11.9 |
13.7 |
13.5 |
|
Total production |
209.8 |
214.5 |
214.3 |
|
USD/boe |
|||
|
Realised crude price |
116.0 |
107.8 |
86.6 |
|
Realised gas price |
151.3 |
203.9 |
181.6 |
|
Realised NGL price |
70.9 |
61.8 |
54.7 |
|
Average realised price |
124.1 |
139.0 |
115.1 |
On 16 February 2022, Vår Energi was listed on Oslo Stock Exchange (OSE) under the ticker “VAR”. The share offering at NOK 28 per share was substantially oversubscribed and following a successful listing, Vår Energi welcomed approximately 19 000 new shareholders.
Stabilization Notice (March 17, 2022)
Mandatory notification of trade by primary insiders in connection with partial greenshoe exercise (March 17, 2022)
End of stabilization period and partial exercise of greenshoe option (March 17, 2022)
Announcement of Stabilization and Overallotment (February 16, 2022)
Conditional trading in the shares of Vår Energi ASA from 16 February 2022 (February 16, 2022)
Allocation to primary insiders (February 15, 2022)
Bookbuilding successfully completed (February 15, 2022)
Last day of bookbuilding (February 15, 2022)
Offer price fixed at NOK 28 per share (February 14, 2022)
Status of the bookbuilding, use of Upsize Option (February 14, 2022)
Status of bookbuilding (February 10, 2022)
Information Brochure – English (February 7, 2022)
Informasjonsbrosjyre – Norsk (February 7, 2022)
Information Brochure – Swedish (February 7, 2022)
Mandatory notification of trade from primary insiders (February 7, 2022)
Status of bookbuilding (February 7, 2022)
Commencement of the bookbuilding period and the application period (February 7, 2022)
Terms of the initial public offering and update on 2022 dividend (February 4, 2022)
Prospectus (February 4, 2022)
Bestillingsblankett for the Offentlige Tilbudet (February 4, 2022)
Approval and publication of prospectus (February 4, 2022)
Application Form For The Retail Offering (February 4, 2022)
Vår Energi ITF News Release (January 24, 2022)
Vår Energi CPR Q3, 2021 (January 24, 2022)
Corporate Update December 2021 (December 9, 2021)
Custody services/issuer services
P.O. Box 1600, Stranden 21
N-0021 Oslo
Norway
E-mail: kua@dnb.no
Phone: +47 915 04 800
PricewaterhouseCoopers AS
P.O. Box 8017, Kanalsletta 8
NO-4068 Stavanger
Norway