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 | Declaration date¹ | Last day including rights | Ex-dividend date | Record date | Payment date |
|---|---|---|---|---|---|
| Q2 2025 | 12.08.2025 | 15.08.2025 | 18.08.2025 | 19.08.2025 | 26.08.2025 |
| Q3 2025 | 11.11.2025 | 14.11.2025 | 17.11.2025 | 18.11.2025 | 25.11.2025 |
1. Second half 2025 planned dividend payments will be based on 30.06.25 interim audited financial accounts and pending EGM approval
| Declaration date | Ex-Date | Record Date | Payment Date | Total dividend (USD million) | Dividend per share (USD) | Dividend per share (NOK) |
|---|---|---|---|---|---|---|
| 23.04.2025 | 29.04.2025 | 30.04.2025 | 08.05.2025 | 300 | 0.12 | 1.245 |
| 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 | 79.37 % | 63.04 % | PRIV |
| 2 | FOLKETRYGDFONDET | 107 191 542 | 5.41 % | 4.29 % | PRIV |
| 3 | GEVERAN TRADING COMPANY LTD | 45 000 000 | 2.27 % | 1.80 % | PRIV |
| 4 | THE NORTHERN TRUST COMP, LONDON BR | 31 994 273 | 1.61 % | 1.28 % | NOM |
| 5 | VERDIPAPIRFONDET DNB NORGE | 23 677 977 | 1.19 % | 0.95 % | PRIV |
| 6 | VPF DNB AM NORSKE AKSJER | 22 309 051 | 1.13 % | 0.89 % | PRIV |
| 7 | JPMORGAN CHASE BANK, N.A., LONDON | 20 020 284 | 1.01 % | 0.80 % | NOM |
| 8 | CLEARSTREAM BANKING S.A. | 17 762 820 | 0.90 % | 0.71 % | NOM |
| 9 | VERDIPAPIRFONDET ALFRED BERG GAMBA | 17 582 187 | 0.89 % | 0.70 % | PRIV |
| 10 | STATE STREET BANK AND TRUST COMP | 17 522 171 | 0.88 % | 0.70 % | NOM |
| 11 | SIX SIS AG | 13 064 813 | 0.66 % | 0.52 % | NOM |
| 12 | UBS SWITZERLAND AG | 12 601 303 | 0.64 % | 0.50 % | NOM |
| 13 | CITIBANK, N.A. | 11 578 834 | 0.58 % | 0.46 % | NOM |
| 14 | VERDIPAPIRFOND ODIN NORGE | 11 402 773 | 0.58 % | 0.46 % | PRIV |
| 15 | MORGAN STANLEY & CO. LLC | 10 607 382 | 0.54 % | 0.42 % | PRIV |
| 16 | AVANZA BANK AB MEGLERKONTO | 10 501 817 | 0.53 % | 0.42 % | MEG |
| 17 | BNP PARIBAS | 9 451 082 | 0.48 % | 0.38 % | NOM |
| 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 | NORDNET BANK AB | 8 595 955 | 0.43 % | 0.34 % | NOM |
| Total number owned by top 20 | 1 982 678 154 | 79.42 % | |||
| Total number of shares | 2 496 406 246 | 100.00 % |
Last updated 13 May 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 |
| 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 Carnegie | 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