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Dividend

Dividend policy

Material cash flow generation and an investment-grade balance sheet enable attractive and resilient dividend distributions. Vår Energi’s dividend policy is to distribute 20-30% of cash flow from operations after tax over the cycle.

1,080

USD million. Dividend paid for 2023

270

USD million. Dividend guidance for Q1 2024

~30%

of CFFO after taxes. Planned dividend for 2024.

Dividend history

Approval Date Ex-Date Record Date Payment Date Total dividend (USD million) Dividend per share (USD) Dividend per share (NOK)
2/12/2024 2/19/2024 2/20/2024 2/27/2024 270 0.11 1.136
10/24/2023 11/03/2023 11/06/2023 11/16/2023 270 0.11 1.204
7/24/2023 8/4/2023 8/7/2023 8/14/2023 270 0.11 1.091
4/21/2023 5/3/2023 5/4/2023 5/10/2023 270 0.11 1.148
2/15/2023 2/24/2023 2/27/2023 3/3/2023 300 0.12 1.226
10/24/2022 11/2/2022 11/3/2022 11/9/2022 290 0.12 1.225
7/25/2022 8/4/2022 8/5/2022 8/11/2022 260 0.10 1.025
4/26/2022 5/5/2022 5/6/2022 5/12/2022 225 0.09 0.827
Download

Dividend timetable

Quarter Reporting date Last day including rights Ex-dividend date Record date Payment date
Q1 2024 23/4/2024 26/4/2024 29/4/2024 30/4/2024 8/5/2024
Q2 2024 23/7/2024 26/7/2024 29/7/2024 30/7/2024 6/8/2024
Q3 2024 22/10/2024 26/10/2024 28/10/2024 29/10/2024 5/11/2024

Largest shareholders

Name Shares % of top 20 % of total Account Type
ENI INTERNATIONAL BV 1 573 713 749 77.63 % 63.04 % PRIV
SPRINGPOINT HOLDING II AS 108 391 713 5.35 % 4.34 % PRIV
FOLKETRYGDFONDET 66 026 862 3.26 % 2.64 % PRIV
GEVERAN TRADING COMPANY LTD 41 947 876 2.07 % 1.68 % PRIV
THE NORTHERN TRUST COMP, LONDON BR 20 958 428 1.03 % 0.84 % NOM
VERDIPAPIRFONDET DNB NORGE 19 803 539 0.98 % 0.79 % PRIV
HSBC BANK PLC. 19 659 159 0.97 % 0.79 % PRIV
UBS AG 19 188 105 0.95 % 0.77 % NOM
STATE STREET BANK AND TRUST COMP 17 551 443 0.87 % 0.70 % NOM
VPF DNB AM NORSKE AKSJER 16 990 049 0.84 % 0.68 % PRIV
JPMORGAN CHASE BANK, N.A., LONDON 16 720 945 0.82 % 0.67 % NOM
STATE STREET BANK AND TRUST COMP 15 821 006 0.78 % 0.63 % NOM
VERDIPAPIRFOND ODIN NORGE 13 883 153 0.68 % 0.56 % PRIV
VERDIPAPIRFONDET ALFRED BERG GAMBA 12 425 698 0.61 % 0.50 % PRIV
SIX SIS AG 12 164 641 0.60 % 0.49 % NOM
THE BANK OF NEW YORK MELLON SA/NV 11 613 885 0.57 % 0.47 % NOM
THE BANK OF NEW YORK MELLON SA/NV 10 803 643 0.53 % 0.43 % NOM
UBS SWITZERLAND AG 10 528 064 0.52 % 0.42 % NOM
MORGAN STANLEY & CO. LLC 10 034 254 0.50 % 0.40 % PRIV
DEUTSCHE BANK AKTIENGESELLSCHAFT 8 856 700 0.44 % 0.35 % NOM
Total number owned by top 20 2 027 082 912 81.20 %
Total number of shares 2 496 406 246 100.00 %

Last updated 22 April 2024


Analyst Coverage

Firm Analyst Phone E-mail Web
ABG Sundal Collier John Olaisen +47 22 01 61 87 john.olaisen@abgsc.no www.abgsc.com
Arctic Securities Daniel Stenslet +47 22 93 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
Pareto Securities Tom Erik Kristiansen +47 24 13 21 86 tomerik.kristiansen@paretosec.com www.paretosec.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

Consensus

Consensus for Q1 2024

USDm

Consensus

Total income

1985

EBIT

1064

Profit/loss before income taxes

812

Net earnings

91

Production costs (USD/boe)

13.9

Capex

722

Cash flow from operating activities (CFFO)

928

kboepd

Production update (12 April)

Crude production

169

Gas production

111

NGL production

19

Total production

299

USD/boe

Realised crude price

84

Realised gas price

67

Realised NGL price

51

Average realised price

75

Method: Consensus numbers represent the average of the inputs after deducting the highest and lowest value for each item. The consensus figures for Q1 2024 are based on input from 14 sellside analyst

Consensus for Q4 2023

USDm

Consensus

Total income

1682

EBIT

424

Profit/loss before income taxes

420

Net earnings

103

Production costs (USD/boe)

14.3

Capex

676

Cash flow from operating activities (CFFO)

754

kboepd

Production update (25 Januar)

Crude production

138.0

Gas production

73.8

NGL production

13.1

Total production

224.9

USD/boe

Realised crude price

84.8

Realised gas price

89.5

Realised NGL price

46.9

Average realised price

83.9

Method: Consensus numbers represent the average of the inputs after deducting the highest and lowest value for each item. The consensus figures for Q4 2023 are based on input from 12 sellside analysts.

Consensus for Q3 2023

USDm

Consensus

Total income

1628

EBIT

941

Profit/loss before income taxes

920

Net earnings

224

Production costs (USD/boe)

15.1

Capex

692

Cash flow from operating activities (CFFO)

975

kboepd

Production update (12 October)

Crude production

125.6

Gas production

70.9

NGL production

13.2

Total production

209.7

USD/boe

Realised crude price

87.1

Realised gas price

90.8

Realised NGL price

42.5

Average realised price

85.0

Method: Consensus numbers represent the average of the inputs after deducting the highest and lowest value for each item. The consensus figures for Q3 2023 are based on input from 11 sellside analysts.

Consensus for Q2 2023

USDm

Consensus

Total income

1 444

EBIT

787

Profit/loss before income taxes

713

Net earnings

172

Production costs (USD/boe)

14.9

Capex

665

Cash flow from operating activities (CFFO)

52

kboepd

Production update (13 July)

Crude production

114.7

Gas production

73.1

NGL production

14.7

Total production

202.5

USD/boe

Realised crude price

78.5

Realised gas price

98.5

Realised NGL price

37.5

Average realised price

81.9

Methodology: 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 11 sell-side analysts.

Consensus for Q1 2023

USDm

Consensus

Total income

2101

EBIT

1401

Profit/loss before income taxes

1258

Net earnings

261

Production costs (USD/boe)

14.9

Capex

676

Cash flow from operating activities (CFFO)

1125

kboepd

Production update (14 April)

Crude production

119.0

Gas production

82.0

NGL production

13.4

Total production

214.4

USD/boe

Realised crude price

83.6

Realised gas price

175.5

Realised NGL price

54.1

Average realised price

115.9

Methodology: 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 13 sell-side analysts.

Consensus for Q4 2022

USDm

Consensus

Total income

2345

EBIT

1512

Profit/loss before income taxes

1724

Net earnings

502

Production costs (USD/boe)

13.6

Capex

694

Cash flow from operating activities (CFFO)

341

kboepd

Production update (24 January)

Crude production

122.4

Gas production

78.3

NGL production

13.5

Total production

214.3

USD/boe

Realised crude price

86.6

Realised gas price

181.6

Realised NGL price

54.7

Average realised price

115.1

Consensus for Q3 2022

USDm

Consensus

Total income

2590

EBIT

1888

Profit/loss before income taxes

1601

Net earnings

340

Production costs (USD/boe)

15

Capex

655

Cash flow from operating activities (CFFO)

1495

kboepd

Production update (11 October)

Crude production

122.0

Gas production

78.8

NGL production

13.7

Total production

214.5

USD/boe

Realised crude price

107.8

Realised gas price

203.9

Realised NGL price

61.8

Average realised price

139.0

Methodology: 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 10 sell-side analysts.

Consensus for Q2 2022

USDm

Consensus

Total income

2503

EBIT

1800

Profit/loss before income taxes

1734

Net earnings

417

Production costs (USD/boe)

14

Capex

647

Cash flow from operating activities (CFFO)

1737

kboepd

Production update (11 July)

Crude production

113.3

Gas production

84.6

NGL production

11.9

Total production

209.8

USD/boe

Realised crude price

116.0

Realised gas price

151.3

Realised NGL price

70.9

Average realised price

124.1

Methodology: 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 11 sell-side analysts.

Initial public offering (IPO)

Investment highlights

  • Strong track record with over 50 years of successful operations with heritage from world-class operators
  • Leading pure-play E&P independent on the attractive NCS with material gas production
  • Operational excellence with diversified and robust portfolio focused on a hub strategy
  • High value growth driven by best-in-class exploration and development capabilities and disciplined M&A
  • Environmental focus with low-carbon barrels from the NCS, aligned with the Energy Transition
  • Material returns with free cash flow generation from low-cost, low-carbon barrels with full upside exposure to commodity prices

Vår Energi is committed to deliver attractive and sustainable shareholder returns.

Listing on Oslo Stock Exchange

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.

IPO documents

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)

Registrar and Auditor

DNB Bank ASA

Custody services/issuer services
P.O. Box 1600, Stranden 21
N-0021 Oslo
Norway
E-mail: kua@dnb.no
Phone: +47 22 26 80 21

Vår Energi is audited by

PricewaterhouseCoopers AS
P.O. Box 8017, Kanalsletta 8
NO-4068 Stavanger
Norway