About the share

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.

1,075

USD million. Dividend declared for 2022

270

USD million. Dividend guidance for Q3 2023

~30%

of CFFO after taxes. Planned dividend for 2023.

Dividend history

Approval Date	Ex-Date	Record Date	Payment Date	Total dividend (USD million)	Dividend per share (USD)	Dividend per share (NOK)
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

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Largest shareholders

Name	Shares	% of top 20	% of total	Account Type
ENI INTERNATIONAL BV	1 573 713 749	71.07 %	63.04 %	PRIV
POINT RESOURCES HOLDING AS	516 733 272	23.34 %	20.70 %	PRIV
FOLKETRYGDFONDET	17 115 123	0.77 %	0.69 %	PRIV
GEVERAN TRADING CO LTD	16 947 876	0.77 %	0.68 %	PRIV
THE NORTHERN TRUST COMP, LONDON BR	9 003 940	0.41 %	0.36 %	PRIV
VERDIPAPIRFOND ODIN NORGE	9 076 385	0.41 %	0.36 %	PRIV
JPMORGAN CHASE BANK, N.A., LONDON	8 320 857	0.38 %	0.33 %	PRIV
DANSKE INVEST NORSKE INSTIT. II.	7 624 000	0.34 %	0.31 %	PRIV
THE BANK OF NEW YORK MELLON SA/NV	6 800 476	0.31 %	0.27 %	PRIV
STATE STREET BANK AND TRUST COMP	6 189 121	0.28 %	0.25 %	PRIV
THE NORTHERN TRUST COMP, LONDON BR	6 056 843	0.27 %	0.24 %	PRIV
PARETO INVEST NORGE AS	5 030 338	0.23 %	0.20 %	PRIV
VERDIPAPIRFONDET DNB NORGE	4 634 128	0.21 %	0.19 %	PRIV
VERDIPAPIRFONDET KLP AKSJENORGE IN	4 716 377	0.21 %	0.19 %	PRIV
SKANDINAVISKA ENSKILDA BANKEN AB	4 866 931	0.22 %	0.19 %	PRIV
VERDIPAPIRFONDET ALFRED BERG GAMBA	4 181 000	0.19 %	0.17 %	PRIV
VERDIPAPIRFONDET FIRST GENERATOR	3 655 672	0.17 %	0.15 %	PRIV
NORDNET BANK AB	3 520 596	0.16 %	0.14 %	PRIV
O.N. SUNDE A/S	3 150 000	0.14 %	0.13 %	PRIV
SIX SIS AG	2 953 858	0.13 %	0.12 %	PRIV
Total number owned by top 20	2 214 290 542		88.70 %
Total number of shares	2 496 373 332		100.00 %

Last updated 25 June 2023

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	James Hosie	+44(0)20 7773 1682	james.hosie@barclays.com	www.barclays.co.uk
BofA Securities	Matthew Smith	+44 (0)20 7996 7109	Matt.smith1@boda.com	www.bankofamerica.com
Carnegie	Oddvar Bjørgan	+47 22 00 93 56	oddvar.bjorgan@carnegie.no	www.carnegie.no
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
Jefferies	Mark Wilson	+44 (0)20 7029 8691	mark.wilson@jefferies.com	www.jefferies.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@sblmarkets.no	www.sb1markets.no

Consensus

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

Cistody 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

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