Vår Energi reports strong financial results and increased shareholder returns, whilst continuing to build long-term value
Key Highlights
- ➤CFFO post tax reached USD 1.5 billion in third quarter 2026
- ➤Available liquidity hit record USD 7.5 billion, with leverage at 0.3x
- ➤Q3 dividend rose to USD 400 million; Q4 guidance also USD 400 million
- ➤BlueNord combination targets completion around year-end and approximately 450 kboepd production
- ➤King Development started up, while Pandion acquisition and DNO swap completed
Expert Statements
Nick Walker, CEO of Vår Energi
“We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices. With strong cash flow from operations of USD 1.5 billion post tax in the quarter, materially reduced net debt over the year to USD 3.1 billion and record high available liquidity of USD 7.5 billion, the Company continues to build resilience and flexibility. With the BlueNord combination expected to complete around year end, we are building the largest independent producer of oil and gas in Europe, with an increased long term production target of around 450 kboepd. We continue to strengthen our portfolio and long-term value creation on the Norwegian Continental Shelf. The Pandion acquisition and DNO swap completed during the quarter, while we are progressing a portfolio of around 50 new projects. We are further improving performance and our outlook by increasing oil and gas recovery, accelerating new projects and delivering exploration success. Combining technology, strong partnerships and integrated ways of working through our project factory approach enables us to realise more value from our resource base, faster and for longer. Underpinned by continued high prices and strong financial performance, the Company is increasing shareholder distributions with an extraordinary component. The Company will distribute USD 400 million for the third quarter of 2026 and is also guiding USD 400 million for the fourth quarter of 2026(1). Which means for the full year we will pay USD 1.45 billion compared to USD 1.2 billion for 2025.”
Vår Energi ASA Sandnes, Norway, 21 October 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") reports strong financial results in the third quarter 2026 and announces increased shareholder returns, whilst continuing to build long-term value.
Higher production expected in the fourth quarter * Solid performance on operated assets with 91% production efficiency YTD * Main turnarounds completed in the second and third quarters * Higher production expected in the fourth quarter with new projects and wells onstream Strong financial position * Significant CFFO post tax of USD 1.5 billion in the quarter * Successful issuance of USD 2.5 billion senior notes * Record high available liquidity of USD 7.5 billion * Reduced net debt with leverage at 0.3x * Well-positioned to capture upside from higher commodity prices Unlocking long-term value * BlueNord combination progressing towards completion around year-end * DNO swap and Pandion acquisition completed in the quarter * King Development start-up, adding high-value barrels * High Impact Exploration Collaboration established with Equinor and Aker BP Increased dividend with extraordinary component * Increased third quarter dividend and fourth quarter dividend guidance of USD 400 million(1) * Long term dividend policy of 25-30% of CFFO after tax over the cycles "We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices.
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