Vår Energi: Fourth quarter and full year 2025 trading update

27 Jan 2026 07:00 CET

Sandnes, Norway, 27 January 2026: Vår Energi ASA (OSE: VAR, the "Company") will
publish its financial report for the fourth quarter 2025 on 10 February. Today,
the Company provides an update on production, sales volumes and other relevant
items.

Vår Energi's net production of oil, liquids and natural gas averaged 397
thousand barrels of oil equivalent per day (kboepd) in the fourth quarter of
2025, an increase of 7% from the third quarter and an increase of 43% compared
to the fourth quarter of 2024. The total production for the full year averaged
332 kboepd, within the guided range for the year. The operational issues at
Johan Castberg and Jotun FPSO reported in December, were resolved early January
with production now back at expected levels.

The production split in the fourth quarter was 71% oil and NGLs (liquids) and
29% gas. Total volumes produced were 36.6 million barrels of oil equivalent
(mmboe) whereas volumes sold in the quarter amounted to 35.3 mmboe. The
underlift position is mainly due to timing of LNG liftings in the quarter. Vår
Energi obtained an average realised price (volume-weighted) of USD 62 per boe in
the quarter. The realised crude price was USD 63 per barrel. The realised gas
price of USD 63 per boe is approximately USD 4 above the average spot market
reference price. Fixed price contracts represented around 15% of fourth quarter
gas volumes sold at an average price of USD 75 per boe.

[]
Production (kboepd)[1] Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024
Crude oil 259 255 159 214 161
Gas 117 98 101 101 100
NGL 21 18 18 18 19
Total 397 370 278 332 280

Realised prices (USD/boe)
Crude oil price 63 69 73 68 81
Gas price 63 72 78 75 73
NGL price 43 39 48 43 47
Average (volume weighted) 62 68 73 69 75

Sales volumes (mmboe)
Crude oil 24.4 20.8 12.4 77.3 56.3
Gas 9.1 8.6 8.6 33.4 33.4
NGL 1.8 1.7 1.7 5.4 8.0
Total 35.3 31.1 22.7 116.1 97.7

Total production (mmboe) 36.6 34.1 25.6 121.3 102.5

¹ Produced figures are including fuel gas not for sale

Other items

Vår Energi's functional currency is NOK, whilst interest bearing loans are in
USD and EUR. The weakening of the NOK in the fourth quarter of 2025 led to a net
exchange rate loss of approximately USD 40 million.

As a result of the company history of mergers and acquisitions, Vår Energi has
several assets valued at fair value in the balance sheet. Changes in
assumptions, cost and production profiles can result in impairments and
reversals.

Non-cash impairment of technical goodwill in the fourth quarter is estimated to
be around USD 70 million pre-tax (around USD 70 million post tax) related to
Njord Area, Gjøa and Snorre.  An adjustment following a redetermination process
at Snorre, reducing Vår Energi's equity share from 18.55% to 18.16%, makes up
the majority of the impairment in the quarter. Net impairments for the full year
were USD 26 million post tax.

As previously communicated, the following items impacted the free cash flow in
the fourth quarter: three cash tax payments totaling approximately NOK 8.2
billion (approximately USD 820 million) and a dividend payment for the third
quarter of USD 300 million, paid in November. In addition, the Company paid
around USD 180 million in the quarter related to the acquisition of
TotalEnergies' share in the Ekofisk Previously Produced Fields project. This
includes a cash consideration of USD 147 million and a cash settlement of
incurred costs for the period from 1 January 2025.

The information above is based on a preliminary assessment of the Company's
fourth quarter 2025 financial results and may be subject to change until the
financial statements have been finally approved and published by the Company.

Q4 2025 and Capital Markets Update webcast

Vår Energi will release its quarterly results on 10 February at 07:00 CET. A
presentation and webcast including an update on the Company's strategy for
delivering long-term value will take place in Oslo at 14:00 CET, as part of the
Company's Capital Markets Update. You can follow the webcast with supporting
slides, available on:  https://cmu.plaii.no/

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communications
+47976 67 137
liv.omdal@­­varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site

664234_Var_Energi_Q4_and_full_year_2025_trading_update.pdf