Vår Energi: First quarter 2026 trading update

13 Apr 2026 07:00 CEST

Sandnes, Norway, 13 April 2026: Vår Energi ASA (OSE: VAR, the "Company") will
publish its financial report for the first quarter 2026 on Wednesday 22 April.
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 406 kboepd
in the first quarter of 2026, an increase of 2% from the fourth quarter and an
increase of 51% compared to the first quarter of 2025.

The production split in the first quarter was 70% oil and NGLs (liquids) and 30%
gas. Total volumes produced were 36.5 mmboe whereas volumes sold in the quarter
amounted to 34.6 mmboe. The underlift position is mainly due to timing of crude
liftings in the quarter, where several cargoes were lifted in the first week of
April.

Vår Energi obtained an average realised price (volume-weighted) of USD 77 per
boe in the quarter. The realised crude price was USD 80 per barrel. Premium
differentials to Brent observed in the quarter will be reflected in second
quarter realised prices, as cargoes are sold one to two months prior to
delivery. The realised gas price of USD 73 per boe is approximately USD 7 per
boe below the average spot market reference price, mainly due to 33% of first
quarter volumes were sold with month ahead indexation in a rising market
(approximately USD 19 per boe below spot), whereas the impact will be the
opposite in a falling market.  As previously communicated, approximately 14% of
the gas volumes were sold on gas year ahead indexation, with an average price of
USD 76 per boe.

[]
Production (kboepd)[1] Q1 2026 Q4 2025 Q1 2025 YTD  2026 YTD  2025
Crude oil 262 259 158 262 158
Gas 122 117 95 122 95
NGL 22 21 16 22 16
Total 406 397 269 406 269

Realised prices (USD/boe)
Crude oil price 80 63 76 80 76
Gas price 73 63 87 73 87
NGL price 50 43 54 50 54
Average (volume weighted) 77 62 79 77 79

Sales volumes (mmboe)
Crude oil 23.1 24.4 15.0 23.1 15.0
Gas 10.1 9.1 8.0 10.1 8.0
NGL 1.4 1.8 0.7 1.4 0.7
Total 34.6 35.3 23.8 34.6 23.8

Total production (mmboe) 36.5 36.6 24.5 36.5 24.5

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 strengthening of the NOK in the first quarter of 2026 led to a
net exchange rate gain of USD 210 million.

The following items impacted the free cash flow in the first quarter: cash tax
payments totaling approximately NOK 6.2 billion (approximately USD 640 million),
a dividend payment for the fourth quarter of USD 300 million, paid in February,
and annual dividends to hybrid owners of USD 70 million was also paid in
February.

The information above is based on a preliminary assessment of the Company's
first quarter 2026 financial results and may be subject to change until the
financial statements have been finally approved and published by the Company.

Q1 2026 webcast

Vår Energi will release its quarterly results on 22 April at 07:00 CEST. A
webcast followed by Q&A will be held at 10:00 CEST, hosted by CEO Nick Walker
and CFO Carlo Santopadre. You can follow the webcast with supporting slides,
available on:
https://events.streamhub.no/vaar-energi/quarterly
-reports/f7dmdpWJ2abefewfn8Xj (https://eur06.safelinks.protection.outlook.com/?u
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l=https%3A%2F%2Fevents.streamhub.no%2Fvaar-energi%2Fquarterly
-reports%2Ff7dmdpWJ2abefewfn8Xj&data=05%7C02%7Cstian.salmi.seipaejaervi%40varene
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gi.no%7Ca385869b757740c97e1308de9702c971%7C77da4c42ba77462bbb547f7ea57bd0a8%7C0%
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Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal, VP Communications
+47 97667137
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

670424_Var_Energi_ASA_Trading_Update_Q1_2026.pdf