Vår Energi: Second quarter 2026 trading update

09 Jul 2026 07:00 CEST

Sandnes, Norway, 9 July 2026: Vår Energi ASA (OSE: VAR, the "Company") will
publish its financial report for the second quarter 2026 on Tuesday 21 July.
Today, the Company provides an update on production, sales volumes and other
relevant items.

Average production in the first half of 2026 was 391 kboepd. Vår Energi's net
production of oil, liquids and natural gas averaged 376 kboepd in the second
quarter of 2026, a decrease of 7% from the first quarter of 2026 and an increase
of 31% compared to the second quarter of 2025. With the majority of the planned
turnaround activities for the year executed successfully in the second quarter,
and planned project start-up's and infill wells ramping up in the second half of
2026, the Company is on track to deliver full year 2026 production within guided
range of 390 to 410 kboepd.

The production split in the second quarter was 67% oil and NGLs (liquids) and
33% gas. Total volumes produced were 34.2 mmboe whereas volumes sold in the
quarter amounted to 35.4 mmboe. The overlift position is mainly due to timing of
crude liftings in the quarter. Vår Energi obtained an average realised price
(volume-weighted) of USD 101 per boe in the quarter. The realised crude price
was USD 110 per barrel representing a premium of USD 6 per barrel compared to
dated Brent. The realised gas price of USD 91 per boe is around USD 1 per boe
above the average spot market reference price.

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Production (kboepd)[1] Q2 2026 Q1 2026 Q2 2025 1H 2026 1H 2025
Crude oil 235 262 180 249 170
Gas 123 122 92 122 94
NGL 18 22 16 20 16
Total 376 406 288 391 280

Realised prices (USD/boe)
Crude oil price 110 80 68 95 72
Gas price 91 73 79 82 83
NGL price 62 50 43 58 47
Average (volume weighted) 101 77 70 89 74

Sales volumes (mmboe)
Crude oil 22.2 23.1 17.1 45.4 32.1
Gas 10.5 10.1 7.7 20.6 15.8
NGL 2.7 1.4 1.2 4.1 1.9
Total 35.4 34.6 26.0 70.1 49.8

Total production (mmboe) 34.2 36.5 26.2 70.7 50.7

¹ Produced figures are including fuel gas not for sale

Other items

As a result of the Company's 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. There are no expected impairments in the quarter.

The following items impacted the free cash flow in the second quarter: three
cash tax payments totaling approximately NOK 8 billion (approximately USD 850
million) and a dividend payment for the first quarter of USD 300 million, paid
in June.

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

Q2 2026 webcast

Vår Energi will release its quarterly results on 21 July 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/AU4OtQqpy5OQnygbSUxS

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@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

677867_Var_Energi_trading_Update_Q2_and_1H_2026.pdf