Sandnes,
"We are pleased to deliver a record high production of 299 thousand barrels of oil equivalent per day (kboepd) for the quarter. As one of the world's fastest growing E&Ps, our commitment to increase production to around 400 kboepd by end 2025 remains firm. Strong financial performance continues to provide attractive and predictable shareholder returns. The quarter was further characterised by good operational performance and the completion of the Neptune Energi Norge acquisition in January. We expect the two organisations to be fully integrated within the second quarter, enabling the realisation of synergies of around
Our key development projects,
The recent inclusion of Vår
Strong financial performance
- Total income in the quarter was
USD 1956 million , an increase ofUSD 257 million from last quarter -
Achieved realised gas price of
USD 67 per boe,USD 14 per boe above spot price -
Unit production cost better than guidance with
USD 12 per boe in the quarter -
Solid cash flow from operations of
USD 1009 million - Vår
Energi included in the Oslo Stock Exchange ESG index: OBX ESG
Continued attractive and predictable dividends
- Dividend of
USD 270 million (NOK 1.192 per share) for the first quarter will be distributed 8 May -
Dividend guidance of
USD 270 million for the second quarter of 2024, with a dividend distribution of approximately 30% of CFFO after tax for the full year - Solid balance sheet following Neptune acquisition with leverage ratio of 0.7x
Good operational performance
- Production of 299 kboepd, an increase of 33% from previous quarter
- Breidablikk at plateau in first quarter
-
Neptune Energy Norge acquisition closed
31 January 2024 , and consolidated from1 January 2024
Progressing towards ~400 kboepd by end-2025 and unlocking future value
Johan Castberg and Balder X projects making progress towards completion, targeted start-up's maintained in fourth quarter 2024- 7 of 8 sanctioned projects with start-up's by end-2025 are more than 50% complete
- Discovery at Ringhorne North in the Balder Area
Webcast and conference call
The company will today hold a webcast and conference call followed by Q&A at
You can follow the webcast with supporting slides, available on:
https://events.webcast.no/vaar-energi/quarterly-reports/ASqjupCOacqMsKrTnQHE
The report, presentation and webcast will be available at www.varenergi.no.
About Vår
Vår
Contact
Investor relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
+47 92616759
andreas.wulff@varenergi.no
This announcement may include projections and other "forward-looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Vår Energi AS ("Var Energi") about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This
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