Vår Energi: Q2 Trading Update - strong realisations and overlift offset weaker production

Research evidence excerpt

Vår Energi: Q2 Trading Update - strong realisations and overlift offset weaker production

Equity Research

European Integrated Energy

9 July 2026

Vår Energi

Q2 Trading Update - strong

realisations and overlift offset

VAR.OL/VAR NO OVERWEIGHTweaker production

Unchanged

We expect a neutral to slightly positive reaction to Var European Integrated Energy POSITIVE

Energi's Q2 trading update. While production levels were Unchanged

below BBG consensus, the stronger than expected realisation Price Target NOKUnchanged50.00

prices, especial from oil, and overlift offset this. More Price (08-Jul-26) NOK 43.03

importantly, the company confirms full year production Potential Upside/Downside +16.2% Source: Bloomberg, Barclays Research

guidance.

Market Cap (NOK mn) 107420

Ahead of its 2Q results publication on July 21st, Var Energi published its trading update, Shares Outstanding (mn) 2496.41

providing information on production, sales volumes and realised prices. Free Float (%) 36.64

52 Wk Avg Daily Volume (mn) 7.1

Production: At 376kboe/d, 2Q net production volumes were down 7% q/q and up 31% y/y, Dividend Yield (%) 11.04

around 5% below our estimate, and compares to Bloomberg consensus of 392kboe/d. However, Return on Equity TTM (%) N/A

the company mentions that majority of the turnaround activities for the year were completed in Current BVPS (NOK) -0.09

Q2, and the company is on track to deliver full year 2026 production guidance of 390 to 410 Source: Bloomberg

kboe/d. The production split in the second quarter was 67% oil and NGLs (liquids) and 33% gas.

Price Performance Exchange-OL

Realisations: Realised crude oil price was at $110/bl, around 2% above our expectation of $108/ 52 Week range NOK 50.70-31.00

bl, and 5% ahead of Bloomberg consensus of $105/bl.