Var Energi ASA (VAR.OL): Adjusting estimates post 2Q26 trading update

Research evidence excerpt

Var Energi ASA (VAR.OL): Adjusting estimates post 2Q26 trading update

Equity Research

9 July 2026 | 8:41AM CEST

Var Energi released its 2Q26 trading statement today, with 2Q26 net production of Michele Della Vigna, CFA

+39(02)8022-2242 |

376 kboepd (-7% qoq, -30 kboed qoq), -2.4%/-2.5% vs. our estimates/Visible Alpha michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan

Consensus Data at the median (GSe/consensus: 385/386 kboepd). The softer print branch

reflects some operational issues and gas containment work at Aasgard, which took Quentin Marbach

the qoq impact beyond the c.20 kboed of planned turnaround activity previously +44(20)7774-7644quentin.marbach@gs.com|

guided. Var confirmed 1H26 production of 391 kboepd and reiterated its FY26 Goldman Sachs International

Yulia Bocharnikovaguidance range of 390-410 kboepd, supported by the majority of planned +44(20)7051-6299 |

turnarounds now executed and project start-ups/infill wells ramping in 2H26. yulia.bocharnikova@gs.comGoldman Sachs International

Anastasia ShalaevaTotal volumes produced were 34.2 mmboe, vs. volumes sold of 35.4 mmboe (overlift +971(4)214-9908 |

of c.1.2 mmboe), and the volume-weighted average realised price of $101/boe was anastasia.shalaeva@gs.comGoldman Sachs International

broadly in line with consensus (GSe/consensus: 107/$102/boe). Will Chen

+971(4)214-9942 | will.y.chen@gs.com

In detail, Var reported an average realised price of $110/boe for oil (below GSe of Goldman Sachs International

$116/boe but in line with consensus of $110/boe), representing a c.$6/boe premium

to 2Q26 dated Brent on management’s disclosure and consistent with other

Norwegian peers. This implies a liquids-basis realisation (including NGLs) of