Vår Energi ASA

Quarterly Report • Oct 22, 2024

I Vår Energi - Internal

Third quarter 2024

Vår Energi in brief

Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030¹ .

Vår Energi has around 1 400 employees and equity stakes in 43 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no.

Vår Energi is listed on Oslo Stock Exchange (OSE) under the ticker "VAR".

¹Base year 2005

Picture of Johan Castberg FPSO in the Barents sea on the front page

About Vår Energi	2
Key figures	3
Highlights	4
Key metrics and targets	5
Operational review	7
Projects and developments	11
Exploration	12
Health, Safety, security and the environment (HSSE)	13
Financial review	15
Key figures	15
Revenues and prices	16
Statement of financial position	17
Statement of cash flow	18
Outlook	19
Alternative Performance Measures	20
Financial statements	21
Notes	27

Key figures third quarter 2024

Second quarter 2024 in brackets

Third quarter 2024 highlights

Vår Energi reports resilient operational and financial results in line with guidance and the Company is poised for significant production growth over the next three quarters.

Operational performance in-line with expectations

• Production of 281 kboepd in the first nine months of 2024, in line with expectations
• Planned maintenance shutdowns successfully completed
• Continued strong operational performance on operated assets ahead of target

Strong financial performance

• Continued realised gas price above spot
• Strong cash flow from operations of USD 1 310 million in the quarter
• Full-year unit production cost guidance reduced to less than 13 USD/boe

Growth towards 2025 and unlocking future value

• Adding ~150 kboepd of valuable growth towards Q3 2025
• Johan Castberg anchored at location and on-track for Q4 start-up
• Balder X target Q2 2025 start-up
• Two exploration discoveries in the quarter, yielding 44% success rate year-to-date

Continued attractive and predictable dividends

• Dividend of USD 270 million (NOK 1.180 per share) for the third quarter will be distributed 5 November 2024
• Dividend guidance of USD 270 million for the fourth quarter of 2024, with a dividend distribution of approximately 30% of CFFO after tax for the full year
• Solid balance sheet with reduced leverage ratio to 0.7x

KPIs (USD million unless otherwise stated)	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Actual serious incident frequency (x, 12 months rolling)	0.1	0.1	-	0.1	-
CO2 emissions intensity (equity share, kg/boe)	10.0	10.1	12.3	10.1	12.5
Production (kboepd)	256	287	210	281	209
Production cost (USD/boe)	13.6	12.4	14.0	12.6	14.2
Cash flow from operations before tax	1 635	1 669	1 239	4 780	4 458
Cash flow from operations (CFFO)	1 310	711	975	3 030	2 563
Free cash flow (FCF)	592	(62)	324	845	583
Dividends paid	270	270	270	810	840

"We are pleased to deliver resilient operational and financial results for the quarter, in line with guidance.

Average production of 281 thousand barrels of oil equivalent per day (kboepd) in the first nine months of 2024 is in line with expectations for the period. Full year production guidance range is narrowed to 280 – 290 kboepd.

We're showing strong cost discipline, lowering capital spend and production cost guidance for the year, as we enter a more volatile price environment.

As one of the world's fastest growing E&Ps, the Company is poised for significant production increase over the next three quarters as we bring key development projects online. Johan Castberg is set for the fourth quarter this year, Halten East in the first quarter next year, followed by Balder X in the second quarter, adding around 150 kboepd of new production. Together this sets us on our path to around 400 kboepd by end 2025 and to reduced production costs to around 10 USD/barrel.

Our significant and diverse portfolio provides the foundations to sustain production volumes long term. We're turning this into value with the recent sanction of the Balder Phase V project, securing 33 million barrels of gross reserves with an attractive breakeven price of 30 USD per barrel. Furthermore, our exploration strategy continues to deliver results, with four discoveries making us the most successful explorer in Norway so far this year.

This is the basis by which we deliver material and sustainable dividends."

Nick Walker, the CEO of Vår Energi

Key metrics and targets

Income statement	Unit	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Total income	USD million	1 871	1 940	1 621	5 767	5 151
EBIT	USD million	740	992	907	2 786	3 117
Profit/(loss) before taxes	USD million	760	1 032	920	2 642	2 897
Net profit/(loss)	USD million	180	222	189	502	482
Earnings per share	USD	0.07	0.08	0.08	0.18	0.19
Other financial key figures
Production cost	USD/boe	13.6	12.4	14.0	12.6	14.2
Adjusted net interest-bearing debt (NIBD)	USD million	4 138	4 348	3 120	4 138	3 120
Leverage ratio (NIBD/EBITDAX)		0.7	0.8	0.5	0.7	0.5
Dividend per share	USD	0.11	0.11	0.11	0.32	0.34
Production
Total production	kboepd	256	287	210	281	209
- Oil	kboepd	154	162	126	162	120
- Gas	kboepd	86	103	71	100	75
- NGL	kboepd	16	22	13	19	14
Sales
Total sales	mmboe	24.0	25.1	19.0	74.9	54.5
- Crude oil	mmboe	14.2	15.1	11.9	43.9	32.5
- Gas	mmboe	7.7	7.9	5.8	24.8	18.4
- NGL	mmboe	2.0	2.1	1.4	6.3	3.7
Realised prices
Average realised prices	USD/boe	76.3	76.9	85.0	76.2	94.2
- Crude oil	USD/boe	80.6	84.8	87.1	83.3	83.3
- Gas	USD/boe	76.2	70.4	90.8	70.8	123.8
- NGL	USD/boe	46.4	43.8	42.5	47.1	43.2

Targets and outlook
2024 guidance (USD million unless otherwise stated)
Full Year Production	kboepd	280-290
Production cost	USD/boe	< 13
Development capex		2 600 ~
Exploration capex		~ 350
Abandonment capex		~ 100
Dividends for Q3 2024 to be distributed in November	270
Dividend guidance for Q4 payable in Q1 2025		270
Fourth quarter of 2024 tax payment estimate1		~ 800
Long-term financial and operational targets
End-2025 production target	kboepd	~ 400
2025-2030 production target	kboepd	350-400
End-2025 production cost	USD/boe	~ 10
Leverage through the cycle	NIBD/EBITDAX	< 1.3x

¹ Assumed NOK/USD 10.5

Acquisition of Neptune Energy's Norwegian oil and gas assets

On 31 of January 2024 Vår Energi ASA completed the acquisition of Neptune Energy Norge AS with 100% of the shares in Neptune Energy Norge transferred to Vår Energi. The combined company is the second largest independent E&P company on the Norwegian Continental Shelf (NCS) and the second largest supplier of gas from Norway to Europe. The transaction adds scale, diversification, and further longevity to Vår Energi's portfolio, which is targeting production of around 400 kboepd by the end of 2025.

Vår Energi's growth strategy is centered around four hub areas with ownership in a total of 186 NCS licenses, including 43 producing fields, of which 6 are operated, following the transaction. Total combined Proved plus Probable (2P) reserves and Contingent Resources (2C)¹ are approximately 2 billion barrels of oil equivalent. The Company has an attractive early phase project portfolio and exploration opportunities supporting sustained value creation long term.

The transaction is expected to result in significant synergies of approximately USD 500 million (NPV) post tax over time, from a robust development and exploration portfolio, improved asset utilisation and commercial optimisation of gas sales. Above 50% of the targeted synergy value at the end of third

quarter are well on track for delivery. A highly competent and dedicated team of 1,400 employees will deliver on the growth strategy, supported by strong safety performance and a clear path for decarbonisation of operations, to drive long-term competitiveness and profitability. The transaction was financed through available liquidity and credit facilities, and the net cash consideration paid upon completion net cash acquired was approximately USD 1.3 billion² .

Following completion Neptune Energy Norge changed its name to Vår Energi Norge AS ("VENAS") and operated as a subsidiary of Vår Energi ASA. The statutory merger was completed and registered with the Norwegian Register of Business Enterprises as per 8 June 2024. Consequently, all assets, rights, and

obligations of Vår Energi Norge AS have been transferred to Vår Energi ASA. The new organisation for the combined company was active from 1May 2024.

Vår Energi has decided to use 1 January 2024 for accounting purposes, therefore nine months of production and financials from Vår Energi Norge is reflected in the interim third quarter report.

As per Annual Statement of reserves 2023, 2P Reserves of 1 241 mmboe and 2C resources of 745 mmboe.

1

² Based on completion 1 January 2024 for accounting purposes.

• 12 producing assets, of which 3 operated, located in Vår Energi's strategic hub areas
• 7 operated by Equinor, Vår Energi's largest NCS partner
• 2P reserves of 256 mmboe (end-2023)
• Daily production of 66 kboepd 2023, of which 58% gas
• Attractive commodity mix and strategic ownership in Snøhvit LNG – amplifying the position in the Barents Sea
• Strong hub strategy alignment
• Attractive pipeline of early phase projects, including Dugong, Fram Sør, Gjøa North, Ofelia, Kyrre and Calypso

Operational review

Vår Energi's net production of oil, liquids and natural gas averaged 256 kboepd in the third quarter of 2024, a decrease of 11% from the previous quarter due to planned maintenance activities which are now complete. Compared to the third quarter of 2023, production increased by 22% due to inclusion of production from the Neptune Energy Norge' assets and start-up of new projects.

The average production of 281 kboepd in the first nine months of 2024 is in line with expectations for the period. The Company guidance range for the full year 2024 is narrowed to between 280 to 290 kboepd, with the upside level dependent upon the timing of the start-up of Johan Castberg, which is expected towards the end of the fourth quarter.

Total production cost was USD 13.6 per boe in the third quarter of 2024 compared to USD 12.4 per boe in the previous quarter. The increase is mainly due to lower production as the result of planned maintenance activities. For the first nine months of 2024 the production cost was USD 12.6 per boe, which is below the USD 14.2 per boe for the same period in 2023. For the full year 2024 the Company expects production costs to be less than USD 13 per boe, below the guidance range of USD 13.5 to 14.5 per boe.

Production (kboepd)	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Balder Area	53	54	31	53	29
Barents Sea	32	29	17	31	18
North Sea	102	105	71	105	76
Norwegian Sea	70	99	90	91	86
Total Production	256	287	210	281	209

Production split Q3 2024

As part of Vår Energi's hub strategy, the Company identifies strategic focus areas that provide a framework for evaluating exploration and development opportunities, maximising the use of existing infrastructure and optimising value creation throughout the asset portfolio.

Balder Area

Production (kboepd)
	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Balder/Ringhorne	24	26	25	27	20
Grane/Svalin	10	8	9	8	11
Breidablikk	19	19	20	9	-
Total Balder Area	53	54	54	43	31

The Balder Area has seen stable production in the first nine months of 2024, a maintenance and life-time extension program at Ringhorne involving a flotel is underway and a planned turnaround and riser replacement on Balder FPU were successfully completed during the quarter.

The Balder field production efficiency was 85% in the third quarter of 2024, down from 89% in the previous quarter, due to planned maintenance activities.

Breidablikk has had solid operational performance and the development drilling is progressing ahead of plan, and 11 wells have been drilled of which nine wells are in production. Up to three production wells are planned to be drilled by the end of 2024, with two expected to start production within the year. Five to six further production wells will be drilled during 2025 /2026.

Barents Sea

Production (kboepd)	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Goliat	15	14	14	13	17
Snøhvit	17	16	17	-	-
Total Barents Sea	32	29	31	13	17

There was an increase in production from the Barents Sea in the quarter, which was mainly driven by high production efficiency on both Goliat and Snøhvit.

The Goliat field production efficiency was 97% in the third quarter of 2024, up from 91% in the previous quarter, mainly due to strong facilities uptime and less planned maintenance activity.

The Equinor operated Johan Castberg field is approaching production start and will mark a step change for Vår Energi in the Barents Sea. The Johan Castberg FPSO arrived at the field in September and final preparations to commence production is on-going. The expected production start is towards the end of the fourth quarter.

Vår Energi continues to pursue the opportunities for further growth and value creation in the Barents Sea region and has contracted a drilling rig for a two-year drilling program in cooperation with Equinor, the rig commenced operations in early October.

North Sea

Production (kboepd)
	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Ekofisk Area	22	19	19	19	18
Snorre	18	14	17	18	18
Gjøa Area	17	21	21	-	-
Gudrun	5	7	10	-	-
Statfjord Area	14	12	12	11	11
Fram	15	18	17	7	7
Sleipner Area	5	8	8	10	7
Other	6	5	6	10	10
Total North Sea	102	105	109	74	71

There was a decrease in production from the North Sea in the quarter compared to the previous quarter. This was driven by a planned maintenance turnaround at the Kårstø onshore gas processing terminal which has been successfully completed, impacting the Sleipner Area also including the Gudrun and Sigyn fields.

The Gjøa field production efficiency was 93% in the third quarter of 2024, down from 98% in the previous quarter. The decrease was due to a shutdown to replace the gas turbine generator, which was successfully completed in the quarter.

The sales and purchase agreement of the Bøyla asset to Concedo AS was announced in June and is expected to be completed in the fourth quarter of 2024, as a part of the Company's asset optimisation strategy.

Norwegian Sea

Production (kboepd)
	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Åsgard area	23	37	35	37	34
Mikkel	5	9	11	11	12
Tyrihans	8	14	14	14	14
Ormen Lange	8	8	9	9	7
Fenja	13	17	18	13	10
Njord Area	4	7	8	3	4
Norne Area	2	3	3	3	3
Other	6	6	6	6	6
Total Norwegian Sea	70	99	105	95	90

There was a significant decrease in production from the Norwegian Sea compared to the previous quarter, this was related to planned maintenance turnarounds at the Kårstø onshore gas processing terminal which has been completed, impacting production from most fields in the Norwegian Sea.

The disposal of the Norne Area to DNO Norge AS was completed in August, as part of the Company's asset optimisation strategy.

Projects and developments

Vår Energi participates in several significant development projects on the NCS which supports the Company's target of producing around 400 kboepd by end 2025. The remaining projects in execution are well advanced, and they will add around 150 kboepd in new production towards third quarter of 2025. Johan Castberg is targeting first oil towards the end of the fourth quarter of 2024. Of the seven sanctioned projects in the portfolio four projects are more than 80% complete.

Balder X

As communicated in August the target production start-up has been moved to the second quarter of 2025. The revised plan has limited impact on the Company's 2024 production and no material impact on guided capital costs. The Jotun FPSO is a key enabler to continue to deliver future value in the Balder Area. The project will secure production from the Balder Area beyond 2045, unlocking gross proved plus probable (2P) reserves of around 150 mmboe and with a gross peak production of 80 kboepd¹ .

With all development wells completed and all subsea production systems installed, the plan is now to complete the FPSO vessel fully inshore. As part of the decision not to sail, the cost basis for the project has been updated to reflect a sail-away in the spring of 2025, this represents an additional project cost of around USD 400 million gross pre-tax (NOK 4.3 billion² ) of which approximately 75% will be incurred in 2025.

The Jotun FPSO will be an area host, enabling future growth opportunities. The Balder Phase V project has been sanctioned, including the planned drilling of six production wells to utilise the remaining subsea template well slots to capture gross 2P reserves of 33 mmboe. Drilling of these wells will commence in the first half of 2025 and first oil from the initial wells is expected towards the end of 2025. In addition, the Balder Phase VI project is being matured, to add new subsea facilities and wells, with planned investment decision in 2025. There remains significant additional resource upside in the area and further exploration drilling and tie-back development phases are being planned.

Johan Castberg

The Johan Castberg project is progressing according to schedule and is on track for targeted start-up towards the end of the fourth quarter 2024. The FPSO is now securely anchored at the field in the

Barents Sea. All subsea installations are completed and are now being hooked-up to the FPSO followed by final commissioning prior to start-up. Drilling activities are going according to schedule, with 14 development wells completed. A total of 30 development wells are planned, with drilling activities continuing into 2026. The cost basis for the project has been updated, and it represents an additional project cost of around USD 200 million gross pretax (NOK 2.2 billion² ), this is mainly due to a longer stay than estimated at the yard, currency effects and a general cost increase.

Johan Castberg is a key catalyst for Vår Energi's growth towards end 2025. The production capacity of the FPSO has been updated to 220 kboepd³ gross compared to the original PDO capacity of 190 kboepd. Vår Energi's net share of the updated total capacity is around 66 kboepd⁴ . Infill wells and additional phases of development are planned to further capture value upside from extending the plateau. In addition, a series of exploration wells will be drilled in the area over the next few years.

Halten East

The Halten East project is progressing according to schedule and is on track for target start-up in the first quarter 2025. The subsea tie-back project will deliver gas/condensate to the market by utilising the existing Åsgard infrastructure, adding around 80

kboepd gross⁵ at peak with a low carbon footprint. The project's estimated recoverable reserves are around 100 mmboe gross, with an unrisked potential of additional 100-200 mmboe gross in the area for future development.

90% working interest USD/NOK of 10.67 Operator's estimate Vår Energi's working interest f 30% Vår Energi's working interest f 24.6%

Johan Castberg FPSO

Exploration

The 2024 exploration program has in the first nine months yielded a 44% success rate with four discoveries, with estimated net recoverable resources in the range of 29-57 mmboe. The Company has stepped up its exploration activity and it is now expected that a total of 15 exploration wells will be drilled in 2024, with 9 wells having been completed by end of the third quarter.

In August, Vår Energi made a gas discovery in the Haydn well in the Norwegian Sea operated by OMV. The discovery is located around 65 kilometers southwest of the Aasta Hansteen field. Preliminary estimated gross recoverable resources are between 35-80 mmboe¹ . The discovery is a play opener and unlocks significant additional prospectivity in the area, where follow-up exploration drilling is being assessed. In the same month, the Brokk/Mju well, close to Gudrun field in the North Sea, operated by Equinor, resulted in a non-commercial discovery.

In September, an exploration pilot well drilled from the Equinor operated Lavrans Tilje development well in the Norwegian Sea, proved a gas/condensate

discovery. Preliminary estimated gross recoverable resources range between 12-25 mmboe² and the discovery is expected to be included in the Lavrans development, being a part of the Kristin South project.

During the third quarter, Vår Energi submitted applications in the 2024 Awards in Predefined Areas (APA) annual licensing round, with awards expected in early 2025.

The Company's exploration activity increased year on year, with 16 wells planned, eight of which operated. The current outlook is to complete 15 wells in 2024 due to some program delays. Four discoveries from the nine wells drilled in the first nine months of 2024 are adding net recoverable resources of 29-57 mmboe. Annual exploration spend guidance is unchanged at approximately USD 350 million.

¹Vår Energi's working interest 30% ²Vår Energi's working interest 16.6% Picture of COSLProspector

Health, safety, security and the environment (HSSE)

Key HSSE indicators	Unit	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Serious incident frequency (SIF Actual)1 12M rolling avg	Per mill. exp. Hours	0.1	0.1	0.1	0.0	0.0
Serious incident frequency (SIF)1 12M rolling avg	Per mill. exp. Hours	0.3	0.3	0.5	0.4	0.5
Total recordable injury frequency (TRIF)2 12M rolling avg	Per mill. exp. Hours	3.1	2.8	1.9	1.9	1.9
Significant spill to sea	Count	0	0	0	0	0
Process safety events Tier 1 and 23	Count	0	1	0	0	0
CO2 emissions intensity (equity share)4,5	kg CO2/boe	10.0	10.1	10.0	11.0	12.3

Vår Energi's commitment to safety remains strong with the ambition to be the safest operator on the NCS. The Company continues to enforce the safety tools and improvement initiatives proven to work in 2023, in close collaboration with our partners and contractors. In the third quarter the Company continued the positive performance with no

actual or potential serious incidents. Other recordable injuries in the third quarter are of lower potential and the Company extracts all possible learnings from all incidents to make sure to avoid similar events in the future.

¹ SIF: Serious actual and potential incidents per million worked hours. SIF Actual: incidents that have an actual serious consequence. Neptune Energy Norge included from 1 January 2024.

² TRIF: Personal injuries excl. first aid treatment cases per million worked hours. Reporting boundaries SIF & TRIF: Health and safety incident data is reported for company sites as well as contracted drilling rigs, flotels, vessels, projects and modifications, and transportation of personnel, using a risk-based approach. Neptune Energy Norge included from 1 January 2024.

³Classified according to IOGP RP 456.

⁴Direct Scope 1 emissions of CO2 (net equity share) of Company portfolio kg of CO2 per produced barrel of oil equivalent. Neptune Energy Norge included from 1 January 2024. ⁵ Emission numbers are preliminary until the EU ETS verification is completed by end of the first quarter 2025.

ESG and decarbonisation

In March 2024 Vår Energi was included in the Oslo Stock exchange ESG index as the only Oil and Gas company. In April Vår Energi signed the Oil and Gas Decarbonisation Charter (OGDC), an outcome from the COP28 action agenda to accelerate the decarbonisation of the global oil and gas sector and became a member of Oil & Gas Methane Partnership (OGMP). OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the industry that improves the accuracy and transparency of methane emissions reporting.

In January 2024, Vår Energi was recognised as one out of 19 companies within the industry on the Sustainalytics ESG Industry Top-Rated Companies and is currently ranked as 14th of 309 oil and gas producers. The current CDP score is B.

Vår Energi has a clear path to more than 50% GHG¹ emissions reduction by 2030² . The three main levers to achieve this are: electrification, portfolio optimisation and energy management.

By 2030 around 70% of net production is expected to be electrified with power from shore, up from the current level of around 35%, with Goliat, Gjøa, Ormen Lange, Gudrun and Sleipner already electrified, Njord and Snøhvit projects ongoing and Balder/Grane, Halten and Snorre electrification being planned.

The third quarter of 2024 scope 1 net equity CO² emissions intensity was 10.0 kg CO2 per boe, versus 10.1 kg CO² per boe in the second quarter 2024. This level of emissions intensity is in line with the Company guidance for 2024 and is in the top quartile of world industry performance.

For the third quarter of 2024 the operated methane emission intensity for Vår Energi is 0.02%³ , well below the Near Zero levels⁴ .

Vår Energi has a value driven approach towards creating future CCS⁵ optionality, and the Company currently holds 30% working interest in the Trudvang license located in the North Sea. In June 2024, Vår Energi (40%, operator) was also awarded the Iroko CO² storage license in the North Sea.

¹Greenhouse gas ² Baseline year 2005 ³ Emitted CH4 vs exported gas ⁴Near zero below 0.2% as per OGCI definition 5Carbon capture and storage (CCS)

Financial review

Key figures

Key figures (USD million)	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Total income	1 871	1 940	1 621	5 767	5 151
Production costs	(305)	(346)	(286)	(1 033)	(831)
Other operating expenses	(36)	(48)	(39)	(68)	(110)
EBITDAX	1 530	1 546	1 296	4 665	4 209
Exploration expenses	(22)	(56)	(36)	(111)	(75)
EBITDA	1 508	1 490	1 260	4 554	4 134
Depreciation and amortisation	(454)	(498)	(353)	(1 455)	(1 017)
Impairment loss and reversals	(314)	(0)	-	(314)	-
Net financial income/(expenses)	(27)	(26)	(28)	(72)	(88)
Net exchange rate gain/(loss)	47	65	41	(73)	(132)
Profit/(loss) before taxes	760	1 032	920	2 642	2 897
Income tax (expense)/income	(580)	(810)	(731)	(2 139)	(2 416)
Profit/(loss) for the period	180	222	189	502	482

Total income in the third quarter amounted to USD 1 871 million, a decrease of USD 69 million compared to previous quarter mainly due lower liftings and prices, partly offset by gain from sale of assets. Sold volumes decreased by 4% to 24.0 mmboe in the quarter. Realised crude price decreased by 5% in the quarter to USD 80.6 per boe while realised gas price increased by 8% in the quarter to USD 76.2 per boe.

Production cost in the third quarter amounted to USD 305 million, a decrease of USD 41 million compared to previous quarter.

The average production cost per barrel produced increased to USD 13.6 per boe in the quarter, compared to USD 12.4 per boe in previous quarter mainly driven by lower production. This results in an average production cost of USD 12.6 per boe for the first nine months of 2024.

Other operating expenses in the third quarter decreased by USD 11 million compared to the previous quarter.

Exploration expenses in the third quarter decreased to USD 22 million compared to USD 56 million in the previous quarter.

Depreciation and amortisation in the third quarter amounted to USD 454 million, a decrease compared to the previous quarter due to lower production.

Impairments in the quarter of USD 314, mainly related to the Balder field. The impairment was triggered by increased costs and delayed start-up of Balder X.

Net exchange rate gain in the third quarter amounted to USD 47 million, due to the strengthening of NOK in the period.

Profit before taxes in the third quarter amounted to USD 760 million compared to USD 1 032 million in the previous quarter. Income tax expense in the third quarter amounted to USD 580 million, a decrease of USD 231 million compared to the previous quarter. The effective tax rate for the quarter was 76%.

Profit for the period amounted to USD 180 million, a decrease of USD 41 million compared to the previous quarter, mainly due to impairments.

Revenues and prices

Total income (USD million)	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Revenue from crude oil sales	1 147	1 282	1 035	3 651	2 703
Revenue from gas sales	587	558	522	1 756	2 273
Revenue from NGL sales	94	91	58	296	161
Hedge	1	2	-	8	-
Total Petroleum Revenues	1 829	1 933	1 616	5 711	5 137
Other Operating Income	42	7	5	56	14
Total Income	1 871	1 940	1 621	5 767	5 151
Sales volumes (mmboe)
Sales of crude	14.2	15.1	11.9	43.9	32.5
Sales of gas	7.7	7.9	5.8	24.8	18.4
Sales of NGL	2.0	2.1	1.4	6.3	3.7
Total Sales Volumes	24.0	25.1	19.0	74.9	54.5
Realised prices (USD/boe)
Crude oil	80.6	84.8	87.1	83.3	83.3
Gas	76.2	70.4	90.8	70.8	123.8
NGL	46.4	43.8	42.5	47.1	43.2
Average realised prices	76.3	76.9	85.0	76.2	94.2

Vår Energi obtained an average realised price of USD 76.3 per boe in the quarter. The realised gas price of USD 76.2 per boe was a result of fixed price contracts and flexible gas sales agreements, allowing for optimisation of indices. In the third quarter, fixed price sales represented 18% of total gas sales with an average price of USD 135 per boe. Vår Energi's realised gas price in the third quarter is about USD 8 per boe above spot prices, compared to USD 10 per boe in the second quarter. This resulted in additional revenues of USD 322 million in the first nine months of 2024.

Vår Energi continues to execute fixed price transactions. As of 30 September 2024, the Company has sold approximately 5% of its estimated gas production during the next four quarters (fourth quarter of 2024 to third quarter of 2025) at a price of USD 74 per boe.

At the end of the third quarter, Vår Energi has hedged approximately 100% of the post-tax crude oil production until the third quarter of 2025, with put options at a strike price of USD 50 per boe.

Consolidated statement of financial position

USD million	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Goodwill	3	3	1	1
	319	328	958	874
Property, plant and equipment	17	16	15	14
	487	877	237	308
Other non-current assets	751	654	435	432
Cash and cash equivalents	790	315	735	595
Other current assets	981	1 069	924	911
Total assets	23	22	19	18
	329	243	289	121
Equity	1	1	1	1
	366	436	768	027
Interest-bearing loans and borrowings	4	4	3	3
	871	589	147	578
Deferred tax liabilities	10	10	8	8
	756	343	943	599
Asset retirement obligations	3	3	3	2
	694	413	295	718
Taxes payable	1 318	1 176	964	1 093
Other liabilities	1	1	1	1
	324	286	172	106
Total equity and liabilities	23	22	19	18
	329	243	289	121
Cash and cash equivalents	790	315	735	595
Revolving credit facilities	1	1	3	2
	290	525	000	500
Total available liquidity	2	1	3	3
	080	840	735	095
Adjusted net interest-bearing debt (NIBD)	4	4	2	3
	138	348	529	120
EBITDAX 4 quarters rolling	6	5	5	6
	008	774	552	191
Leverage ratio (NIBD/EBITDAX)	0.7	0.8	0.5	0.5

Total assets at the end of the third quarter amounted to USD 23 329 million, an increase from USD 22 243 million at the end of the previous quarter. Non-current assets were USD 21 558 million and current assets were USD 1 772 million at the end of the third quarter.

Total equity amounted to USD 1 366 million at the end of the third quarter, in line with previous quarter, corresponding to an equity ratio of about 6%.

Adjusted interest-bearing debt (NIBD) at end of the third quarter was USD 4 138 million, a decrease of USD 210 million from the previous quarter.

As a result, total available liquidity amounted to USD 2 080 million at the end of the third quarter, compared to USD 1 840 million at the end of the previous quarter. Undrawn credit facilities at the end of the third quarter were USD 1 290 million and total cash and cash equivalents were USD 790 million.

The Company maintains a strong financial position with a leverage ratio (NIBD/EBITDAX) of 0.7x at the end of the third quarter, a decrease compared to the end of the previous quarter and is well below the guided target of 1.3x through the cycle.

Consolidated statement of cash flow

USD million	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Cash flow from operating activities	1 310	711	975	3 030	2 563
Cash flow used in investing activities	(699)	(784)	(653)	(3 521)	(1 998)
Cash flow from financing activities	(124)	(327)	156	583	(388)
Effect of exchange rate fluctuation	(11)	(7)	6	(36)	(26)
Change in cash and cash equivalents	476	(407)	484	56	151
Cash and cash equivalents, end of period	790	315	595	790	595
Net cash flows from operating activities (CFFO)	1 310	711	975	3 030	2 563
CAPEX	718	773	650	2 184	1 980
Free cash flow	592	(62)	324	846	583
Capex coverage (CFFO)/Capex)	1.8	0.9	1.5	1.4	1.3

Cash flow from operating activities (CFFO) was USD 1 310 million in the third quarter, an increase of USD 599 million from the previous quarter. This was mainly due to one tax instalment paid in the third quarter compared to two instalments in the second quarter.

Net cash used in investing activities was USD 699 million in the quarter, whereof USD 635 million was related to PP&E expenditures. Investments in the Balder Area and at Johan Castberg represented around 63% of these expenditures.

Net cash outflow from financing activities amounted to USD 124 million in the quarter. Cash outflow in the third quarter mainly consisted of dividends paid partly offset by proceeds from bridge credit facilities.

Free cash flow (FCF) was USD 592 million in the quarter, compared to USD -62 million in the previous quarter. The increase is mainly driven by higher cash flow from operations and lower capex in the third quarter.

The capex coverage was 1.8 in the third quarter, up from 0.9 in the previous quarter.

Outlook

Vår Energi has an ambition to deliver value-driven growth to support attractive and resilient long-term dividend distributions.

The Company's production guidance for 2024 is 280-290 kboepd.

For 2024, the Company expects development capex to around USD 2 600 million, around USD 350 million in exploration capex and around USD 100 million in abandonment capex.

Production cost is expected to be below USD 13 per boe.

Vår Energi's material cash flow generation and investment grade balance sheet support attractive and resilient dividend distributions. For the fourth quarter of 2024, Vår Energi plans to pay a dividend of USD 270 million.

Vår Energi's policy is to distribute 20–30% of cash flow from operations after tax in shareholder returns. For 2024, the Company expects a total dividend of approximately 30% of CFFO after tax.

To ensure continuous access to capital at competitive cost, retaining investment grade credit ratings is a priority for Vår Energi. As such, the Company targets a NIBD/EBITDAX of below 1.3x through the cycle.

Transactions with related parties

For details on transactions with related parties, see note 24 in the Financial Statements.

Subsequent events

See note 26 in the Financial Statements.

Risks and uncertainties

Vår Energi is exposed to a variety of risks associated with its oil and gas operations on the Norwegian Continental Shelf (NCS). Factors such as exploration, reserve and resource estimates, and projections for capital and operating costs are subject to inherent uncertainties. Additionally, the production performance of operated and partner operated oil and gas fields exhibit variability over time and is also affected by planned and unplanned maintenance and turnaround activities.

A high activity level on the NCS create challenges for resource availability and may influence the planned progress and costs of Vår Energi's ongoing development projects, which encompass advanced engineering work, extensive procurement activities, and complex construction endeavors.

To reduce inflation, central banks worldwide have implemented tight monetary policies, impacting economic growth. This, in turn, has implications for market and financial risks, encompassing fluctuations in commodity prices, exchange rates, interest rates, and capital requirements.

Increasing geopolitical tensions have introduced an elevated level of uncertainty into the energy landscape, affecting supply chains and contributing to global economic volatility. Sudden geopolitical

developments can influence energy markets, potentially impacting regulatory environments, trade agreements, and geopolitical stability in regions critical to Vår Energi's operations. These uncertainties may impact the predictability of market conditions, affecting both short-term decision-making and long-term strategic planning.

Climate change mitigation is impacting our operations and business with the introduction of new regulations and taxes on CO² emissions aiming to impact the demand for regular fossil fuels. Additionally, the cost of capital may increase as investors modify their behavior in response to these transformative trends. The company is managing the climate related transition risks by making its business strategies more resilient.

The Company's operational, financial, strategic, compliance risks and the mitigation of these risks are described in the annual report for 2023, available on www.varenergi.no.

Alternative performance measures (APMs)

In this interim report, in order to enhance the understanding of the Group's performance and liquidity, Vår Energi presents certain alternative performance measures ("APMs") as defined by the European Securities and Markets Authority ("ESMA") in the ESMA Guidelines on Alternative Performance Measures 2015/1057.

Vår Energi presents the APMs: Capex, Capex Coverage, EBITDAX, EBITDAX Margin, Free Cash Flow, NIBD, Adjusted NIBD, NIBD/EBITDAX Ratio and Adjusted NIBD/EBITDAX Ratio, TIBD/EBIT DAX Ratio and Adjusted TIBD/EBITDAX Ratio.

The APMs are not measurements of performance under IFRS ("GAAP") and should not be considered to be an alternative to: (a) operating revenues or operating profit (as determined in accordance with GAAP), as a measure of Vår Energi's operating performance; or (b) any other measures of performance under GAAP. The APM presented herein may not be indicative of Vår Energi's historical operating results, nor is such measure meant to be predictive of the Group's future results.

Vår Energi believes that the APMs described herein are commonly reported by companies in the markets in which it competes and are widely used in comparing and analysing performance across companies within its industry.

The APMs used by Vår Energi are set out below (presented in alphabet-ical order):

• "Capex" is defined by Vår Energi as expenditures on property, plant and equipment (PP&E) and expenditures on exploration and evaluation assets as presented in the cash flow statements within cash flow from investing activities.
• "Capex Coverage" is defined by Vår Energi as cash flow from operating activities as presented in the cash flow statements ("CFFO"), as a ratio to Capex.
• "EBITDAX" is defined by Vår Energi as profit/(loss) for the period before income tax (expense)/income, net financial items, net exchange rate gain/(loss), depreciation and amortisation, impairments and exploration expenses.
• "EBITDAX margin" is defined by Vår Energi as EBITDAX and EBITDA as a percentage of total income, respectively.
• "EBITDAX 4 quarters rolling" EBITDAX of the last four quarters
• "Free cash flow" ("FCF") is defined by Vår Energi as CFFO less CAPEX.
• "Net interest-bearing debt" or "NIBD" is defined by Vår Energi as interest-bearing loans and borrowings and lease liabilities ("Total interest-bearing debt" or "TIBD") less cash and cash equivalents.
• "Adjusted net interest-bearing debt" or "Adjusted NIBD" is defined by Vår Energi as TIBD excluding lease liabilities ("Adjusted total interest-bearing debt" or "Adjusted TIBD") less cash and cash equivalents.
• "NIBD/EBITDAX" is defined by Vår Energi as NIBD as a ratio of EBITDAX.
• "Adjusted NIBD/EBITDAX" is defined by Vår Energi as Adjusted NIBD as a ratio of EBITDAX .

Financial statements with note disclosures

	Unaudited consolidated statement of comprehensive income	22	Note 12	Impairment	36
Unaudited consolidated	balance sheet statement	23	Note 13	Trade receivables	38
	Unaudited consolidated statement of changes in equity	24	Note 14	Other current receivables and financial assets	38
	Unaudited consolidated statement of cash flows	25	Note 15	Financial instruments	39
Notes		27	Note 16	Cash and cash equivalents	41
Note 1	Summary of IFRS accounting principles	27	Note 17	Share capital and shareholders	41
Note 2	Business combination	27	Note 18	Hybrid capital	41
Note 3	Income	29	Note 19	Financial liabilities and borrowings	42
Note 4	Production costs	30	Note 20	Asset retirement obligations	43
Note 5	Other operating expenses	30	Note 21	Other current liabilities	43
Note 6	Exploration expenses	31	Note 22	Commitments, provisions and contingent consideration	44
Note 7	Financial items	31	Note 23	Lease agreements	44
Note 8	Income taxes	32	Note 24	Related party transactions	45
Note 9	Intangible assets	34	Note 25	License ownerships	46
Note 10	Tangible assets	35	Note 26	Subsequent events	47
Note 11	Right of use assets	36

Unaudited consolidated statement of comprehensive income

USD 1000, except earnings per share data	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Petroleum revenues	3	1 828 895	1 933 317	1 615 635	5 711 017	5 137 003
Other operating income		42 118	6 805	5 019	55 747	13 882
Total income		1 871 013	1 940 123	1 620 653	5 766 764	5 150 885
Production costs	4	(305 329)	(346 379)	(286 167)	(1 033 494)	(831 374)
Exploration expenses	6 , 9	(21 849)	(55 784)	(35 747)	(110 861)	(75 362)
Depreciation and amortisation	10 , 11	(454 128)	(497 848)	(352 997)	(1 454 552)	(1 016 644)
Impairment loss and reversals	9 , 10 , 12	(313 649)	-	-	(313 649)	-
Other operating expenses	5	(35 960)	(47 951)	(38 657)	(68 273)	(110 166)
Total operating expenses		(1 130 915)	(947 961)	(713 568)	(2 980 829)	(2 033 545)
Operating profit/(loss)		740 098	992 161	907 086	2 785 935	3 117 340
Net financial income/(expenses)	7	(27 201)	(25 744)	(28 261)	(71 647)	(87 583)
Net exchange rate gain/(loss)	7	46 947	65 440	40 995	(72 592)	(132 469)
Profit/(loss) before taxes		759 844	1 031 857	919 820	2 641 695	2 897 288
Income tax (expense)/income	8	(579 509)	(810 043)	(731 292)	(2 139 454)	(2 415 703)
Profit/(loss) for the period		180 336	221 814	188 528	502 241	481 584
Attributable to:
Holders of ordinary shares		180 336	221 814	188 528	486 641	481 584
Dividends paid on hybrid capital	18	-	-	-	15 600	-
Profit / (loss) for the period		180 336	221 814	188 528	502 241	481 584
Other comprehensive income (items that may be reclassified subsequently to the income statement)
Currency translation differences		11 514	12 994	24 409	(73 547)	(93 999)
Net gain/(loss) on options used for hedging		7 532	(5 326)	(2 259)	(2 432)	(3 839)
Other comprehensive income for the period, net of tax		19 046	7 669	22 150	(75 979)	(97 839)
Total comprehensive income		199 381	229 483	210 678	426 262	383 746
Earnings per share
EPS basic and diluted	17	0.07	0.08	0.08	0.18	0.19

Unaudited consolidated balance sheet statement

USD 1000	Note	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
ASSETS
Non-current assets
Intangible assets
Goodwill	9	3 319 281	3 328 222	1 958 478	1 874 035
Capitalised exploration wells	9	422 139	345 601	276 504	256 984
Other intangible assets	9	265 697	262 664	83 060	79 541
Tangible fixed assets
Property, plant and equipment	10	17 487 202	16 876 669	15 237 078	14 308 054
Right of use assets	11	49 112	32 499	73 812	94 200
Financial assets
Investment in shares		837	791	739	1 367
Other non-current assets	2	13 480	12 095	745	136
Total non-current assets		21 557 749	20 858 541	17 630 416	16 614 316
Current assets
Inventories		246 420	240 808	251 503	233 489
Trade receivables	13 , 24	268 399	443 356	362 895	423 661
Other current receivables and financial assets	14	466 493	385 238	309 472	253 862
Cash and cash equivalents	16	790 424	314 755	734 914	595 306
Total current assets		1 771 736	1 384 157	1 658 783	1 506 318
TOTAL ASSETS		23 329 486	22 242 698	19 289 199	18 120 635

USD 1000	Note	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
EQUITY AND LIABILITIES
Equity
Share capital	17	45 972	45 972	45 972	45 972
Share premium		-	218 181	758 181	1 028 181
Hybrid capital	18	799 461	799 461	799 461	-
Other equity Total equity		520 919 1 366 352	372 325 1 435 938	164 414 1 768 026	(47 534) 1 026 618
Non-current liabilities
Interest-bearing loans and borrowings	19	4 870 856	4 588 834	3 146 582	3 577 878
Deferred tax liabilities	8	10 756 133	10 342 862	8 943 019	8 599 059
Asset retirement obligations	20	3 630 156	3 332 438	3 207 667	2 645 738
Pension liabilities	2	23 763	23 845	-	-
Lease liabilities, non-current	23	45 472	53 067	17 663	39 300
Other non-current liabilities		122 198	118 957	82 149	75 952
Total non-current liabilities		19 448 577	18 460 004	15 397 080	14 937 927
Current liabilities
Asset retirement obligations, current	20	63 694	80 574	87 385	72 520
Accounts payables	24	327 084	370 347	328 951	288 402
Taxes payable	8	1 318 478	1 175 583	964 414	1 092 568
Lease liabilities, current	23	12 578	21 340	99 265	98 265
Other current liabilities	21	792 722	698 914	644 079	604 334
Total current liabilities		2 514 556	2 346 756	2 124 093	2 156 090
Total liabilities		21 963 134	20 806 760	17 521 173	17 094 017
TOTAL EQUITY AND LIABILITIES		23 329 486	22 242 698	19 289 199	18 120 635

Unaudited consolidated statement of changes in equity

						Other equity
USD 1000	Note	Share capital	Share premium	Hybrid Capital	Other equity	Translation differences	Hedge reserve	Total equity
Balance as of 1 January 2023		45 972	1 868 181		9 943	(425 881)	(16 644)	1 481 571
Profit/(loss) for the period		-	-	-	481 584	-	-	481 584
Other comprehensive income/(loss)		-	-	-	-	(93 999)	(3 839)	(97 839)
Total comprehensive income/(loss)		-	-	-	481 584	(93 999)	(3 839)	383 746
Dividends paid		-	(840 000)		-	-	-	(840 000)
Share-based payment		-	-	-	3 027	-	-	3 027
Other		-	-	-	(1 725)	-	-	(1 725)
Balance as of 30 September 2023		45 972	1 028 181		492 829	(519 880)	(20 484)	1 026 618
		-	-	-	-	-	-	-
Balance as of 30 September 2023		45 972	1 028 181		492 829	(519 880)	(20 484)	1 026 618
Profit/(loss) for the period		-	-	-	128 644	-	-	128 644
Other comprehensive income/(loss)		-	-	-	-	76 396	5 797	82 193
Total comprehensive income/(loss)		-	-	-	128 644	76 396	5 797	210 837
Dividends paid		-	(270 000)		-	-	-	(270 000)
Share-based payments		-	-	-	1 188	-	-	1 188
Hybrid bond issue		-	-	799 461	-	-	-	799 461
Other		-	-	-	(76)	-	-	(76)
Balance as of 31 December 2023		45 972	758 181	799 461	622 585	(443 484)	(14 687)	1 768 027
Profit/(loss) for the period		-	-	15 600	486 641	-	-	502 241
Other comprehensive income/(loss)		-	-	-	-	(73 547)	(2 432)	(75 979)
Total comprehensive income/(loss)		-	-	15 600	486 641	(73 547)	(2 432)	426 262
Dividends paid		-	(758 181)	(15 600)	(51 819)	-	-	(825 600)
Share-based payments		-	-	-	(2 337)	-	-	(2 337)
Other		-	-	-	(11 239)	-	11 239	-
Balance as of 30 September 2024		45 972	0	799 461	1 043 831	(517 031)	(5 880)	1 366 352

Unaudited consolidated statement of cash flows

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Profit/(loss) before income taxes	759 844	1 031 857	919 820	2 641 695	2 897 288
Adjustments to reconcile profit before tax to net cash flows:
- Depreciation and amortisation	454 128	497 848	352 997	1 454 549	1 016 644
- Impairment loss and reversals	313 649	-	-	313 649	-
- (Gain) / loss on sale and retirement of assets	(57 357)	127	-	(57 139)	-
- Expensed capitalised dry wells	1 915	35 759	19 509	56 089	36 751
- Accretion expenses (asset retirement obligation)	29 441	29 455	25 417	87 285	72 499
- Unrealised (gain)/loss on foreign currency transactions and balances	(68 053)	(68 456)	(56 667)	49 618	71 025
- Realised foreign exchange (gain)/loss related to financing activities	(6 461)	1 793	19 625	(3 131)	99 633
- Other non-cash items and reclassifications	42 604	29 214	(27 300)	(45 759)	(34 463)
Working capital adjustments:
- Changes in inventories, accounts payable and receivable	130 688	46 831	(44 199)	225 697	310 296
- Changes in other current balance sheet items	34 192	64 086	29 319	57 770	(11 491)
Income tax received/(paid)	(324 715)	(957 853)	(263 792)	(1 750 652)	(1 895 048)
Net cash flow from operating activities	1 309 875	710 663	974 729	3 029 671	2 563 134
Cash flow from investing activities
Expenditures on exploration and evaluation assets	(82 343)	(85 148)	(24 661)	(217 767)	(96 823)
Expenditures on property, plant and equipment	(635 230)	(687 515)	(625 802)	(1 966 440)	(1 883 156)
Payment for decommissioning of oil and gas fields	(29 829)	(11 285)	(2 141)	(54 945)	(18 104)
Proceeds from sale of assets (sales price)	65 237	-	-	65 237	-
Net cash used on business combination	(16 542)	-	-	(1 347 204)	-
Net cash used in investing activities	(698 707)	(783 948)	(652 604)	(3 521 119)	(1 998 084)

A reclassification is done in Q1 2024 between changes in other current balance sheet items to other non-cash items in cash flow from operating activities

Unaudited consolidated statement of cash flows - continued

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Cash flows from financing activities
Dividends paid	(270	(270	(270	(810	(840
	000)	000)	000)	000)	000)
Dividends distributed to hybrid owners	-	-	-	(15 600)	-
Net proceeds from bond issue	-	-	-	-	656 405
Net proceeds/(payments) of revolving credit facilities	235 000	75 000	494 955	1 710 000	(5 045)
Payment of principal portion of lease ability	(17	(24	(23	(66	(70
	091)	593)	678)	192)	614)
Interest paid	(72	(106	(45	(234	(129
	307)	915)	487)	823)	210)
Net cash from financing activities	(124	(326	155	583	(388
	398)	508)	790	385	465)
Net change in cash and cash equivalents	486	(399	477	91	176
	770	793)	915	937	588
Cash and cash equivalents, beginning of period	314	721	110	734	444
	755	622	909	914	607
Effect of exchange rate fluctuation on cash	(11	(7	6	(36	(25
	103)	075)	483	428)	888)
Cash and cash equivalents, end of period	790	314	595	790	595
	424	755	306	424	306

Notes

(All figures in USD 1000 unless otherwise stated)

The interim condensed consolidated financial statements for the period ended 30 September 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting. Thus, the interim financial statements do not include all information required by IFRSs and should be read in conjunction with the 2023 annual financial statements. The interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. These interim financial statements have not been subject to review or audit by independent auditors.

The acquisition of Neptune Energy Norge AS ("Neptune Norway") was completed on 31 January 2024. Neptune Norway operated as a subsidiary of Vår Energi ASA up until fully merged into Vår Energi ASA on 8 June 2024. Vår Energi has decided to use 1 January 2024 as the transaction date for accounting purposes, and the transaction is thus reflected in the statement of financial position and income statement from 1 January 2024 in this report. See note 2 for more information regarding the acquisition.

These interim financial statements were authorised for issue by the Company Board of Directors on 21 October 2024.

Note 1 Summary of IFRS accounting principles

The accounting principles adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the annual financial statements for the year ended 31 December 2023. None of the amendments to IFRS Accounting Standards effective from 1 January 2024 has had a significant impact on the condensed interim financial statements. Vår Energi has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Vår Energi has through business combination added commodity hedges for both Brent oil put- and call options, as well as Gas TTF and Gas NBP put- and call options. The accounting principles outlined in the Annual Report for 2023 in note 2 for Derivative financial instruments are valid for the current portfolio of commodity hedges.

Note 2 Business combination

On 31 January 2024, Vår Energi completed the acquisition of Neptune Energy Norway AS (renamed Vår Energi Norge AS at completion of the transaction). The transaction was announced on 23 June 2023.

Vår Energi paid a cash consideration of USD 2.1 billion, and the transaction was financed through available liquidity and credit facilities. The acquired assets, all located on the NCS, are complementary to Vår Energi's current portfolio and highly cash generative with low production cost and limited near-term investments. The transaction also strengthens Vår Energi's position in all existing hub areas and combine two strong organisations with extensive NCS experience.

The acquisition date for accounting purposes is 1 January 2024. The acquisition is regarded as a business combination and has been accounted for in accordance with IFRS 3. A purchase price allocation (PPA) has been performed as of 1. January 2024 to allocate the consideration to fair value of the assets and liabilities in Neptune Energy Norway AS.

USD 1000	31 Jan 2024
Value of cash consideration	2 106 764

Each identifiable asset and liability are measured at fair value on the acquisition date based on guidance in IFRS 13. The standard defines fair value as the price that would be received when selling an asset or paid transfer a liability in an orderly transaction between market participants at the measurement date. This definition emphasises that fair value is a market-based measurement and not an entity-specific measurement. When measuring fair value Vår Energi has applied the assumptions that market participants would use under current market conditions (including assumptions regarding risk) when valuing the specific asset or liability.

Acquired property, plant and equipment has been valued using the income approach. Trade receivables have been recognised at full contractual amounts due as they relate to large and credit-worthy customers, and there have been no significant uncollectible amounts in Neptune Energy Norway AS historically.

Note 2 Business combination - continued

For accounting purposes, the recognised amounts of assets and liabilities assumed as at the date of the acquisition were
as follows:

USD 1000	01 Jan 2024
Goodwill	1 444 488
Other intangible assets	192 499
Property, plant and equipment	2 086 839
Right of use assets	10 545
Other non-current assets	8 184
Inventories	19 538
Trade receivables	174 205
Other current receivables and financial assets	191 387
Cash and cash equivalents	776 102
Total assets	4 903 787
Deferred tax liabilities	1 397 929
Asset retirement obligation	368 251
Pension liabilities	23 590
Lease liabilities, non-current	6 997
Other non-current liabilities	32 888
Accounts payable	81 675
Taxes payable	705 916
Lease liabilities, current	3 548
Other current liabilities	176 229
Total liabilities	2 797 023
Net assets and liabilities recognised	2 106 764
Fair value of consideration paid on acquisition	2 106 764

The goodwill of USD 1 444 million arises principally because of the following factors:

1. The ability to capture synergies that can be realised from managing a larger portfolio of both acquired and existing fields on the Norwegian Continental Shelf, including workforce ("residual goodwill").

2. The requirement to recognise deferred tax assets and liabilities for the difference between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination. Licenses under development and licenses in production can only be sold in a market after tax, based on a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licenses is therefore based on cash flows after tax. Nevertheless, in accordance with IAS 12 para 15 and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax ("technical goodwill").

None of the goodwill recognised will be deductible for tax purposes.

USD 1000	01 Jan 2024
Goodwill related to synergies - residual goodwill	47 331
Goodwill as a result of deferred tax - technical goodwill	1 397 157
Net goodwill from the acquisition of Neptune Norway	1 444 488

In third quarter a reallocation of the PPA value has been performed due to new information available. The PP&E has increased by USD 111 million, Goodwill has been reduced by USD 1 7 million and Deferred tax has been increased by USD 94 million.

On 30 August 2024, Vår Energi completed a sales and purchase agreement with DNO Norge AS, increasing the share in Ringhorne East Unit with 22.62% and farming out of Urd 11.5%, Skuld 11.5%, Norne 6.9%, Verdande 10.5% and Marulk. 20%. The transaction related to Ringhorne East has been accounted for as business combination in accordance with IFRS 3 and IFRS 11. As a result of the transaction the PP&E has increased by USD 16 million and the Technical goodwill has increased by USD 9 million. No residual Goodwill has been identified as part of the purchase price allocation.

The purchase price allocations above are preliminary and based on currently available information about fair values as of the acquisition date. If new information becomes available within 12 months from the acquisition date, the group may change the fair value assessment in the PPA, in accordance with guidance in IFRS 3.

Note 3 Income

Petroleum revenues (USD 1000)	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Revenue from crude oil sales		1 147 274	1 281 815	1 034 740	3 650 982	2 703 397
Revenue from gas sales		586 633	558 042	522 491	1 756 135	2 272 673
Revenue from NGL sales		94 355	91 370	58 403	296 117	160 933
Gains from hedging	14	633	2 089	-	7 783	-
Total petroleum revenues		1 828 895	1 933 317	1 615 635	5 711 017	5 137 003
Sales of crude (boe 1000)		14 227	15 118	11 876	43 850	32 456
Sales of gas (boe 1000)		7 701	7 929	5 752	24 809	18 351
Sales of NGL (boe 1000)		2 036	2 084	1 374	6 287	3 722
Other operating income (USD 1000)		Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Gain/(loss) from sale of assets		33 845	1 271	-	36 847	-
Partner share of lease cost		2 490	3 240	2 739	8 875	8 221
Other operating income		5 783	2 294	2 279	10 025	5 662
Total other operating income		42 118	6 805	5 019	55 747	13 882

Gain from sale of assets in third quarter 2024 relates to sale of Norne, Urd, Skuld and Marulk.

Note 4 Production Costs

USD 1000	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Cost of operations		215 803	214 917	174 490	636 698	526 951
Transportation and processing		54 076	61 167	44 067	181 760	136 111
Environmental taxes		34 244	32 624	34 267	104 417	96 717
Insurance premium		16 202	15 977	16 582	47 655	48 003
Production cost based on produced volumes		320 325	324 685	269 407	970 531	807 782
Back-up cost shuttle tankers		7 841	4 150	2 320	12 951	6 661
Changes in over/(underlift)		(30 130)	8 924	5 120	23 857	(10 302)
Premium expense for crude put options	15	7 293	8 619	9 320	26 155	27 232
Production cost based on sold volumes		305 329	346 379	286 167	1 033 494	831 374
Total produced volumes (boe 1000)		23 577	26 143	19 296	76 903	57 021
Production cost per boe produced (USD/boe)		13.6	12.4	14.0	12.6	14.2

Note 5 Other operating expenses

USD 1000	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
R&D expenses		6 680	10 974	10 707	24 930	30 370
Pre-production costs		16 147	12 572	8 055	40 593	27 036
Guarantee fee decommissioning obligation		4 075	4 168	4 357	13 537	13 853
Administration expenses		5 457	7 955	5 568	23 895	20 813
Integration cost		3 154	6 006	-	17 422	-
Value adjustment contingent considerations	22	(3 367)	-	-	(62 343)	-
Other expenses		3 814	6 277	9 969	10 239	18 094
Total other operating expenses		35 960	47 951	38 657	68 273	110 166

Value adjustment of the contingent consideration to ExxonMobil related to the Forseti structure decreased due to change in estimate. For additional information, please refer to note 21 and 22.

Note 6 Exploration expenses

USD 1000	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Seismic		8 604	12 674	10 884	27 863	22 195
Area fee		7 967	2 003	1 943	12 950	5 810
Dry well expenses	9	1 915	35 759	19 509	56 092	36 751
Other exploration expenses		3 363	5 348	3 411	13 955	10 606
Total exloration expenses		21 849	55 784	35 747	110 861	75 362

Note 7 Financial items

USD 1000	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Interest income		4 592	4 194	1 505	19 450	7 428
Interests on debts and borrowings	19	(90 879)	(87 501)	(67 403)	(255 917)	(184 965)
Interest on lease debt		(988)	(1 140)	(1 485)	(3 425)	(4 900)
Capitalised interest cost, development projects		92 229	89 850	67 155	261 931	185 676
Amortisation of fees and expenses		(2 202)	(2 206)	(4 228)	(6 639)	(11 831)
Accretion expenses (asset retirement obligation)	20	(29 439)	(29 455)	(25 417)	(87 283)	(72 499)
Other financial expenses		(1 947)	(1 549)	2 375	(4 077)	(3 676)
Change in fair value of hedges (ineffectiveness)	15	1 432	2 064	(763)	4 313	(2 816)
Net financial income/(expenses)		(27 201)	(25 744)	(28 261)	(71 647)	(87 583)
Unrealised exchange rate gain/(loss)		68 053	68 456	56 667	(49 618)	(71 025)
Realised exchange rate gain/(loss)		(21 105)	(3 016)	(15 671)	(22 975)	(61 443)
Net exchange rate gain/(loss)		46 947	65 440	40 995	(72 592)	(132 469)
Net financial items		19 747	39 696	12 734	(144 240)	(220 052)

Vår Energi's functional currency is NOK, whilst interest bearing loans and bonds are in USD and EUR. The strengthening of NOK during the third quarter of 2024 caused unrealised exchange gain of USD 68 million.

Note 8 Income taxes

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Current period tax payable/(receivable)	452 246	502 617	384 753	1 457 514	1 346 785
Prior period adjustment to current tax	27	551	(97)	575	(3 439)
Current tax expense/(income)	452 273	503 168	384 655	1 458 088	1 343 346
Deferred tax expense/(income)	127 236	306 875	346 637	681 366	1 072 358
Tax expense/(income) in profit and loss	579 509	810 043	731 292	2 139 454	2 415 703
Effective tax rate in %	76%	79%	80%	81%	83%
Tax expense/(income) in put option used for hedging	2 460	(1 687)	(675)	(535)	(1 576)
Tax expense/(income) in other comprehensive income	581 969	808 356	730 618	2 138 919	2 414 127

Reconciliation of tax expense	Tax rate	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Marginal (78%) tax rate on profit/loss before tax	78%	592 709	804 890	717 496	2 060 628	2 260 000
Tax effect of uplift	71,8%	(9 140)	(6 929)	(9 511)	(21 521)	(32 231)
Impairment of goodwill	78%	18 291	-	-	18 291	-
Tax effects of items taxed at other than marginal (78%) tax rate1	56%	24 462	19 401	22 005	187 540	181 276
Tax effects of acquisition, sale and swap of licenses2		(43 063)	-	-	(43 063)	-
Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions	78%	(3 750)	(7 319)	1 301	(62 420)	6 657
Tax expense/(income)		579 509	810 043	731 292	2 139 454	2 415 703

¹The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by deferred tax on capitalisation of interest cost and fluctuation in currency exchange rate on the company's external borrowings. ²Tax effects related to sale of Norne area.

Note 8 Income taxes - continued

Deferred tax asset/(liability)	Note	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Deferred tax asset/(liability) at beginning of period		(10 342 862)	(9 890 470)	(8 145 018)	(8 943 019)	(8 127 971)
Current period deferred tax income/(expense)		(127 236)	(306 875)	(346 637)	(681 366)	(1 072 358)
Deferred taxes on business combinations3	2	(103 076)	-	-	(1 407 274)	-
Deferred taxes related to acquisition, sale and swap of licenses4		(3 405)	-	-	(3 405)	-
Deferred taxes recognised directly in OCI or equity		(2 460)	1 687	675	535	1 576
Currency translation effects		(177 094)	(147 205)	(108 079)	278 396	599 693
Net deferred tax asset/(liability) as of closing balance		(10 756 133)	(10 342 862)	(8 599 059)	(10 756 133)	(8 599 059)

Tax payable	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Tax payable at beginning of period	(1 175 583)	(1 606 460)	(952 248)	(964 414)	(1 778 222)
Current period payable taxes	(452 246)	(502 617)	(384 753)	(1 457 514)	(1 346 785)
Payable taxes related to business combinations3 2	(1 631)	-	-	(707 547)	-
Net tax payments	324 715	957 853	263 792	1 750 653	1 895 048
Prior period adjustments and change in estimate of uncertain tax positions	(27)	(551)	97	(575)	3 439
Currency translation effects	(13 707)	(23 807)	(19 456)	60 919	133 951
Net tax payable as of closing balance	(1 318 478)	(1 175 583)	(1 092 568)	(1 318 478)	(1 092 568)

³Acquisition of Neptune Energy Norge in Q1 2024 and acquisition of Ringhorne East share in Q3 2024. 4Tax effect on sale of Norne area.

Note 9 Intangible assets

			Other intangible	Capitalised exploration					Other intangible	Capitalised exploration
USD 1000	Note	Goodwill	assets	wells	Total	USD 1000	Note	Goodwill	assets	wells	Total
Cost as of 1 January 2024		4 344 628	83 060	276 504	4 704 193	Cost as of 1 July 2024		5 608 222	263 171	345 601	6 216 993
Additions		-	88	135 423	135 511	Additions		-	-	82 343	82 343
Additions through business combination	2	1 462 172	192 499	-	1 654 671	Additions through business combination	2	(8 339)	-	-	(8 339)
Reclassification		-	-	-	-	Reclassification		-	-	(310)	(310)
Expensed exploration wells	6	-	-	(54 177)	(54 177)	Expensed exploration wells	6	-	-	(1 915)	(1 915)
Disposals		-	(218)	2	(216)	Disposals		(1 446)	(190)	(9 499)	(11 135)
Currency translation effects		(198 578)	(12 258)	(12 152)	(222 988)	Currency translation effects		54 513	3 457	5 920	63 890
Cost as of 30 June 2024		5 608 222	263 171	345 601	6 216 993	Cost as of 30 September 2024		5 652 950	266 438	422 139	6 341 527
Depreciation and impairment as of 1 January 2024		(2 386 150)	-	-	(2 386 150)	Depreciation and impairment as of 1 July 2024		(2 279 999)	(507)	-	(2 280 506)
Depreciation		-	(508)	-	(508)	Depreciation		-	(223)	-	(223)
Impairment reversal/(loss)		-	-	-	-	Impairment reversal/(loss)	12	(23 449)	-	-	(23 449)
Currency translation effects		106 151	1	-	106 152	Currency translation effects		(30 220)	(11)	-	(30 231)
Depreciation and impairment as of 30 June 2024		(2 279 999)	(507)	-	(2 280 506)	Depreciation and impairment as of 30 September 2024		(2 333 668)	(741)	-	(2 334 409)
Net book value as of 30 June 2024		3 328 222	262 664	345 601	3 936 487	Net book value as of 30 September 2024		3 319 281	265 697	422 139	4 007 118

Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.

Note 10 Tangible assets

		Wells and production	Facilities under	Other property, plant and			Wells and production	Facilities under	Other property, plant and
USD 1000	Note	facilities	construction	equipment	Total	USD 1000 Note	facilities	construction	equipment	Total
Cost as of 1 January 2024		16 490 192	6 310 238	86 934	22 887 364	Cost as of 1 July 2024	18 141 608	6 923 784	107 530	25 172 921
Additions		405 109	1 073 867	22 437	1 501 413	Additions	176 949	541 156	10 210	728 315
Estimate change asset retirement cost	20	(120 492)	-	-	(120 492)	Estimate change asset retirement cost 20	313 427	-	-	313 427
Additions through business combinations	2	1 973 397	-	2 027	1 975 424	Additions through business combinations 2	127 329	-	-	127 329
Reclassification		214 695	(178 113)	-	36 582	Reclassification	(99 815)	82 862	-	(16 953)
Disposals		-	-	-	-	Disposals	(624 028)	(17 296)	-	(641 324)
Currency translation effects		(821 294)	(282 208)	(3 868)	(1 107 370)	Currency translation effects	291 593	102 379	1 612	395 584
Cost as of 30 June 2024		18 141 608	6 923 784	107 530	25 172 921	Cost as of 30 September 2024	18 327 062	7 632 885	119 352	26 079 299
Depreciation and impairment as of 1 January 2024		(7 404 673)	(208 349)	(37 265)	(7 650 287)	Depreciation and impairment as of 1 July 2024	(8 050 844)	(199 077)	(46 332)	(8 296 253)
Depreciation		(977 572)	-	(10 731)	(988 303)	Depreciation	(445 190)	-	(7 184)	(452 374)
Impairment reversal / (loss)	12	-	-	-	-	Impairment reversal / (loss) 12	(12 334)	(277 866)	-	(290 200)
Disposals		-	-	-	-	Disposals	561 111	-	-	561 111
Currency translation effects		331 402	9 272	1 664	342 337	Currency translation effects	(108 261)	(5 377)	(744)	(114 382)
Depreciation and impairment as of 30 June 2024		(8 050 844)	(199 077)	(46 332)	(8 296 253)	Depreciation and impairment as of 30 September 2024	(8 055 518)	(482 320)	(54 259)	(8 592 097)
Net book value as of 30 June 2024		10 090 764	6 724 706	61 198	16 876 669	Net book value as of 30 September 2024	10 271 545	7 150 565	65 092	17 487 202

Capitalised interests for facilities under construction were USD 93 085 thousand in the third quarter 2024 compared to USD 90 853 thousand in the second quarter 2024. Capitalised interests in the first half of 2024 where USD 170 292 thousand.

Rate used for capitalisation of interests was 7.18% in the third quarter 2024, same as in the second quarter 2024.

Note 11 Right of use assets

USD 1000	Note	Offices	Rigs, helicopters and supply vessels	Warehouse	Total
Cost as of 1 January 2024		64 011	125 523	14 537	204 071
Additions through business combinations		3 350	1 575	5 620	10 545
Reclassification		-	(36 582)	-	(36 582)
Currency translation effects		(2 996)	(5 426)	(896)	(9 318)
Cost as of 30 June 2024		64 365	85 090	19 261	168 716
Depreciation and impairment as of 1 January 2024		(21 647)	(98 288)	(10 325)	(130 260)
Depreciation		(2 908)	(7 566)	(1 139)	(11 613)
Currency translation effects		945	4 261	450	5 656
Depreciation and impairment as of 30 June 2024		(23 610)	(101 593)	(11 014)	(136 217)
Net book value as of 30 June 2024		40 755	(16 503)	8 247	32 499
Cost as of 30 June 2024		64 365	85 090	19 261	168 716
Reclassification		-	17 263	-	17 263
Currency translation effects		847	1 119	252	2 218
Cost as of 30 September 2024		65 212	103 472	19 514	188 197
Depreciation and impairment as of 30 June 2024		(23 610)	(101 593)	(11 014)	(136 217)
Depreciation		(1 566)	1 845	(1 810)	(1 531)
Currency translation effects		(232)	(997)	(108)	(1 337)
Depreciation and impairment as of 30 September 2024		(25 408)	(100 745)	(12 932)	(139 085)
Net book value as of 30 September 2024		39 804	2 727	6 582	49 112

Note 12 Impairment

Impairment testing

Impairment tests of individual cash-generating units (CGUs) are performed quarterly when impairment triggers are identified. Due to updated timing of the Balder Future project and the significant goodwill on the balance sheet which is not depreciated, a full impairment testing of fixed assets and related intangible assets were performed as of 30 September 2024.

Key assumptions applied for impairment testing purposes as of 30 September 2024 are based on Vår Energi's macroeconomic assumptions. Below is an overview of the key assumptions applied:

Prices

The oil and gas prices are based on the forward curve for the next three-year period and from the fourth year the oil and gas prices are based on the company's long-term price assumptions. Vår Energi's long term oil price assumption is 75 USD/bbl (real 2024) and long-term gas price assumption is €29/MWh (real 2024), updated from €32/MWh per 30 June 2024.

The nominal oil prices (USD/bbl) applied in the impairment tests are as follows:

Year	31 Dec 2023	30 Jun 2024	30 Sep 2024
2024	76.3	83.7	74.9
2025	75.2	78.7	74.0
2026	77.4	77.2	75.8

The nominal gas prices (USD/boe) applied in the impairment tests are as follows:

Year	31 Dec 2023	30 Jun 2024	30 Sep 2024
2024	63.0	66.9	69.9
2025	65.5	68.0	67.7
2026	62.9	62.6	61.4

Note 12 Impairment - continued

Oil and gas reserves

Future cash flows are calculated based on expected production profiles and estimated proven, probable and risked possible reserves.

Year mmboe	31 Dec 2023	30 Jun 2024	30 Sep 2024
2024 - 2026	328	357	322
2027 - 2031	366	445	444
2032 - 2036	170	210	214
2037 - 2041	85	113	115
2042 - 2054	61	89	83

Future expenditure

Future capex, opex and abex are calculated based on expected production profiles and the best estimate of related cost.

Discount rate

The post tax nominal discount rate used is 8.0 percent, unchanged vs. 30 June 2024.

Currency rates	2024	2025	2026	2028 onwards
NOK/USD	10.5	10.3	9.9	9.5
NOK/Euro	11.6	11.0	10.3	10.6

Inflation

Inflation for 2024 is assumed to be 4% and 3% in 2025. The long-term inflation rate beyond 2025 is assumed to be 2.0%.

Impairment charge/reversal

The impairment testing per 30 September 2024 identified impairment to the Balder CGU of USD 299 462 thousand and Gjøa CGU of USD 14 187 thousand. The Balder impairment is mainly due to updated cost and schedule for the Balder Future project.

				Impairment allocated
Cash generating unit (USD 1000)	Net carrying calue	Recoverable amount	Impairment / reversal (-)	Goodwill	PP&E	Deferred tax impact
Balder Area	1 284 423	1 211 316	299 462	9 262	290 200	(226 356)
Gjøa	209 003	194 816	14 187	14 187	-	-
Total			313 649	23 449	290 200	(226 356)

Sensitivity analysis

The table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.

The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions in oil and gas prices or production profiles are likely to result in changes to business plans, field cut-off as well as other factors used when estimating an asset's recoverable amount. Changes in such input factors may reduce the actual impairment amount compared to the illustrative sensitivity below.

Assumption USD 1000	Change	Increase in assumption	Decrease in assumption
Oil and gas prices	+/-25%	(1 192 000)	3 071 000
Production profile	+/- 5%	(373 000)	493 000
Discount rate	+/- 1% point	194 000	(158 000)

Climate related risks

The climate related risk assessment is generally described in the company's annual report. Impairment testing includes a step up of CO² tax/fees from current levels to approximately NOK 2 240 per ton in 2030 (real 2023)..

Note 13 Trade receivables

USD 1000	Note	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Trade receivables - related parties	24	402 571	508 928	516 429	569 994
Trade receivables - external parties		123 219	184 853	137 221	122 531
Sale of trade receivables		(257 391)	(250 424)	(290 756)	(268 864)
Total trade receivables		268 399	443 356	362 895	423 661

Vår Energi has Credit Discount Agreements with several banks. Under the arrangements the ownership, including credit risk, of invoices for oil and gas sales are transferred to the respective banks, and the receivables to which the payments relate are derecognised from Vår Energi's balance sheet. Payments to the banks are made when Vår Energi receives payments from the customers.

Trade receivables are presented net of payments received from the banks for the sold invoices, as Vår Energi has retained the right to receive payments from the customers and obligation to pay these cash flows to the banks without material delay, but only to the extent Vår Energi collects the payments from the customers.

Note 14 Other current receivables and financial assets

USD 1000	Note	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Net underlift of hydrocarbons		240 657	186 722	125 747	124 023
Net receivables from joint operations		127 338	108 893	102 038	73 846
Prepaid expenses		49 249	71 670	53 437	54 025
Commodity derivatives - financial assets	15	19 087	16 250	10 974	6 236
Fair value of SWAP asset		21 923	3 238	17 370	-
Other receivables		8 239	(1 536)	(95)	(4 267)
Total other current receivables and financial assets		466 493	385 238	309 472	253 862

Note 15 Financial instruments

Derivative financial instruments

Vår Energi uses derivative financial instruments to manage exposures in fluctuations in interest rates and commodity prices.

In May 2023 interest rate swaps were entered into for the same amount as the EUR 600 000 thousand Senior Note. Under the swaps, the company receives a fixed amount equal to the coupon payment for the EUR senior notes and pay a floating rate to the swap providers. The interest rate swaps is accounted for as a fair value hedge. Interest swaps are reflected at fair value with fair value changes to be accounted for as other financial income/expenses. Bond debt is initially recognised at nominal value. The carrying value is adjusted to reflect changes in interest level with fair value changes accounted for as other financial income/expenses. Inefficiencies in hedging are measured and booked against fair value of bond debt and accounted for as other financial income/expenses (note 7).

As of 30 September 2024, Vår Energi had the following volumes of commodity derivatives in place with the following strike prices:

Hedging instruments	Volume (no of options outstanding at balance sheet date) in thousands (bbl)	Exercise price (USD per bbl)
Brent crude long put options, exercisable in 2024	3 865	50
Brent crude short call options, exercisable in 2024	(45)	100
Brent crude long call options, exercisable in 2024	45	110
Brent crude long put options, exercisable in 2025	17 040	50

	Volume (no of options outstanding at	Excercise price
Hedging instruments	balance sheet date) in thousands (MWH)	(EUR per MWH)
Gas TTF long put options, exercisable in 2024	210	35
Gas TTF short call options, exercisable in 2024	(210)	103
Gas TTF long put options, exercisable in 2025	90	25
Gas TTF short call options, exercisable in 2025	(90)	100

Hedging instruments	Volume (no of options outstanding at balance sheet date) in thousands (therms)	Excercise price (p/therm)
Gas NBP long put options, exercisable in 2024	4 500	80
Gas NBP short call options, exercisable in 2024	(4 500)	301

Brent crude put options – financial assets

USD 1000	Note	Q3 2024	Q1-Q2 2024	2023
The beginning of the period		16 250	10 974	14 805
Additions through business combinations		-	25 229	-
New derivatives		1 143	19 208	29 804
Realised hedges exercised	3	(732)	(8 444)	-
Change in fair value realised hedges		(13 004)	(5 205)	(14 805)
Change in fair value unrealised hedges		15 430	(25 511)	(18 830)
The end of the period		19 087	16 250	10 974

As of 30 September 2024, the fair value of outstanding commodity derivatives assets are USD 19 087 thousand.

Unrealised gains and losses are recognised in OCI. Note that the cost price (time value agreed at the inception of the contracts) for the options is paid at the time of realisation (time of exercise or expiration) and that this deferred payment is presented as current liabilities in the balance sheet, see below table.

Note 15 Financial instruments - continued

Brent crude put options – deferred premiums

USD 1000	Note	Q3 2024	Q1-Q2 2024	2023
The beginning of the period		(32 872)	(29 804)	(36 143)
Additions through business combinations		-	(2 627)	-
Settlement	4	7 293	18 862	36 229
New Brent crude put options		(1 143)	(19 208)	(29 804)
FX-effect		42	(94)	(86)
The end of the period		(26 680)	(32 872)	(29 804)

The full intrinsic value ("in the money value") of the options at the time of expiry, if any, is presented in petroleum revenues. The premiums paid for the put options are accounted for as cost of hedging and recycled from OCI to the income statement in the period in which the hedged revenues are realised and presented as production costs.

Change in Hedge Reserve

USD 1000	Note	Q3 2024	Q1-Q2 2024	2023
The beginning of the period		17 672	18 830	21 338
Additions through business combinations		-	(14 592)	-
Realised hedges exercised	3	643	7 150	-
Realised cost of hedge expired options		3 373	(14 846)	(21 338)
Hedge ineffectiveness in net financial income/expense	7	1	(3)	-
Change in fair value unrealised hedges		(13 857)	21 131	18 830
The end of the period		7 833	17 672	18 830

After tax balance as of 30 September 2024 is USD 6 110 thousand.

Commodity Derivatives - financial liabilities

USD 1000	Note	Q3 2024	Q1-Q2 2024	2023
The beginning of the period		(1 052)	-	-
Additions through business combinations		-	(8 010)	-
Realised hedges exercised	3	99	1 294	-
Change in fair value realised hedges		2 295	1 284	-
Change in fair value unrealised hedges		(1 583)	4 381	-
The end of the period		(241)	(1 052)	-

As of 30 September 2024, the fair value of outstanding commodity derivatives liabilities are USD (241) thousand. Unrealised gains and losses are recognised in OCI.

Reconciliation of liabilities arising from financing activities

The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.

			Non-cash changes
USD 1000	31 Dec 2023	Cash flows	Amortisation/ Accretion		Currency Fair Value Adj.	30 Sep 2024
Long-term interest-bearing debt	-	1 710 000	-	-	-	1 710 000
Bond USD Senior Notes	2 500 000	-	-	-	-	2 500 000
Bond EUR Senior Notes	682 939	-	-	8 758	115	691 812
Subord. EUR Fixed Rate Sec. (23/83)	808 382	-	514	132	-	809 028
Prepaid loan expenses	(45 278)	-	6 638	(1 884)	-	(40 523)
Totals including hybrid capital	3 946 043	1 710 000	7 152	7 007	115	5 670 317

Note 16 Cash and cash equivalents

USD 1000	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Bank deposits, unrestricted	782	306	724	588
	914	356	726	952
Bank deposit, restricted, employee taxes	7	8	10	6
	510	399	188	355
Total bank deposits	790	314	734	595
	424	755	914	306

Note 17 Share capital and shareholders

As of 30 September 2024, the total share capital of the company is USD 45 972 thousand or NOK 399 425 thousand. The share capital is divided into 2 496 406 246 ordinary shares and 4 Class B shares. Each share has a nominal value of NOK 0.16. The ordinary shares represent NOK 399 424 999.36 of the total share capital, while the Class B shares represent NOK 0.64 of the total share capital.

All shares rank pari passu and have equal rights in all respect, including with respect to voting rights and dividends and other distributions, except from the class B shares with respect of board appointments. 4 members to the board, will be elected by the general meeting with a simple majority among the votes cast for Class B shares. Such number to be reduced if the holder of the Class B shares holds less shares of the company.

Vår Energi ASA's share saving program gives employees the opportunity to buy shares in Vår Energi ASA through monthly salary deductions. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by Vår Energi ASA buying shares in the market. The award is treated as equity settled. The dilutive effect of equity settled shares under the share saving program is immaterial to the EPS calculation.

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Profit attributable to ordinary equity holders	180 336	221 814	188 528	502 241	481 584
EPS adj. for calculated interest/dividend on hybrid capital *	(16 322)	(13 657)	-	(45 932)	-
Number of shares (in millions)	2 496	2 496	2 496	2 496	2 496
Earnings per share in USD basic and diluted	0.07	0.08	0.08	0.18	0.19

*) EPS for 1Q 2024 is adjusted for inclusion of the full quarter of calculated interest.

Note 18 Hybrid capital

Vår Energi ASA issued EUR 750 million of subordinated fixed rate reset securities due on the 15th of November 2083. This is broadening the Company's funding sources and investor base and is reinforcing the balance sheet with a new layer of capital. Vår Energi has the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if the Company decides to pay dividends to the shareholders.

Maturity	2083
Type	Subordinated
Financial classification	Equity (99 %)
Carrying Amount	EUR 744 million
Notional Amount	EUR 750 million
Issued	15 Nov 2023
Maturing	15 Nov 2083
Quoted in	Luxembourg
First redemption at par	15 Nov 2028
Coupon until first reset date		7.862% fixed rate until 15 Feb 2029
Margin Step-ups		+0.25% points from 15 Feb 2034 and
	+0.75% points after 15 Feb 2049
Deferral of interest payment	Optional
USD 1000	Equity	Debt	Total
Balance as of 31 December 2023	799 461	8 921	808 382
Profit/loss to Hybrid owners	15 600	-	15 600
Accretion	-	646	646
Interest classified as dividend	(15 600)	-	(15 600)
Balance as of 30 September 2024	799 461	9 567	809 028

Note 19 Financial liabilities and borrowings

Interest-bearing loans and borrowings

USD 1000	Coupon/int. Rate	Maturity	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Bond USD Senior Notes (22/27)	5.00%	May 2027	500 000	500 000	500 000	500 000
Bond USD Senior Notes (22/28)	7.50%	Jan 2028	1 000 000	1 000 000	1 000 000	1 000 000
Bond USD Senior Notes (22/32)	8.00%	Nov 2032	1 000 000	1 000 000	1 000 000	1 000 000
Bond EUR Senior Notes (23/29)	5.50%	May 2029	691 812	645 117	682 938	625 049
Subord. EUR Fixed Rate Sec. (23/83)	7.86%	Nov 2083	9 567	8 976	8 921	-
RCF Working capital facility	1.08%+SOFR+CAS	Nov 2026	1 475 000	1 475 000	-	500 000
RCF Liquidity facility	1.13%+SOFR+CAS	Nov 2026	235 000	-	-	-
Prepaid loan expenses			(40 523)	(40 259)	(45 278)	(47 171)
Total interest-bearing loans and borrowings			4 870 856	4 588 834	3 146 582	3 577 878
Of which current and non-current:
Interest-bearing loans and borrowings non-current			4 870 856	4 588 834	3 146 582	3 577 878
Credit facilities - Utilised and unused amount
USD 1000			30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Drawn amount credit facility			1 710 000	1 475 000	-	500 000
Undrawn amount credit facilities			1 290 000	1 525 000	3 000 000	2 500 000

Vår Energi ASA has three senior USD notes outstanding in addition to one tranche of EUR denominated senior notes. The senior notes are registered on the Luxembourg Stock Exchange ("LuxSE") and coupon payments are made semi-annually for the USD notes and annually for the EUR notes. The senior notes have no financial covenants. The fair value of the bonds as of 30 September 2024 was USD 3 455 million.

In November 2023, Vår Energi ASA issued EUR 750 million Subordinated Fixed Rate Reset Securities due in 2083. The liability is reflected as interest bearing debt. For more details on the EUR Fixed Rate Reset Security, see note 18.

An interest rate swap was entered into in May 2023 for the same amount as the EUR Senior Note. Under the swap, the company receives a fixed amount equal to the coupon payment for the EUR senior notes and pays a floating rate to the swap providers.

Vår Energi's senior unsecured facilities per 30 September 2024 consist of the working capital credit facility of USD 1.5 billion and the liquidity facility of USD 1.5 billion. During the quarter, the credit facilities were extended by one year until 1 November 2027. From 1 November 2026 until 1 November 2027 the maximum loan amount is USD 1286 million and USD 1250 million for the working capital facility and liquidity facility, respectively. All other items are unchanged. The facilities have covenants covering leverage (net interestbearing debt to 12 months rolling EBITDAX not to exceed 3.5) and interest coverage (EBITDA to 12 months rolling interest expenses shall exceed 5) which will be tested at the end of each calendar quarter. The interest rate payable for each of the facilities is determined by timing and the company's credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the applicable margin for the present period as shown in the table.

Note 20 Asset retirement obligations

USD 1000	Note	Q3 2024	Q1-Q2 2024	2023
Beginning of period		3 413 012	3 295 052	3 216 138
Additions through business combinations	2	3 261	368 251	-
Change in estimate	10	71 890	55 432	183 849
Change in discount rate	10	241 537	(175 924)	(6 364)
Accretion discount	7	29 439	57 844	98 765
Payment for decommissioning of oil and gas fields		(29 829)	(25 116)	(40 688)
Disposals		(82 020)	-	(54 630)
Currency translation effects		46 560	(162 527)	(102 018)
Total asset retirement obligations		3 693 850	3 413 012	3 295 052
Short-term		63 694	80 574	87 385
Long-term		3 630 156	3 332 438	3 207 667
Breakdown by decommissioning period		30 Sep 2024	30 Jun 2024	31 Dec 2023
2024-2030		350 352	425 085	431 819
2031-2040		1 999 593	1 809 340	1 689 489
2041-2057		1 343 905	1 178 587	1 173 744

The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. The calculations assume an inflation rate of 4% in 2024 and 2% in future years and discount rates between 3.2% - 3.9% per 30 September 2024. The assumptions for inflation rates were unchanged while the discount rates were decreased from 3.6% - 3.3% per 30 September 2024. The discount rates are based on riskfree interest without addition of credit margin.

Third quarter 2024 payment for decommissioning of oil and gas fields (abex) is mainly related to Balder area.

Vår Energi has a retirement obligation as a shipper in Gassled booked to other non-current liabilities in the balance sheet statement. Vår Energi has accrued USD 80 820 thousand for this purpose per 30 September 2024.

Note 21 Other current liabilities

USD 1000	Note	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Net overlift from hydrocarbons		148 754	136 653	67 561	46 339
Net payables to joint operations		475 410	425 100	375 871	355 286
Employee payables and accrued public charges		39 010	20 522	22 698	1 062
Accrued interests		73 134	53 850	54 936	71 873
Contingent Consideration, current	5 , 22	18 800	22 200	79 137	78 383
Commodity derivaties	15	26 921	33 923	29 804	32 952
Fair value of SWAP liability		-	-	-	11 498
Other payables		10 692	6 666	14 072	6 941
Total other current liabilities		792 722	698 914	644 079	604 334

Contingent consideration to ExxonMobil decreased by USD 57 million during first quarter and USD 3 million in third quarter due to updated estimate.

The liability for oil put options relates to cost of oil put options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.

Note 22 Commitments, provisions and contingent consideration

The company has significant contractual commitments for capital and operating expenditures from its participation in operated and partner operated exploration, development and production projects. The current main development projects are Johan Castberg and Balder Future.

As part of the purchase agreement between Point Resources AS and ExxonMobil in 2017, Point Resources AS agreed to pay a contingent consideration related to possible development of the Forseti structure. A maximum payment in 2024 of USD 80 million has conservatively been carried as a liability since 2020. This liability has been reduced to USD 19 million reflecting the updated evaluation (ref note 5). The final settlement will be determined through an expert assessment.

During the normal course of its business, the company will be involved in disputes, including tax disputes. The company has made accruals for probable liabilities related to litigation and claims based on management's best judgment and in line with IAS37 and IAS12. Please refer to the Vår Energi ASA Annual Report for information regarding Breidablikk Unit apportionment (note 28), and Climate Case II (note 34).

Note 23 Lease agreements

USD 1000	Note	Q3 2024	Q2 2024	2023
Opening Balance lease debt		74 407	98 195	212 646
Payments of lease debt		(18 135)	(23 271)	(98 809)
Interest expense on lease debt		988	1 140	6 195
Currency exchange differences		790	(1 657)	(3 104)
Total lease debt		58 050	74 407	116 928
Breakdown of the lease debt to short-term and long-term liabilities *)		30 Sep 2024	30 Jun 2024	31 Dec 2023
Short-term		12 578	21 340	99 265
Long-term		45 472	53 067	17 663
Total lease debt		58 050	74 407	116 928
Lease debt split by activities		30 Sep 2024	30 Jun 2024	31 Dec 2023
Offices		47 192	47 996	50 194
Rigs, helicopters and supply vessels		4 196	19 418	62 479
Warehouse		6 662	6 993	4 255
Total		58 050	74 407	116 928

Vår Energi has entered into lease agreements for supply vessels, helicopter and warehouses supporting operation at Balder, Gjøa and Goliat, where the most significant are for the supply vessels operating at Goliat. The group also has leases for offices in Sandnes, Florø, Oslo and Hammerfest, with the most significant contract being the main office building in Vestre Svanholmen 1, Sandnes.

There were no new lease agreements during third quarter 2024. See note 11 for the Right of use assets.

Note 24 Related party transactions

Vår Energi has a number of transactions with other wholly owned or controlled companies by the shareholders. The related party transactions reported are with entities owned or controlled by the majority ultimate shareholder of Vår Energi, Eni SpA.. Revenues are mainly related to sale of oil, gas and NGL while the expenditures are mainly related to technical services, seconded personnel, insurance, guarantees and rental cost.

Current assets

USD 1000	30 Sep 2024	30 Jun 2024	31 Dec 2023	30 Sep 2023
Trade receivables
Eni Trade & Biofuels SpA	369	430	422	508
	458	769	807	152
Eni SpA	22	69	74	54
	733	500	606	009
Eni Global Energy Markets	8	6	18	7
	638	876	107	312
Other	1 742	1 783	909	521
Total trade receivables	402	508	516	569
	571	928	429	994

Current liabilities USD 1000 30 Sep 2024 30 Jun 2024 31 Dec 2023 30 Sep 2023 Account payables Eni International BV 12 803 8 535 17 740 13 305 Eni SpA 11 292 7 788 11 654 12 636 Eni Trade & Biofuels SpA 12 196 7 713 7 033 5 626 Other 615 534 917 663 Total account payables 36 906 24 570 37 344 32 230

All receivables are due within 1 year.

Sales revenue

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Eni Trade & Biofuels SpA	1	1	1	3	2
	217	351	089	742	816
	771	104	790	327	624
Eni SpA	163	196	182	554	660
	571	927	299	904	577
Eni Global Energy Markets	23	14	32	60	132
	780	671	396	661	012
Other	-	-	-	-	-
Total sales revenue	1	1	1	4	3
	405	562	304	357	609
	122	702	485	892	213

Operating and capital expenditures

USD 1000	Q3 2024	Q2 2024	Q3 2023	YTD 2024	YTD 2023
Eni Trade & Biofuels SpA	8	4	2	18	11
	643	834	616	903	883
Eni International BV	4	4	4	13	13
Eni SpA	078	168	368	538	722
Other	4 774 (1 242)	1 822 1 995	7 201 293	12 656 1 209	17 255 1 080
Total operating and capital expenditures	16	12	14	46	43
	253	819	478	306	940

Note 25 License ownerships

Vår Energi has the following new licenses since 31 December 2023.

Vår Energi has the following new licenses added through acquisition

of Neptune Energy.

Licenses	WI%	Operator	Licenses/Fields	WI%	Operator	Licenses/Fields	WI%	Operator
PL932B	20%	Aker BP	Additions			PL448	12%	Equinor
PL1194B	30%	OMV	PL025	25%	Equinor	PL586	30%	Vår Energi
PL1203	30%	Vår Energi	PL064	15%	Equinor	PL636	30%	Vår Energi
PL1211	50%	Vår Energi	PL077	12%	Equinor	PL636B	30%	Vår Energi
PL1213S	40%	Vår Energi	PL078	12%	Equinor
PL1214	25%	Equinor	PL090	15%	Equinor	PL636C	30%	Vår Energi
PL1215	30%	Aker BP	PL090B	15%	Equinor	PL817	30%	OMV
PL1217	20%	INPEX	PL090C	15%	Wintershall DEA	PL817B	30%	OMV
PL1218	20%	Aker BP	PL090E	15%	Equinor	PL882	45%	Vår Energi
PL1219	50%	Vår Energi	PL090G	15%	Equinor	PL882B	45%	Vår Energi
PL1224	50%	Vår Energi	PL090HS	15%	Equinor	PL925	10%	Equinor
PL1227	23%	Equinor	PL090I	15%	Equinor	PL929	40%	Vår Energi
PL1231	30%	OMV	PL090JS	15%	Equinor	PL938	30%	Vår Energi
PL1236	30%	Equinor	PL097	12%	Equinor	PL958	30%	OKEA
PL1237	40%	Vår Energi	PL099	12%	Equinor	PL1105S	50%	Vår Energi
PL1238	20%	Equinor	PL100	6%	Equinor	PL1112	20%	Norske Shell
PL1239	30%	Equinor	PL107	23%	Equinor	PL1179	15%	Equinor
PL1241	50%	Vår Energi				PL1180	40%	Vår Energi
PL1242	20%	Aker BP	PL107B	23%	Equinor
PL1243	20%	Aker BP	PL107C	23%	Equinor
License transactions			PL107D	23%	Equinor	Bussiness Arrangements Area
			PL110	12%	Equinor	EXL007	30%	Sval Energi
Licenses/Fields	WI%	Operator	PL110B	12%	Equinor	Njord Unit	23%	Equinor
Additions			PL132	23%	Equinor	Snøhvit Unit	12%	Equinor
PL169E	87%	Vår Energi	PL153	30%	Vår Energi	Fram H-Nord Unit	11%	Equinor
Ringhorne Øst	23%	Vår Energi	PL153B	30%	Vår Energi
Disposals			PL153C	30%	Vår Energi	Vega Unit	3%	Wintershall Dea
Marulk	20%	DNO Norge AS	PL187	25%	Equinor
Norne	7%	Equinor	PL348	13%	Equinor
Skuld	12%	Equinor	PL348B	13%	Equinor
Urd	12%	Equinor
Verdande	10%	Equinor

Note 26 Subsequent events

Vår Energi has elected to sell part of its gas on a fixed price/forward basis. Per 30 September 2024, Vår Energi has sold approximately 5% of the gas production for the fourth quarter 2024 through third quarter 2025 (12 months) on a fixed price basis at an average price around USD 74 per boe.

A change to the Executive Committee was announced 15 October. Carlo Santropadre will joint as the Company's Chief Financial Officer (CFO) effective from 1 December 2024. Stefano Pujatti will be pursuing new opportunities within Eni.

Industry terms

Term	Definition/description	Term	Definition/description
boepd	Barrels of oil equivalent per day	NGL	Natural gas liquids
boe	Barrels of oil equivalent	NPD	Norwegian Petroleum Directorate
bbl	Barrels	OSE	Oslo Stock Exchange
CFFO	Cash flow from operations	PDO	Plan for Development and Operation
E&P	Exploration and Production	PIO	Plan for Installation and Operations
FID	Final investment decision	PRM	Permanent reservoir monitoring
FPSO	Floating, production, storage and offloading vessel	PRMS	Petroleum Resources Management System
HAP	High activity period	scf	Standard cubic feet
HSEQ	Health, Safety, Environment and Quality	sm3	Standard cubic meters
HSSE	Health, Safety, Security and Environment	SPT	Special petroleum tax
IG	Investment grade	SPS	Subsea production system
kboepd	Thousands of barrels of oil equivalent per day	SURF	Subsea umbilicals, riser and flowlines
mmbls	Millions of barrels	1P reserves	The quantities of petroleum which can be estimated with reasonable certainty to be
mmboe	Millions of barrels of oil equivalents		commercially recoverable, also referred to as "proved reserves".
mmscf	Millions of standard cubic feet	2C resources	The quantities of petroleum estimated to be potentially recoverable from known accumulations, also referred to as "contingent resources".
MoF	Ministry of Finance	2P reserves	Proved plus probable reserves consisting of 1P reserves plus those
MoE	Ministry of Energy		additional reserves, which are less likely to be recovered than 1P reserves.
NCS	Norwegian Continental Shelf

Disclaimer

"The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions as in effect on, and the information available to the Company as of, their date. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. The Materials should among other be reviewed together with the Company's previously issued periodic financial reports and other public disclosures by the Company. The Materials contain certain financial information, including financial figures for and as of 30 September 2024 that is preliminary and unaudited, and that has been rounded according to established commercial standards. Further, certain financial data included in the Materials consists of financial measures which may not be defined under IFRS or Norwegian GAAP. These financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS or Norwegian GAAP.

The Company urges each reader and recipient of the Materials to seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. No such advice is given by the Materials and nothing herein shall be taken as constituting the giving of investment advice and the Materials are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of its affiliates) that any reader enters into any transaction. Any investment or other transaction decision

should be taken solely by the relevant recipient, after having ensured that it fully understands such investment or transaction and has made an independent assessment of the appropriateness thereof in the light of its own objectives and circumstances, including applicable risks.

The Materials may constitute or include forward-looking statements. Forwardlooking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "ambitions", "projects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. Any statement, estimate or projections included in the Materials (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Group and/or any of its affiliates) reflect, at the time made, the Company's beliefs, intentions and current targets/aims and may prove not to be correct. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. The Company does not intend or assume any obligation to update these forward-looking statements.

To the extent available, industry, market and competitive position data contained in the Materials come from official or third-party sources. Thirdparty industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has

been prepared by a reputable source, none of the Company, its affiliates or any of its or their respective representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Materials may come from the Company's own internal research and estimates based on the knowledge and experience of the Company in the markets in which it has knowledge and experience. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Materials.

The Materials are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation of such jurisdiction or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. The Company's securities have not been registered and the Company does not intend to register any securities referred to herein under the U.S. Securities Act of 1933 (as amended) or the laws of any state of the United States. This document is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such restrictions.'

Vår Energi – Third quarter report 2024 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES