Vår Energi ASA

Investor Presentation • Oct 22, 2024

Third quarter 2024

Results presentation 22 October 2024

Today's presenters

Nick Walker CEO

Stefano Pujatti CFO

Ida Marie Fjellheim VP Investor Relations

Third quarter 2024 highlights

Production

256

13.6

USD/boe

Production cost

Dividend Q3 2024 and

Q4 2024 guidance

270

USD million

kboepd

CFFO

1.3

2

USD billion

Operational performance in-line with expectations

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

Strong financial results

• Continued realised gas price above spot
• Strong cash flow from operations of USD 1.3 billion 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

• Solid balance sheet with reduced leverage ratio to 0.7x
• Attractive and predictable dividend level maintained for Q4

Fastest growing E&P

3 rd largest oil and gas producer in Norway

• Diversified asset base
• Interests in ~50% of all producing assets on the NCS
• 2 nd largest exporter of gas from Norway

Production guidance 2024 narrowed¹ 280-290 kboepd

Production YTD 2024² 281 kboepd

1. Original full-year guidance of 280-300 kboepd 2. First nine months of 2024 3. Including Neptune Energy Norge from 1 January 2024 4. Vår Energi operated assets

4

Production in line with expectations for the period

Adding ~150 kboepd new production in next three quarters

drilling Sustaining 350-400 kboepd towards 2030

• Maximise recovery and infill drilling
• High value early phase projects
• Near field and high impact exploration

Safe and responsible

Zero material safety or environmental incidents in Q3

1. SIF: Serious actual and potential incident per million worked hours . 12 months rolling average 2. TRIF: Personal injuries excl. first aid treatment cases per million worked hours. . 12 months rolling average 3. First nine months of 2024 6

Accelerated decarbonisation

Carbon emission intensity

kg CO² /boe¹

7

Methane emissions near zero <0.02 % share of gas sales³

Member of OGMP 2.0⁴

1. Equity share emissions – Scope 1 2. First nine months of 2024 3. Key performance indicator for OGCI's 2025 upstream methane target is well below 0.2% 4. Oil and Gas Methane Partnership 2.0 - Since April 2024

Unit opex reduced to below 13 USD/boe

Full year unit opex guidance reduced to < 13 USD/boe²

Reducing opex by end-2025

• New projects USD ~4 per boe
• Lower-cost Neptune assets
• High-grading the portfolio
• Cost synergies/improvements

9 1. 2023 Annual statement of reserves - Proved plus probable (2P) reserves 2. 2023 Annual statement of reserves 2C contingent resources 3. Year-end 2023 assessment of net risked exploration resources

Creating value and growth

Reserves¹ 1.24 billion boe

7 projects coming on stream and high quality assets

Contingent resources² 0.75 billion boe

20 early phase projects

Prospective resources³ >1 billion boe

~60 exploration wells next four years

Delivering growth

Projects in execution

7 projects developing >400 mmboe¹

USD ~35 per boe Breakeven

~2 years Pay-back

25% IRR across portfolio >80% complete 4 of 7 projects

Balder area to deliver value for decades to come

Extending lifetime to 2045+

Jotun FPSO near completion To be fully completed onshore All 15 development wells completed All subsea equipment installed

from the prolific Barents Sea Johan Castberg nearing start-up

Capturing long term value

Halten East – accelerated schedule

Image: Equinor Subsea tieback delivering high value barrels

100-200 mmboe¹ gross unrisked potential in the area for future developments

Exploration delivering results

4 discoveries from 9 wells 29-57 mmboe

Estimated net recoverable resources

44%

Success rate year to date

wells remaining¹

6 of 15

~350 million

net exploration spend

USD

14 1. Reduced from 16 wells due to drilling rig delays to 2025 2. Gross estimated recoverable resources

Financial highlights

76 USD/boe weighted average realised price USD 1.3 billion CFFO after tax

0.7x NIBD / EBITDAX USD 2.1 billion Available liquidity¹

USD 270 million

Dividend Q3 2024 and Q4 2024 guidance

>50%

of USD ~500 million² of synergy potential from Neptune transaction on track to be delivered

Strong realised prices

Total petroleum revenues

USD million

Realised prices

USD per boe

Additional gas revenues above spot prices of USD 322 million year-to-date

Indicative gas sales portfolio¹

Gas sales split (%)

1. Based on average exchange rates through Q3 2024.

High cash flow generation

USD 1 310 million Q3 2024 Cash flow from operations (CFFO)

Development Capex guidance reduced to USD ~2.6 billion¹

1. Original 2024 Capex guidance of USD 2.7-2.9 billion 2. Including expenditures on property, plants and equipment (PP&E) and exploration

17

CFFO and Capex

CFFO Capex²

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Continued strong liquidity position

Cash flow development Q3 2024 Available liquidity

USD million USD million

Cash and cash equvivalents

Liquidity facility

Continued strong financial position

Maturity profile

Committed to maintaining Investment Grade rating

Baa3 BBB

1. Net interest-bearing debt (NIBD) is shown at end of period, including lease commitments. EBITDAX is rolling 12 months

19 2. Based on EURO/USD of 1.07

Cash tax sensitivities

Tax payments – sensitivities for 1H 2025¹

USD million²

NOK ~8 billion

Q4 2024 tax payments (USD ~800 million)2,3

1. Price assumptions reflects average for the year

2. Based on NOK/USD 10.5. 20

3. Q4 2024 includes NOK 1.2 billion (USD 0.1 billion) related to 2023 results.

Attractive and predictable dividends

Dividend guidance Q4 2024 270 USD million

Planned dividend for 2024 ~30%

of CFFO after tax

Dividend for Q3 2024 of USD ~0.11 per share paid 5 November 2024

Paid in NOK at exchange rate of USD/NOK 10.9076

Guidance and outlook

2024 Longer-term

Production	280-290 kboepd	End-2025: ~400 kboepd 2025-2030: 350-400 kboepd
Production cost	Below USD 13 per boe	End-2025: USD ~10 per boe
Capex	USD ~2.6 billion excl. exploration and abandonment Exploration USD ~350 million Abandonment USD ~100 million	2025-28: USD 1.5-2.5 billion excl. exploration and abandonment p.a. Exploration USD 200-300 million p.a. Abandonment USD 50-100 million p.a.
Other	1 Cash tax payments of USD ~800 million in Q4 2024
Dividends	(~0.11 USD per share) Q3 dividend of USD 270 million Q4 dividend guidance of USD 270 million	Dividend of 20-30% of CFFO after tax over the cycle

Resilient results with significant production growth ahead

Operational performance in-line with expectations

Strong financial results

Delivering growth with ~150 kboepd in new production over the next 3 quarters

Industry leading ESG performance

Continued attractive and predictable dividends

Appendix

Exploration program 2024

License	Prospect	Operator	Vår Energi share	Pre-drill unrisked resources mmboe1	Estimated recoverable resources mmboe1	Status
PL 917	Hubert	Vår Energi	40 %			Dry
PL 917	Magellan	Vår Energi	40 %			Dry
PL 956	Ringhorne North	Vår Energi	50 %		13-23	Discovery
PL 1025S	Venus	Vår Energi	60 %			Dry
PL 636	Cerisa	Vår Energi	30 %		18-39	Discovery
PL 1080	Snøras	Equinor	30 %			Dry
PL 025	Brokk/Mju	Equinor	25 %			Dry2
PL 1194	Haydn	OMV AS	30 %		35-80	Discovery
PL 199	Lavrans Tilje	Equinor	16.6%		12-25	Discovery
PL 1185	Kvernbit	Equinor	20 %	102		Ongoing
PL 090	Rhombi	Equinor	25 %	37		Ongoing
PL 932	Kaldafjell	Aker BP	20 %	168		Ongoing
PL 229	Countach App	Vår Energi	65 %	21		Ongoing
PL 1131	Elgol	Vår Energi	40 %	265		Q4
PL 1110	Njargasas	Aker BP	30 %	52		Q4
PL 229	Zagato	Vår Energi	65 %	83		2025
PL 554	Garantiana NW	Equinor	30 %	40		2025

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.

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