Vår Energi ASA

Investor Presentation • Jul 23, 2024

Second quarter and first half 2024

Results presentation

23 July 2024

Today's presenters

Nick Walker CEO

Stefano Pujatti CFO

Ida Marie Fjellheim Head of Investor Relations

Second quarter 2024 highlights

Production

Production cost

287

kboepd

12.4 USD/boe

CFFO

711 USD million Dividend Q2 2024 and Q3 2024 guidance

USD million

270

Strong operational performance in first half 2024

• Production of 293 kboepd in first half in the upper end of guidance range for period
• Good production efficiency on operated fields
• Maintenance program successfully executed in the quarter

Good financial results

• Continued realised gas price above spot
• Unit production cost below guided range
• Long term gas contracts with key customers extended for additional 12 years

Growth towards 2025 and unlocking future value

• Balder X target Q4 start-up remains with sail-away decision in August
• Eldfisk North and Kristin South start-up's. Johan Castberg firmly on-track for Q4 start-up
• Portfolio optimisation resulting in asset disposals
• Close-to-infrastructure exploration success in the Balder and Gjøa areas

Continued attractive and predictable dividends

• Solid balance sheet with leverage ratio of 0.8x
• Attractive and predictable dividend level maintained for Q3

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

~190 licenses 1/3 operated

47 fields¹ 7 operated 4 hub areas

Production guidance 2024 280-300 kboepd

Production first half 2024

293 kboepd upper end of guided range for the period Production in the upper end of guidance range

1. Including Neptune Energy Norge from 1 January 2024 2. Vår Energi operated assets

Growth towards 2025 and unlocking future value

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 Q2

1. SIF: Serious incident and near-misses per million worked hours . 12 months rolling average 2. TRIF: Personal injuries requiring medical treatment per million worked hours. . 12 months rolling average 6

Accelerated decarbonisation

Carbon emission intensity

kg CO² /boe¹

7

Methane emissions near zero <0.02 % share of gas sales² Member of OGMP 2.0³

Inclusion in OSEBX ESG index

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

1. Per March 2024 2. ESG100 report 2023 3. CDP report 2023

Unit opex better than guidance

Full year unit opex expected at bottom of guidance range

Reducing opex by end-2025

• Sanctioned projects averaging USD ~4 per boe
• Integration of lower-cost Neptune assets
• High-grading the portfolio
• Realising cost synergies and 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

25% IRR across portfolio >75% complete 5 of 7 projects

~2 years

Pay-back

Balder X progressing towards completion

Extending lifetime to 2045+

in the Balder area

~80 kboepd at peak production¹, gross

~150 mmboe 2P reserves¹, gross

~5 USD/bbl production cost

Jotun FPSO nearing completion

High activity at yard to achieve final completion and commissioning

14/14 production wells completed All subsea equipment installed

from the prolific Barents Sea Johan Castberg firmly on track

Capturing long term value

Near-field exploration strategy yielding results

Ringhorne North and Cerisa discoveries adding

31-62 mmboe

Estimated gross recoverable resources

Doubling number of wells in 2024

Barents Sea

5 wells

Norwegian Sea

1 well

13 1. Net Vår Energi. Increased from USD ~300 million due to success case side tracks at Ringhorne North and Cerisa

Unlocking value Gjøa area

Cerisa oil discovery 18-39 mmboe¹

Gjøa North, Ofelia, Kyrre and Cerisa potential development candidates

Potential to unlock up to 110 mmboe¹ resources

Progress as fast-track tie-back development

Production for decades Balder area

Ringhorne North discovered resources 13-23 mmboe¹

Increased stake in Ringhorne East following asset swap

King, Prince, Ringhorne North and Iving potential development candidates

Potential to unlock ~100 mmboe¹ resources

Progress as fast-track tie-back development

Financial highlights

77 USD/boe weighted average realised price USD 711 million CFFO after tax

0.8x NIBD / EBITDAX USD 1.8 billion Available liquidity¹

USD 270 million

Dividend Q2 2024 and Q3 2024 guidance

~25%

of USD ~500 million of synergy potential from Neptune transaction realised

Strong realised prices

Total petroleum revenues

USD million

Realised prices

USD per boe

250

Oil Gas NGL

Additional gas revenues above spot prices of USD ~250 million year-to-date

Indicative gas sales portfolio²

Gas sales split (%)

1. Gas revenues including USD 2 million gains from hedging in Q2 and USD 5 million in Q1

2. Based on average exchange rates through Q2 2024. Including Neptune volumes from 1 January 2024

3. Price for volumes sold on gas year ahead from Q4 will be set 1 October 2024

High cash flow generation

USD 711 million Q2 2024 Cash flow from operations (CFFO)

Development capex at lower end of guidance range USD 2.7-2.9 billion

CFFO and Capex

USD million

CFFO Capex¹

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Continued strong liquidity position

Cash and cash equvivalents RCF¹

Continued strong financial position

Committed to maintaining Investment Grade rating

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

20 2. Based on EURO/USD of 1.07

Baa3 BBB

Cash tax sensitivities

Tax payments – sensitivities for 1H 2025¹

USD million²

NOK ~14 billion

2H 2024 tax payments (USD ~1.3 billion)²

1. Price assumptions reflects average for the year

2. Based on NOK/USD 10.5. 21

3. Q4 2024 includes NOK 1.2 billion (USD 0.1 billion) related to 2023 results. Agreed tax payments for Q4 can be adjusted upwards in October

Attractive and predictable dividends

Dividend guidance Q3 2024 270 USD million

Planned dividend for 2024 ~30%

of CFFO after tax

Dividend for Q2 2024 of USD ~0.11 per share to be paid 6 August 2024

Paid in NOK at exchange rate of USD/NOK 10.9446

Guidance and outlook

2024 Longer-term

Production	280-300 kboepd	End-2025: ~400 kboepd 2025-2030: 350-400 kboepd
Production cost	USD 13.5-14.5 per boe	USD ~10 per boe2 End-2025:
Capex	USD 2.7-2.9 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	Cash tax payments of USD ~1.3 billion in 2H 2024 1
Dividends	(~0.11 USD per share) Q2 dividend of USD 270 million For 2024, the plan is to distribute ~30% of CFFO after tax	Dividend of 20-30% of CFFO after tax over the cycle

Continued strong delivery in-line or better than guidance

Strong operational performance in first half 2024

Good financial results

Delivery on growth towards 2025 and unlocking future value

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 %			Dy
PL 025	Brokk/Mju	Equinor	25 %	25		Ongoing
PL 1194	Haydn	OMV AS	30 %	85		Ongoing
PL 1185	Kvernbit	Equinor	20 %	102		Q3
PL 090	Rhombi	Equinor	25 %	37		Q3
PL 229	Countach App	Vår Energi	65 %	21		Q3
PL 554	Garantiana NW	Equinor	30 %	40		Q3
PL 932	Kaldafjell	Aker BP	20 %	168		Q3
PL 1131	Elgol	Vår Energi	40 %	265		Q4
PL 1110	Njargasas	Aker BP	30 %	52		Q4
PL 229	Zagato	Vår Energi	65 %	83		Q4

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 June 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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