Interim report First quarter 2024

Vår Energi - Internal

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 1,300 employees and equity stakes in 47 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

About Vår Energi	2
Key figures	3
Highlights	4
Key metrics and targets	5
Operational review	7
Projects and developments	11
Exploration	12
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	28

(0.5)

Key figures first quarter 2024

(661)

Fourth quarter 2023 in brackets

(857)

Production kboepd 299 (225) Petroleum revenues USD million 1949 (1 679) EBIT USD million 1054 (399) Profit before tax USD million 850 (460) CFFO USD million 1009 Capex USD million 694 FCF USD million 315 NIBD/EBITDAX x 0.7

(196)

First quarter 2024 highlights

Vår Energi reports record high production and strong first quarter results

Strong financial performance

Total income in the quarter was USD 1956 million, an increase of USD 257 million from last quarter
Achieved realised gas price of USD 67 per boe, USD 14 per boe above spot price
Unit production cost better than guidance with USD 12 per boe in the quarter
Solid cash flow from operations of USD 1009 million
Vår Energi included in the Oslo Stock Exchange ESG index: OBX ESG

Continued attractive and predictable dividends

Dividend of USD 270 million (NOK 1.192 per share) for the first quarter will be distributed 8 May
Dividend guidance of USD 270 million for the second quarter of 2024, with a dividend distribution of approximately 30% of CFFO after tax for the full year
Solid balance sheet following Neptune acquisition with leverage ratio of 0.7x

Good operational performance

Production of 299 kboepd, an increase of 33% from previous quarter
Breidablikk at plateau in first quarter
Neptune Energy Norge acquisition closed 31 January 2024, and consolidated from 1 January 2024

Progressing towards ~400 kboepd by end-2025 and unlocking future value

Johan Castberg and Balder X projects making progress towards completion, targeted start-up's maintained in fourth quarter 2024
7 of 8 sanctioned projects with start-up by end-2025 are more than 50% complete
Discovery at Ringhorne North in the Balder Area

KPIs (USD million unless otherwise stated)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023
Actual serious injury frequency (x, 12 months rolling)	0.1	0.0	0.0	0.1	0.0
CO2 emissions intensity (equity share, kg/boe)	10.0	11.0	12.3	10.0	12.0
Production (kboepd)	299	225	214	299	214
Production cost (USD/boe)	12.0	13.9	13.1	12.0	13.1
Cash flow from operations before tax	1 477	1 425	1 935	1 477	1 935
Cash flow from operations (CFFO)	1 009	857	1 358	1 009	1 358
Free cash flow (FCF)	315	196	715	315	715
Dividends paid	270	270	300	270	300

We are pleased to deliver a record high production of 299 thousand barrels of oil equivalent per day (kboepd) for the quarter. As one of the world's fastest growing E&Ps, our commitment to increase production to around 400 kboepd by end 2025 remains firm. Strong financial performance continues to provide attractive and predictable shareholder returns. The quarter was further characterised by good operational performance and the completion of the Neptune Energi Norge acquisition in January. We expect the two organisations to be fully integrated within the second quarter, enabling the realisation of synergies of around USD 500 million post tax over time.

Our key development projects, Johan Castberg and Balder X, continue to progress, with targeted startup's maintained as previously communicated. Also our exploration efforts continue to generate positive results, with the discovery of Ringhorne North in the Balder Area, a potential tie-back to existing infrastructure.

The recent inclusion of Vår Energi in the Oslo Stock Exchange ESG Index is a motivating recognition and adds weight to our commitment to take a leading ESG position."

Key metrics and targets

Income statement	Unit	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023
Total income	USD million	1 956	1 699	2 094	1 956	2 094
EBIT	USD million	1 054	399	1 432	1 054	1 432
Profit/(loss) before taxes	USD million	850	460	1 276	850	1 276
Net profit/(loss)	USD million	100	129	195	100	195
Earnings per share	USD	0.04	0.05	0.08	0.04	0.08
Other financial key figures
Production cost	USD/boe	12.0	13.9	13.1	12.0	13.1
Adjusted net interest-bearing debt (NIBD)	USD million	3 901	2 529	2 372	3 901	2 372
Leverage ratio (NIBD/EBITDAX)		0.7	0.5	0.3	0.7	0.3
Dividend per share	USD	0.11	0.11	0.12	0.11	0.12
Production
Total production	kboepd	299	225	214	299	214
- Oil	kboepd	169	138	119	169	119
- Gas	kboepd	111	74	82	111	82
- NGL	kboepd	19	13	13	19	13
Sales
Crude oil	mmboe	14.5	12.7	10.5	14.5	10.5
Gas	mmboe	9.2	6.1	6.6	9.2	6.6
NGL	mmboe	2.2	1.2	0.9	2.2	0.9
Realised prices
Crude oil	USD/boe	84.2	84.8	83.6	84.2	83.6
Gas	USD/boe	66.6	89.5	175.5	66.6	175.5
NGL	USD/boe	50.9	46.9	54.1	50.9	54.1

2024 guidance (USD million unless otherwise stated)
Full Year Production	kboepd	280-300
Production cost	USD/boe	13.5-14.5
Development capex		2 700-2 900
Exploration capex		~300
Abandonment capex		~100
Dividends for Q1 2024 to be distributed in May		270
Dividend guidance for Q2 payable in Q3 2024		270
Q2 2024 tax payment estimate1		~1000
Long-term financial and operational targets
End-2025 production target	kboepd	~400
2025-2030 production target	kboepd	350-400
	USD/boe	~10
End-2025 production cost2

¹ Assumed NOK/USD 10.5 ² Equivalent to previous guidance of USD 8 per boe, inflationadjusted on Rystad NCS Price Index

Acquisition of Neptune Energy's Norwegian oil and gas assets

On 31 of January 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 end-2025.

Vår Energi's growth strategy is centered around four hub areas with ownership in a total of around 200 NCS licenses, including 47 producing fields, of which 7 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. A highly competent and dedicated team of 1,300 employees will deliver on the growth strategy, supported by

strong safety performance and a clear path for decarbonisation of operations, to drive longterm 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 operates as a subsidiary of Vår Energi ASA. A joint plan for the merger of the two companies were announced in mid-March and the merger is expected to take effect around end of the second quarter of 2024.

A new organisation for the combined company has been established. The organisational go live date is 1May 2024. Vår Energi has decided to use 1 January 2024 for accounting purposes. A full quarter of production and financials from Vår Energi Norge is reflected in the interim first quarter report.

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

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, Ofelia and Calypso

Operational review

Vår Energi's net production of oil, liquids and natural gas averaged 299 kboepd in the first quarter of 2024, an increase of 33% from previous quarter mainly due inclusion of production from Vår Energi Norge's assets and a full quarter of production from Breidablikk development. Compared to the first quarter of 2023, production increased by around 40%.

The Company's production guidance for 2024 is from 280 to 300 kboepd. A full quarter of production from Vår Energi Norge's assets are reflected in the quarterly reporting.

Total production cost was USD 12.0 per boe in the first quarter of 2024 compared to USD 13.9 per boe in the previous quarter. The decrease is mainly due to increased production.

For the full year of 2024 the Company maintains the production cost guidance of USD 13.5 to 14.5 per boe.

Production (kboepd)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Balder Area	54	43	28	54	28
Barents Sea	31	13	18	31	18
North Sea	109	74	83	109	83
Norwegian Sea	105	95	85	105	85
Total Production	299	225	214	299	214

Production split Q1 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)	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023

Balder/Ringhorne	25	27	20	16	16
Grane/Svalin	9	8	11	12	13
Breidablikk	20	9	-	-	-
Total Balder Area	54	43	31	27	28

The Balder Area has a material increase in production with a full quarter production from the Breidablikk field.

A new Ringhorne well was brought on stream in February. The Balder field production efficiency was 96% in the first quarter, down from 98% in the fourth quarter of 2023.

Following the successful start-up of Breidablikk in October last year, the field produced from all 8 initial wells through the first quarter 2024, providing a material increase from the prior quarter. The forward plan is to drill 14 additional wells over the next few years. Drilling on Breidablikk re-commenced with the ninth well in March, expected to be on stream in May, ahead of plan.

Barents Sea

Production (kboepd)	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Goliat	14	13	17	18	18
Snøhvit	17	-	-	-	-
Total Barents Sea	31	13	17	18	18

Production from the Barents Sea Area increased by 18 kboepd in the quarter. The increase was driven by the inclusion of Vår Energi Norge asset Snøhvit, and recovery from an unplanned production outage on Goliat in December.

Production efficiency on Goliat was 94% in the first quarter of 2024, affected by adverse weather conditions and simultaneous operations relating to drilling activities. The production efficiency increased from 82% in the fourth quarter 2023.

Drilling operations for a new infill oil producer at Goliat commenced during the quarter and production is expected to commence in the second quarter 2024. Following completion of the infill well, the rig will drill the high impact exploration well "Venus", west of Johan Castberg.

Goliat will see a scheduled production outage of 10 days during second quarter of 2024, due to subsea maintenance activities.

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, commencing in the second half of 2024.

North Sea

Production (kboepd)	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023

Ekofisk Area	19	19	18	19	20
Snorre	17	18	18	17	19
Gjøa Area	21	-	-	-	-
Gudrun	10	-	-	-	-
Statfjord Area	12	11	11	9	13
Fram	17	7	7	11	12
Sleipner Area	8	10	7	10	10
Other	6	10	10	8	9
Total North Sea	109	74	71	73	83

Production from the North Sea area increased by 36 kboepd in the quarter. The increase was mainly driven by the inclusion of Vår Energi Norge assets Gjøa, Duva, Vega, Gudrun and increased working interest in the Fram field. The Fram production increased versus the fourth quarter of 2023 is due to absence of Troll C turnaround and start-up of a new Fram infill well. The Statfjord East gas lift project started up with additional two wells in the first quarter of 2024.

Gjøa production efficiency was 91% in the first quarter of 2024, down from 94% in the previous quarter, mainly due to planned maintenance and well outages.

In the second quarter of 2024, production from the Eldfisk North subsea development is expected to start-up, and planned maintenance turnarounds, with duration of approximately one month, at Snorre A and Statfjord A will impact production.

Norwegian Sea

Production (kboepd)
	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Åsgard area	35	37	34	37	36
Mikkel	11	11	12	13	14
Tyrihans	14	14	14	14	13
Ormen Lange	9	9	7	5	11
Fenja	18	13	10	5	-
Njord Area	8	3	4	3	-
Norne Area	3	3	3	2	5
Other	6	6	6	7	7
Total Norwegian Sea	105	95	90	84	85

Production from the Norwegian Sea increased by 10 kboepd from the previous quarter mainly related to inclusion of the Vår Energi Norge portfolio.

During the quarter there was an unplanned shutdown at Njord due to a compressor failure resulting in lower production, which is now resolved. The issue at Njord also affected production on Hyme, Bauge and Fenja.

In the second quarter of 2024 there are no planned turnarounds significantly impacting the Norwegian Sea production.

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 Company's project portfolio is well advanced with larger developments of Balder X and Johan Castberg targeting first oil in the fourth quarter of 2024. Of the ten sanctioned projects in the portfolio seven projects are now more than 50% complete.

Balder X

The Balder X project is progressing with high activities on the upgrading of the FPSO¹ at the Rosenberg yard in Norway, offshore installation campaigns and drilling operations with the West Phoenix rig.

Actions taken on the FPSO over recent months to increase both construction volume and commissioning work have yielded results. The Jotun FPSO is around 95% complete, slightly behind the revised schedule and completion of the project is in sight. The key is to complete the remaining construction work in the right sequence to allow commissioning to progress.

A majority of the subsea equipment is installed and 11 wells out of 14 producers are successfully completed. Both drilling and subsea activities are progressing according to schedule.

The Balder X targeted start-up is in fourth quarter 2024, based on completion of the work and inshore sail away in August 2024. However, risk remains if weather conditions will not allow offshore installation activities in the autumn of 2024, in this scenario the worst-case start-up is end second quarter 2025.

Johan Castberg

The development is progressing according to scheduled start-up in the fourth quarter 2024. The FPSO is currently at the Stord yard in Norway, where completion and commissioning activities of the FPSO are progressing with a high activity level. Preparations for the inshore test phase prior to sail away during summer 2024, offshore installation and hook-up phase is ongoing. All subsea installations are complete, and 12 of the 15 development wells planned for start-up have been drilled and completed.

1 Floating Production Storage and Offloading vessel

Exploration

During the first quarter, Vår Energi made a discovery in the Ringhorne North well, located in the Balder Area in PL 956, and 8 km from the Ringhorne platform. The preliminary assessment of the discovery is in the range of 13-23 mmboe gross recoverable resources.

The Vår Energi operated Cerisa well, in PL 636, was spudded at the end of the quarter and the operations are still ongoing.

The operated activity in the Balder Area that started in late 2023, with the drilling of Hubert and Magellan wells, completed in early 2024 and both wells were dry.

The Company is increasing exploration activity in 2024 from 2023, with involvement in 16 planned wells, of which eight are operated by Vår Energi. The 2024 exploration programme is targeting over 150 mmboe of net risked prospective resources and with estimated annual spend of approximately USD 300 million.

Health, safety, security and the environment (HSSE)

Key HSSE indicators	Unit	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023

Serious incident frequency (SIF Actual)1 12M rolling avg	Per mill. exp. Hours	0.1	0.0	0.0	0.0	0.0
Serious incident frequency (SIF)1 12M rolling avg	Per mill. exp. Hours	0.5	0.4	0.5	0.6	0.5
Total recordable injury frequency (TRIF)2 12M rolling avg	Per mill. exp. Hours	1.9	1.9	1.9	2.8	3.8
Significant spill	Count	0.0	0.0	0.0	0.0	0.0
Process safety events Tier 1 and 23	Count	0.0	0.0	0.0	0.0	0.0
CO2 emissions intensity (equity share)4,5	Kg CO2/boe	10.0	11.0	12.3	12.6	12.3

Vår Energi's commitment to safety, and to continue the positive development on safety performance, remains strong. The company continues to implement the safety tools and improvement initiatives proven to work in 2023, in close collaboration with our partners and contractors. In the first quarter, however, the Company experienced one actual and one potential serious incident. The actual serious incident was related to the icy conditions where one person unfortunately

fractured a shoulder. The Company extracts all possible learnings from such incidents to make sure to avoid similar events in the future.

The CO² intensity KPI for 2024 has been changed from operational control to equity share to be more in line with the expectations in the upcoming European Sustainability Reporting Standard (ESRS).

¹ SIF: Serious incident and near-misses per million worked hours. Includes actual and potential consequence. SIF Actual: incidents that have an actual serious consequence. VENAS included from 1 January 2024.

² TRIF: Personal injuries requiring medical treatment per million worked hours. Reporting boundaries SIF & TRIF: Health and safety incident data is reported for company sites as well as contracted. VENAS included from 1 January 2024.

drilling rigs, floatels, vessels, projects and modifications, and transportation of personnel, using a risk-based approach.

³ Classified according to IOGP RP 456.

⁴ Direct Scope 1 emissions of CO² (kg equity based (net equity share) of company portfolio Kilograms (kg) of CO² per produced barrel of oil equivalent. VENAS 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

Vår Energi has a clear path to more than 50% emissions reduction equity share by 2030 for scope 1¹ . The three main levers to achieve this are: electrification, portfolio optimisation and energy management.

By 2030 around 70% of net production will 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 full electrification being planned. The Sleipner field centre, along with the Gudrun platform, started receiving power from shore in March 2024.

Sustainability reporting throughout 2023 has given good results. Sustainalytics ranked Vår Energi 12th of 307 rated oil and gas producers. In January 2024, Vår Energi was recognised as one out of 19 companies within the industry on the Sustainalytics ESG Industry Top-Rated Companies. The CDP rating received in March for 2023 was scored B, in line with previous rating.

In March Vår Energi was included in the Oslo Stock exchange ESG index as the only Oil and Gas company. In the quarter 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.

The first quarter scope 1 net equity CO² emissions intensity was 10.0kg CO2 per boe, versus 11.0 kg CO² per boe in the fourth quarter 2023.

For the first quarter of 2024 the methane emission intensity for Vår Energi is 0.02%, well below the Near Zero levels2 . Vår Energi became a member of Oil & Gas Methane Partnership (OGMP) in April 2024. OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the industry that improves the accuracy and transparency of methane emissions reporting.

¹Baseline year 2005 2 Near zero below 0.20% as per OGCI definition

Financial review

Key figures

Key figures (USD million)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Total income	1 956	1 699	2 094	1 956	2 094
Production costs	(382)	(306)	(252)	(382)	(252)
Other operating expenses	16	(50)	(47)	16	(47)
EBITDAX	1 589	1 343	1 794	1 589	1 794
Exploration expenses	(33)	(11)	(22)	(33)	(22)
EBITDA	1 556	1 332	1 773	1 556	1 773
Depreciation and amortisation	(503)	(406)	(340)	(503)	(340)
Impairment loss and reversals	-	(526)	-	-	-
Net financial income/(expenses)	(19)	(25)	(30)	(19)	(30)
Net exchange rate gain/(loss)	(185)	86	(127)	(185)	(127)
Profit/(loss) before taxes	850	460	1 276	850	1 276
Income tax (expense)/income	(750)	(331)	(1 081)	(750)	(1 081)
Profit/(loss) for the period	100	129	195	100	195

Total income in the first quarter amounted to USD 1 956 million, an increase of USD 257 million compared to previous quarter mainly due to inclusion of Vår Energi Norge and higher sales volumes, partly offset by lower gas prices. Sold volumes increased by 29% to 25.9 mmboe in the quarter. Realised crude price decreased by 1% in the quarter to USD 84.2 per boe while realised gas price decreased by 26% in the quarter to USD 66.6 per boe.

Production cost in the first quarter amounted to USD 382 million, an increase of USD 75 million compared to the previous quarter mainly driven by inclusion of Vår Energi Norge and changes in over/underlift, partly offset by reduced cost across the portfolio.

The average production cost per barrel produced decreased to USD 12.0 per boe in the quarter, compared to USD 13.9 per boe in previous quarter mainly driven by inclusion of Vår Energi Norge and higher production in the quarter.

Other operating expenses in the first quarter decreased by USD 65 million compared to the previous quarter mainly due to updated

estimate for a contingent consideration to ExxonMobil related to the Forseti structure.

Exploration expenses in the first quarter increased to USD 33 million compared to USD 11 million in prior quarter.

Depreciation and amortisation in the first quarter amounted to USD 503 million, an increase of USD 97 million compared to the previous quarter. The change is mainly related to inclusion of Vår Energi Norge.

Net exchange rate loss in the first quarter amounted to USD 185 million due to the weakening of NOK versus USD in the period.

Profit before taxes in the first quarter amounted to USD 850 million compared to USD 460 million in the prior quarter. Income tax expense in the first quarter amounted to USD 750 million, an increase of USD 419 million compared to the previous quarter. The effective tax rate for the quarter was 88%, mainly impacted by the exchange rate loss taxed at 22%.

Profit for the period amounted to USD 100 million, a decrease of USD 29 million compared to the previous quarter, mainly due to the exchange rate loss and related tax effect, partly offset by absence of impairment and inclusion of Vår Energi Norge.

Revenues and prices

Total income (USD million)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023
Revenue from crude oil sales	1 222	1 078	881	1 222	881
Revenue from gas sales	611	543	1 161	611	1 161
Revenue from NGL sales	110	58	47	110	47
Hedge	5	-	-	5	-
Total Petroleum Revenues	1 949	1 679	2 089	1 949	2 089

Other Operating Income	7	20	4	7	4
Total Income	1 956	1 699	2 094	1 956	2 094

Sales volumes (mmboe)
Sales of crude	14.5	12.7	10.5	14.5	10.5
Sales of gas	9.2	6.1	6.6	9.2	6.6
Sales of NGL	2.2	1.2	0.9	2.2	0.9
Total Sales Volumes	25.9	20.0	18.0	25.9	18.0

Realised prices (USD/boe)
Crude oil	84.2	84.8	83.6	84.2	83.6
Gas	66.6	89.5	175.5	66.6	175.5
NGL	50.9	46.9	54.1	50.9	54.1
Average realised prices	75.4	83.9	115.9	75.4	115.9

Vår Energi obtained an average realised price of USD 75.4 per boe in the quarter. The realised gas price of USD 66.6 per boe was a result of fixed price contracts and flexible gas sales agreements, allowing for optimisation of indices. In the first quarter, fixed price sales represented 16% of total gas sales with an average price of USD 134 per boe. Vår Energi's realised gas price in first quarter is about USD 14 per boe above spot prices.

Vår Energi continue to execute fixed price transactions. As of 31 March 2024, the Company has entered into the following transactions:

Approximately 16% of the gas production for the second quarter of 2024 has been sold on a fixed price basis at an average price around USD 131 per boe.
Approximately 18% of the gas production for the third quarter of 2024 has been sold on a fixed price basis at an average price around USD 133 per boe.
For the fourth quarter of 2024, Vår Energi has sold approximately 4% of its estimated gas production with pricing linked to the Gas Year Ahead product with a pricing period from 1 October 2023 to 30 September 2024. At the time of nomination (September 2023), it was assessed that the price for the gas year ahead product was undervalued by the market, and it was decided to limit the exposure to gas year ahead product to 4%.

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

Consolidated statement of financial position

USD million	31 Mar 2024	31 Dec 2023	31 Mar 2023
Goodwill	3	1	1
	282	958	900
Property, plant and equipment	16	15	14
	320	237	111
Other non-current assets	620	435	468
Cash and cash equivalents	722	735	769
Other current assets	1 188	924	1 011
Total assets	22	19	18
	132	289	258

Equity	1	1	1
	473	768	289
Interest-bearing loans and borrowings	4	3	2
	524	147	956
Deferred tax liabilities	9	8	7
	890	943	975
Asset retirement obligations	3	3	3
	335	295	129
Taxes payable	1 606	964	1 846
Other liabilities	1	1	1
	303	172	062
Total equity and liabilities	22	19	18
	132	289	258

Cash and cash equivalents	722	735	769
Revolving credit facilities	1	3	3
	600	000	000
Total available liquidity	2	3	3
	322	735	769

Adjusted net interest-bearing debt (NIBD)	3	2	2
	901	529	372
EBITDAX 4 quarters rolling	5	5	8
	347	552	149
Leverage ratio (NIBD/EBITDAX)	0.7	0.5	0.3

Total assets at the end of the first quarter amounted to USD 22 132 million, an increase from USD 19 289 million at the end of the previous quarter. Non-current assets were USD 20 222 million and current assets were USD 1 910 million at the end of the first quarter.

Total equity amounted to USD 1 473 million at the end of the first quarter, corresponding to an equity ratio of about 7%. Total equity amounted to USD 1 768 million in the previous quarter.

Total available liquidity amounted to USD 2 322 million at the end of the first quarter, compared to USD 3 735 million at the end of the previous quarter. Undrawn credit facilities at the end of the first quarter were USD 1 600 million and total cash and cash equivalents were USD 722 million.

Adjusted interest-bearing debt (NIBD) at end of the first quarter was USD 3 901 million, an increase of USD 1 372 million from the previous quarter mainly related to the payment of the consideration of Vår Energi Norge at the end of January.

The Company maintains a strong financial position with a leverage ratio (NIBD/EBITDAX) of 0.7x at the end of the first quarter, an increase compared to the end of the previous quarter.

Consolidated statement of cash flow

USD million	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Cash flow from operating activities	1 009	857	1 358	1 009	1 358
Cash flow used in investing activities	(2 038)	(670)	(650)	(2 038)	(650)
Cash flow from financing activities	1 034	(71)	(348)	1 034	(348)
Effect of exchange rate fluctuation	(18)	23	(36)	(18)	(36)
Change in cash and cash equivalents	(13)	140	324	(13)	324
Cash and cash equivalents, end of period	722	735	769	722	769

Net cash flows from operating activities (CFFO)	1 009	857	1 358	1 009	1 358
CAPEX	694	661	642	694	642
Free cash flow	315	196	715	315	715

Capex coverage (CFFO)/Capex)	1.5	1.3	2.1	1.5	2.1

Cash flow from operating activities (CFFO) was USD 1 009 million in the first quarter, an increase of USD 152 million from the previous quarter. This was mainly due to increased revenue and one tax instalment paid in the first quarter.

Net cash used in investing activities was USD 2 038 million in the quarter, whereof USD 1 331 million (restated as at 1 January 2024) was related to the acquisition of Neptune Energy Norge AS and USD 644 million was related to PP&E expenditures. Investments in the Balder Area and at Johan Castberg represented around 62% of these expenditures.

Net cash inflow from financing activities amounted to USD 1 034 million in the quarter. Cash inflow in the first quarter consisted of drawdowns on the working capital revolving credit facility offset by interest and dividend paid.

Free cash flow (FCF) was USD 315 million in the quarter, compared to USD 196 million in the previous quarter. The increase is mainly driven by higher cash flow from operations in the first quarter.

The capex coverage was 1.5 in the first quarter, up from 1.3 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 280-300 kboepd.

For 2024, the Company expects development capex between USD 2 700 and 2 900 million, around USD 300 million in exploration capex and around USD 100 million in abandonment capex.

Production cost is expected to be between USD 13.5 and 14.5 per boe.

Vår Energi's material cash flow generation and investment grade balance sheet support attractive and resilient dividend distributions. For the second 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, as well as 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 and ripple-effect after the Covid-19 pandemic compounds resource availability challenges. These external factors 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, Adjusted NIBD/EBITDAX Ratio, TIBD/EBITDAX 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.
"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.
"TIBD/EBITDAX" is defined by Vår Energi as interest-bearing loans and borrowings and lease liabilities as a ratio of EBITDAX.
"Adjusted TIBD/EBITDAX" is defined by Vår Energi as interestbearing loans and borrowings (but excluding lease liabilities) as a ratio of EBITDAX.

Financial statements with note disclosures

	Unaudited consolidated statement of comprehensive income	22	Note 12	Impairment	37
Unaudited consolidated	balance sheet statement	23	Note 13	Trade receivables	39
	Unaudited consolidated statement of changes in equity	25	Note 14	Other current receivables and financial assets	39
	Unaudited consolidated statement of cash flows	26	Note 15	Financial instruments	39
Notes		28	Note 16	Cash and cash equivalents	41
Note 1	Summary of IFRS accounting principles and prior year restatements	28	Note 17	Share capital and shareholders	41
Note 2	Business combination	28	Note 18	Hybrid Capital	41
Note 3	Income	30	Note 19	Financial liabilities and borrowings	42
Note 4	Production costs	31	Note 20	Asset retirement obligations	43
Note 5	Other operating expenses	31	Note 21	Other current liabilities	43
Note 6	Exploration expenses	32	Note 22	Commitments, provisions and contingent consideration	44
Note 7	Financial items	32	Note 23	Lease agreements	44
Note 8	Income taxes	33	Note 24	Related party transactions	45
Note 9	Intangible assets	35	Note 25	License ownerships	46
Note 10	Tangible assets	36	Note 26	Subsequent events	47
Note 11	Right of use assets	37

Unaudited consolidated statement of comprehensive income

USD 1000, except earnings per share data	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023
Petroleum revenues	3	1 948 804	1 678 963	2 089 383	1 948 804	2 089 383
Other operating income		6 824	19 868	4 492	6 824	4 492
Total income		1 955 628	1 698 831	2 093 875	1 955 628	2 093 875
Production costs	4	(381 787)	(306 304)	(252 268)	(381 787)	(252 268)
Exploration expenses	6 , 9	(33 228)	(11 130)	(21 668)	(33 228)	(21 668)
Depreciation and amortisation	10 , 11	(502 575)	(405 954)	(340 323)	(502 575)	(340 323)
Impairment loss and reversals	9 , 10 , 12	-	(526 427)	-	-	-
Other operating expenses	5	15 638	(49 810)	(47 180)	15 638	(47 180)
Total operating expenses		(901 952)	(1 299 625)	(661 439)	(901 952)	(661 439)
Operating profit/(loss)		1 053 676	399 206	1 432 435	1 053 676	1 432 435
Net financial income/(expenses)	7	(18 702)	(25 330)	(29 598)	(18 702)	(29 598)
Net exchange rate gain/(loss)	7	(184 979)	85 769	(126 784)	(184 979)	(126 784)
Profit/(loss) before taxes		849 994	459 645	1 276 053	849 994	1 276 053
Income tax (expense)/income	8	(749 903)	(331 001)	(1 081 093)	(749 903)	(1 081 093)
Profit/(loss) for the period		100 091	128 644	194 961	100 091	194 961
Attributable to:
Holders of ordinary shares		84 491	128 644	194 961	84 491	194 961
Dividends on hybrid capital	18	15 600	-	-	15 600	-
Profit / (loss) for the period		100 091	128 644	194 961	100 091	194 961
Other comprehensive income (items that may be reclassified subsequently to the income statement)
Currency translation differences		(98 055)	76 396	(86 418)	(98 055)	(86 418)
Net gain/(loss) on options used for hedging		(4 638)	5 797	(104)	(4 638)	(104)
Other comprehensive income for the period, net of tax		(102 693)	82 193	(86 523)	(102 693)	(86 523)
Total comprehensive income		(2 602)	210 837	108 438	(2 602)	108 438
Earnings per share
EPS Basic	17	0.04	0.05	0.08	0.04	0.08
EPS Diluted	17	0.04	0.05	0.08	0.04	0.08

Unaudited consolidated balance sheet statement

USD 1000	Note	31 Mar 2024	31 Dec 2023	31 Mar 2023

ASSETS
Non-current assets
Intangible assets
Goodwill	9	3 282 078	1 958 478	1 900 025
Capitalised exploration wells	9	291 352	276 504	243 811
Other intangible assets	9	259 185	83 060	80 644
Tangible fixed assets
Property, plant and equipment	10	16 320 353	15 237 078	14 110 732
Right of use assets	11	55 363	73 812	142 298
Financial assets
Investment in shares		1 446	739	718
Other non-current assets	2	12 715	745	302
Total non-current assets		20 222 493	17 630 416	16 478 529

Current assets
Inventories		248 097	251 503	262 734
Trade receivables	13 , 24	527 026	362 895	490 430
Other current receivables and financial assets	14	412 842	309 472	257 478
Cash and cash equivalents	16	721 622	734 914	768 843
Total current assets		1 909 588	1 658 783	1 779 485
TOTAL ASSETS		22 132 081	19 289 199	18 258 014

Unaudited consolidated balance sheet statement - continued

USD 1000	Note	31 Mar 2024	31 Dec 2023	31 Mar 2023		Sandnes, 22 April 2024 Signed Electronically

EQUITY AND LIABILITIES
Equity
Share capital	17	45 972	45 972	45 972	Thorhild Widvey	Liv Monica Bargem Stubholt
Share premium		488 181	758 181	1 568 181	Chair	Deputy Chair
Hybrid capital	18	799 461	799 461	-
Other equity		139 673	164 414	(324 870)	Francesco Gattei	Guido Brusco
Total equity		1 473 286	1 768 026	1 289 282	Director	Director
Non-current liabilities					Clara Andreoletti	Marica Calabrese
Interest-bearing loans and borrowings	19	4 524 485	3 146 582	2 456 366	Director	Director
Deferred tax liabilities	8	9 890 470	8 943 019	7 975 099
Asset retirement obligations	20	3 255 193	3 207 667	3 070 552	Fabio Ignazio Romeo	Ove Gusevik
Pension liabilities	2	22 836	-	-	Director	Director
Lease liabilities, non-current	23	53 556	17 663	86 151
Other non-current liabilities		116 402	82 149	153 289	Martha Skjæveland	Hege Susanne Blåsternes
Total non-current liabilities		17 862 942	15 397 080	13 741 457	Director,	Director,
					employee elected representative	employee elected representative
Current liabilities
Asset retirement obligations, current	20	79 348	87 385	58 400	Bjørn Nysted	Jan Inge Nesheim
Accounts payables	24	419 348	328 951	257 638	Director,	Director,
Taxes payable	8	1 606 460	964 414	1 845 929	employee elected representative	employee elected representative
Interest-bearing loans, current	19	-	-	500 000
Lease liabilities, current	23	44 639	99 265	98 684		Nicholas John Robert Walker
Other current liabilities	21	646 058	644 079	466 625		Chief Executive Officer
Total current liabilities		2 795 853	2 124 093	3 227 275
Total liabilities		20 658 795	17 521 173	16 968 732
TOTAL EQUITY AND LIABILITIES		22 132 081	19 289 199	18 258 014

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 at 1 January 2023		45 972	1 868 181		9 943	(425 881)	(16 644)	1 481 571
Profit/(loss) for the period		-	-	-	194 961	-	-	194 961
Other comprehensive income/(loss)		-	-	-	-	(86 418)	(104)	(86 523)
Total comprehensive income/(loss)		-	-	-	194 961	(86 418)	(104)	108 438
Dividends paid		-	(300 000)		-	-	-	(300 000)
Share-based payment		-	-	-	1 023	-	-	1 023
Other		-	-	-	(1 749)	-	-	(1 749)
Balance at 31 March 2023		45 972	1 568 181		204 177	(512 299)	(16 749)	1 289 283
		-	-	-	-	-	-	-
Balance at 31 March 2023		45 972	1 568 181		204 177	(512 299)	(16 749)	1 289 283
Profit/(loss) for the period		-	-	-	415 268	-	-	415 268
Other comprehensive income/(loss)		-	-	-	-	68 815	2 062	70 876
Total comprehensive income/(loss)		-	-	-	415 268	68 815	2 062	486 144
Dividends paid		-	(810 000)		-	-	-	(810 000)
Share-based payments		-	-	-	3 192	-	-	3 192
Hybrid bond issue		-	-	799 461	-	-	-	799 461
Other		-	-	-	(52)	-	-	(52)
Balance at 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	84 491	-	-	100 091
Other comprehensive income/(loss)		-	-	-	-	(98 055)	(4 639)	(102 693)
Total comprehensive income/(loss)		-	-	-	84 491	(98 055)	(4 639)	(2 602)
Dividends paid		-	(270 000)	(15 600)	-	-	-	(285 600)
Share-based payments		-	-	-	(6 538)	-	-	(6 538)
Other		-	-	-	(11 381)	-	11 381	-
Balance at 31 March 2024		45 972	488 181	799 461	689 156	(541 539)	(7 944)	1 473 286

Unaudited consolidated statement of cash flows

USD 1000	Notes	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Profit/(loss) before income taxes		849 994	459 645	1 276 054	849 994	1 276 054
Adjustments to reconcile profit before tax to net cash flows:
- Depreciation and amortisation	10 , 11	502 575	405 954	340 323	502 575	340 323
- Impairment loss and reversals	9 , 10	-	526 427	-	-	-
- (Gain) / loss on sale and retirement of assets	5	91	(24 531)	8 273	91	8 273
- Expensed capitalised dry wells	6 , 9	18 414	4 177	17 073	18 414	17 073
- Accretion expenses (asset retirement obligation)	7 , 20	28 389	26 266	24 377	28 389	24 377
- Unrealised (gain)/loss on foreign currency transactions and balances	7	186 126	(94 933)	174 557	186 126	174 557
- Realised foreign exchange (gain)/loss related to financing activities		1 536	(2 023)	-	1 536	-
- Other non-cash items and reclassifications		(58 603)	50 536	(24 935)	(58 603)	(24 935)
Working capital adjustments:
- Changes in inventories, accounts payable and receivable		48 166	84 276	186 543	48 166	186 543
- Changes in other current balance sheet items	14 , 21	(99 472)	(10 509)	(67 410)	(99 472)	(67 410)
Income tax received/(paid)	8	(468 085)	(568 147)	(577 326)	(468 085)	(577 326)
Net cash flow from operating activities		1 009 131	857 138	1 357 529	1 009 131	1 357 529
Cash flow from investing activities
Expenditures on exploration and evaluation assets	9	(50 275)	(16 284)	(43 010)	(50 275)	(43 010)
Expenditures on property, plant and equipment	10	(643 695)	(644 770)	(599 420)	(643 695)	(599 420)
Payment for decommissioning of oil and gas fields	20	(13 831)	(22 584)	(7 129)	(13 831)	(7 129)
Proceeds from sale of assets (sales price)		-	13 602	-	-	-
Net cash used on business combination	2	(1 330 662)	-	-	(1 330 662)	-
Net cash used in investing activities		(2 038 463)	(670 036)	(649 559)	(2 038 463)	(649 559)

Unaudited consolidated statement of cash flows - continued

USD 1000	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Cash flows from financing activities
Dividends paid		(270 000)	(270 000)	(300 000)	(270 000)	(300 000)
Dividends distributed to hybrid owners		(15 600)	-	-	(15 600)	-
Net proceeds from hybrid bond issue		-	808 170	-	-	-
Net proceeds/(payments) of revolving credit facilities	19	1 400 000	(500 000)	-	1 400 000	-
Payment of principal portion of lease ability	23	(24 509)	(23 690)	(23 488)	(24 509)	(23 488)
Interest paid		(55 601)	(85 317)	(24 101)	(55 601)	(24 101)
Net cash from financing activities		1 034 290	(70 837)	(347 589)	1 034 290	(347 589)

Net change in cash and cash equivalents		4 958	116 265	360 381	4 958	360 381
Cash and cash equivalents, beginning of period		734 914	595 306	444 607	734 914	444 607
Effect of exchange rate fluctuation on cash		(18 250)	23 342	(36 145)	(18 250)	(36 145)
Cash and cash equivalents, end of period		721 622	734 913	768 843	721 622	768 843

Notes

(All figures in USD 1000 unless otherwise stated)

The interim condensed consolidated financial statements for the period ended 31 March 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. Following completion Neptune Energy Norge changed its name to Vår Energi Norge AS ("VENAS") and operates as a subsidiary of Vår Energi ASA. 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 for the first quarter of 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 22 April 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. Vår Energi has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Vår Energi has through the Neptune 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 IFRS13. 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
	1 463 922
Other intangible assets	192 499
Property, plant and equipment	1 975 424
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	189 637
Cash and cash equivalents	776 102
Total assets	4 810 056
Deferred tax liabilities	1 304 198
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	2 703 292
Net assets and liabilities recognised	2 106 764
Fair value of consideration paid on acquisition	2 106 764

The goodwill of USD 1 460 million arises principally because of the following factors:

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").
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	160 519
Goodwill as a result of deferred tax - technical goodwill	1 303 403
Net goodwill from the acquisition of Neptune Norway	1 463 922

Vår Energi Norge AS contributed with USD 198 million of operating profit during the first quarter 2024.

The purchase price allocation above is 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)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Revenue from crude oil sales	1 221 893	1 078 193	881 069	1 221 893	881 069
Revenue from gas sales	611 459	542 581	1 160 970	611 459	1 160 970
Revenue from NGL sales	110 392	58 189	47 344	110 392	47 344
Gains from hedging	5 061	-	-	5 061	-
Total petroleum revenues	1 948 804	1 678 963	2 089 383	1 948 804	2 089 383

Sales of crude (boe 1000)	14 505	12 712	10 542	14 505	10 542
Sales of gas (boe 1000)	9 179	6 065	6 615	9 179	6 615
Sales of NGL (boe 1000)	2 167	1 241	875	2 167	875

Other operating income (USD 1000)	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Gain/(loss) from sale of assets	1 731	15 325	-	1 731	-
Partner share of lease cost	3 145	2 715	2 757	3 145	2 757
Other operating income	1 948	1 828	1 735	1 948	1 735
Total other operating income	6 824	19 868	4 492	6 824	4 492

Note 4 Production Costs

USD 1000	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Cost of operations		205 977	205 696	157 348	205 977	157 348
Transportation and processing		66 518	40 728	48 276	66 518	48 276
Environmental taxes		37 549	31 895	30 278	37 549	30 278
Insurance premium		15 477	8 911	16 175	15 477	16 175
Production cost based on produced volumes		325 521	287 230	252 078	325 521	252 078

Back-up cost shuttle tankers		960	5 510	746	960	746
Changes in over/(underlift)		45 063	4 568	(9 902)	45 063	(9 902)
Premium expense for crude put options	15	10 244	8 996	9 347	10 244	9 347
Production cost based on sold volumes		381 787	306 304	252 268	381 787	252 268

Total produced volumes (boe 1000)		27 183	20 691	19 298	27 183	19 298
Production cost per boe produced (USD/boe)		12.0	13.9	13.1	12.0	13.1

Note 5 Other operating expenses

USD 1000	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

R&D expenses		7 276	4 611	16 046	7 276	16 046
Pre-production costs		11 874	9 679	10 821	11 874	10 821
Guarantee fee decommissioning obligation		5 294	3 583	5 068	5 294	5 068
Administration expenses		10 483	7 958	6 964	10 483	6 964
Integration cost		8 263	11 644	-	8 263	-
Value adjustment contingent considerations	22	(58 976)	-	-	(58 976)	-
Other expenses		149	12 336	8 280	149	8 280
Total other operating expenses		(15 638)	49 810	47 180	(15 638)	47 180

Value adjustment of the contingent consideration to ExxonMobil related to the Forseti structure decreased by USD 59 million during first quarter due to change in estimate. For additional information, please refer to note 22

Note 6 Exploration expenses

USD 1000	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023
Seismic		6 586	5 115	(409)	6 586	(409)
Area fee		2 979	989	2 299	2 979	2 299
Dry well expenses	9	18 416	4 177	17 073	18 416	17 073
Other exploration expenses		5 246	849	2 705	5 246	2 705
Total exloration expenses		33 228	11 130	21 668	33 228	21 668

Dry well expenses in 2024 are mainly related to the exploration wells targeting the Hubert and Magellan prospects in PL 917.

Note 7 Financial items

USD 1000	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Interest income		10 664	3 890	2 362	10 664	2 362
Interests on debts and borrowings	19	(77 537)	(65 036)	(57 401)	(77 537)	(57 401)
Interest on lease debt		(1 298)	(1 310)	(1 803)	(1 298)	(1 803)
Capitalised interest cost, development projects		79 852	66 194	57 476	79 852	57 476
Amortisation of fees and expenses		(2 231)	(2 176)	(3 705)	(2 231)	(3 705)
Accretion expenses (asset retirement obligation)	20	(28 389)	(26 266)	(24 377)	(28 389)	(24 377)
Other financial expenses		(581)	(1 034)	(2 150)	(581)	(2 150)
Change in fair value of hedges (ineffectiveness)		817	408	-	817	-
Net financial income/(expenses)		(18 702)	(25 330)	(29 598)	(18 702)	(29 598)
Unrealised exchange rate gain/(loss)		(186 126)	94 933	(174 557)	(186 126)	(174 557)
Realised exchange rate gain/(loss)		1 147	(9 163)	47 773	1 147	47 773
Net exchange rate gain/(loss)		(184 979)	85 769	(126 784)	(184 979)	(126 784)
Net financial items		(203 682)	60 439	(156 382)	(203 682)	(156 382)

Vår Energi's functional currency is NOK, whilst interest bearing loans and bonds are in USD and EUR. The weakening of NOK during the first quarter of 2024 caused unrealised exchange loss of USD 186 million.

Note 8 Income taxes

USD 1000	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Current period tax payable/(receivable)	502 651	407 721	745 640	502 651	745 640
Prior period adjustment to current tax	(3)	(7 847)	1	(3)	1
Current tax expense/(income)	502 647	399 874	745 641	502 647	745 641

Deferred tax expense/(income)	247 256	(68 873)	335 452	247 256	335 452
Tax expense/(income) in profit and loss	749 903	331 001	1 081 093	749 903	1 081 093
Effective tax rate in %	88%	72%	85%	88%	85%
Tax expense/(income) in put option used for hedging	(1 308)	1 880	(351)	(1 395)	(351)
Tax expense/(income) in other comprehensive income	748 595	332 881	1 080 742	748 508	1 080 742

Reconciliation of tax expense	Tax rate	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Marginal (78%) tax rate on profit/loss before tax	78%	663 029	358 542	995 372	663 029	995 372
Tax effect of uplift	71,8%	(5 452)	(6 584)	(10 479)	(5 452)	(10 479)
Tax effects of items taxed at other than marginal (78%) tax rate1	56%	143 677	843	90 634	143 677	90 634
Tax effects of acquisition, sale and swap of licenses2		-	(10 955)	-	-	-
Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions	78%	(51 351)	(10 844)	5 565	(51 351)	5 565
Tax expense/(income)		749 903	331 001	1 081 093	749 903	1 081 093

¹The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by interest and fluctuation in currency exchange rate on the company's external borrowings. ²Working interest in Brage field sold in the fourth quarter 2023.

Note 8 Income taxes - continued

Deferred tax asset/(liability)	Note	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Deferred tax asset/(liability) at beginning of period		(8 943 019)	(8 599 059)	(8 127 971)	(8 943 019)	(8 127 971)
Current period deferred tax income/(expense)		(247 256)	68 873	(335 452)	(247 256)	(335 452)
Deferred taxes related to business combinations3	2	(1 304 198)	-	-	(1 304 198)	-
Deferred taxes related to acquisition, sale and swap of licenses2		-	(23 449)	-	-	-
Deferred taxes recognised directly in OCI or equity		1 308	(1 880)	351	1 395	351
Currency translation effects		602 694	(387 503)	487 973	602 608	487 973
Net deferred tax asset/(liability) as of closing balance		(9 890 470)	(8 943 019)	(7 975 099)	(9 890 470)	(7 975 099)

Tax payable	Q1 2024	Q4 2023	Q1 2023	YTD 2024	YTD 2023

Tax payable at beginning of period	(964 414)	(1 092 568)	(1 778 222)	(964 414)	(1 778 222)
Current period payable taxes	(502 651)	(407 721)	(745 640)	(502 651)	(745 640)
Payable taxes related to business combinations3 2	(705 916)	-	-	(705 916)	-
Net tax payments	468 085	568 147	577 326	468 085	577 326
Prior period adjustments and change in estimate of uncertain tax positions	3	7 847	(1)	3	(1)
Currency translation effects	98 433	(40 119)	100 607	98 433	100 607
Net tax payable as of closing balance	(1 606 460)	(964 414)	(1 845 929)	(1 606 460)	(1 845 929)

²Working interest in Brage field sold in Q4 2023.

3Aquisition of Neptune Energy Norge.

Note 9 Intangible assets

USD 1000	Goodwill	Other intangible assets	Capitalised exploration wells	Total	USD 1000	Note	Goodwill	Other intangible assets	Capitalised exploration wells	Total
Cost as at 1 January 2023	4 481 939	93 515	225 287	4 800 740	Cost as at 1 January 2024		4 344 628	83 060	276 504	4 704 193
Additions	-	-	113 107	113 107	Additions		-	16	50 275	50 291
Additions through business combination	-	-	-	-	Additions through business combination	2	1 463 922	192 499	(0)	1 656 421
Reclassification	-	(7 292)	(14 381)	(21 674)	Reclassification		-	-	-	-
Disposals/expensed exploration wells	1 463	(0)	(40 928)	(39 465)	Disposals/expensed exploration wells	6	-	(91)	(18 416)	(18 507)
Currency translation effects	(138 774)	(3 162)	(6 580)	(148 516)	Currency translation effects		(279 213)	(16 038)	(17 013)	(312 264)
Cost as at 31 December 2023	4 344 628	83 060	276 504	4 704 193	Cost as at 31 March 2024		5 529 337	259 446	291 351	6 080 134
Depreciation and impairment as at 1 January 2023	(2 462 426)	-	-	(2 462 426)	Depreciation and impairment as at 1 January 2024		(2 386 150)	-	-	(2 386 150)
Depreciation	-	-	-	-	Depreciation		-	(268)	-	(268)
Currency translation effects	76 276	-	-	76 276	Currency translation effects		138 891	7	-	138 898
Depreciation and impairment as at 31 December 2023	(2 386 150)	-	-	(2 386 150)	Depreciation and impairment as at 31 March 2024		(2 247 259)	(261)	-	(2 247 520)
Net book value as at 31 December 2023	1 958 478	83 060	276 504	2 318 042	Net book value as at 31 March 2024		3 282 078	259 185	291 351	3 832 613

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

Note 10 Tangible assets

USD 1000	Note	Wells and production facilities	Facilities under construction	Other property, plant and equipment	Total	USD 1000	Note	Wells and production facilities	Facilities under construction	Other property, plant and equipment	Total
Cost as at 1 January 2023		14 110 298	6 307 507	53 587	20 471 393	Cost as at 1 January 2024		16 490 192	6 310 238	86 934	22 887 364
Additions		1 024 517	1 719 764	33 480	2 777 761	Additions		169 669	543 453	9 996	723 118
Estimate change asset retirement cost	20	177 485	-	-	177 485	Estimate change asset retirement cost	20	(132 235)	-	-	(132 235)
Additions through business combinations		-	-	-	-	Additions through business combinations	2	1 973 397		2 027	1 975 424
Reclassification		1 549 298	(1 456 151)	-	93 147	Reclassification		84 574	(65 753)	-	18 821
Disposals		(82 332)	(24 591)	-	(106 923)	Disposals		-	-	-	-
Currency translation effects		(289 075)	(236 291)	(134)	(525 500)	Currency translation effects		(1 078 094)	(380 604)	(5 337)	(1 464 034)
Cost as at 31 December 2023		16 490 192	6 310 238	86 934	22 887 364	Cost as at 31 March 2024		17 507 504	6 407 334	93 620	24 008 457
Depreciation and impairment as at 1 January 2023		(5 887 887)	-	(21 268)	(5 909 156)	Depreciation and impairment as at 1 January 2024		(7 404 673)	(208 349)	(37 265)	(7 650 287)
Depreciation		(1 385 470)	-	(15 974)	(1 401 444)	Depreciation		(491 718)	-	(4 672)	(496 390)
Impairment reversal / (loss)	12	(326 127)	(200 300)	-	(526 427)	Impairment reversal / (loss)	12	-	-	-	-
Disposals		75 621	-	-	75 621	Disposals		-	-	-	-
Currency translation effects		119 191	(8 049)	(23)	111 119	Currency translation effects		444 150	12 131	2 291	458 573
Depreciation and impairment as at 31 December 2023		(7 404 673)	(208 349)	(37 265)	(7 650 287)	Depreciation and impairment as at 31 March 2024		(7 452 241)	(196 217)	(39 646)	(7 688 104)
Net book value as at 31 December 2023		9 085 519	6 101 889	49 669	15 237 078	Net book value as at 31 March 2024		10 055 263	6 211 116	53 974	16 320 353

Capitalised interests for facilities under construction were USD 67 909 thousand in fourth quarter 2024 and USD 79 439 thousand in first quarter 2024.

Rate used for capitalisation of interests was 7.65% in fourth quarter 2024 and 7.1% in first quarter 2024.

Note 11 Right of use assets

			Rigs, helicopters
USD 1000	Note	Offices	and supply vessels	Warehouse	Total
Cost as at 1 January 2023		66 732	205 300	15 155	287 188
Reclassification		-	(71 474)	-	(71 474)
Currency translation effects		(2 721)	(8 303)	(618)	(11 642)
Cost as at 31 December 2023		64 011	125 523	14 537	204 072

Depreciation and impairment as at 1 January 2023		(17 683)	(86 186)	(7 896)	(111 765)
Depreciation		(4 692)	(13 514)	(2 949)	(21 155)
Currency translation effects		728	1 412	520	2 660
Depreciation and impairment as at 31 December 2023		(21 648)	(98 288)	(10 325)	(130 260)
Net book value as at 31 December 2023		42 363	27 236	4 213	73 812
Cost as at 1 January 2024		64 011	125 523	14 537	204 072
Additions through business combinations	2	3 350	1 575	5 620	10 545
Reclassification		-	(18 821)	-	(18 821)
Currency translation effects		(3 921)	(6 903)	(1 173)	(11 997)
Cost as at 31 March 2024		63 440	101 374	18 984	183 799
Depreciation and impairment as at 1 January 2024		(21 647)	(98 288)	(10 325)	(130 260)
Depreciation		(1 467)	(3 842)	(606)	(5 915)
Currency translation effects		1 299	5 823	617	7 739
Depreciation and impairment as at 31 March 2024		(21 815)	(96 307)	(10 314)	(128 436)
Net book value as at 31 March 2024		41 625	5 067	8 670	55 363

Note 12 Impairment

Impairment testing

Impairment tests of individual cash-generating units (CGUs) are performed quarterly when impairment triggers are identified. Due to the significant goodwill on the balance sheet., a full impairment testing of fixed assets and related intangible assets were performed as of 31 March 2024.

No impairments nor reversals of historical impairments were identified per 31 March 2024.

Key assumptions applied for impairment testing purposes as of 31 March 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 61 USD/boe (real 2024).

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

Year	31 Mar 2023	31 Dec 2023	31 Mar 2024

2024	73.7	76.3	83.2
2025	74.6	75.2	78.1
2026	77.2	77.4	77.8

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

Year	31 Mar 2023	31 Dec 2023	31 Mar 2024

2024	84.8	63.0	52.1
2025	67.1	65.5	59.1
2026	62.8	62.9	61.2

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. The increase in production profiles per 31 March 2024 is due to inclusion of Vår Energi AS.

Year mmboe	31 Mar 2023	31 Dec 2023	31 Mar 2024

2024 - 2026	351	328	380
2027 - 2031	353	366	446
2032 - 2036	163	170	210
2037 - 2041	83	85	113
2042 - 2054	62	61	89

Future expenditure

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

Discount rate

The post tax nominal discount rate used is 8.0 percent, unchanged vs. 31 December 2023.

Currency rates	2024	2025	2026	2027 onwards
NOK/USD	10.6	10.0	9.4	9.0
NOK/Euro	11.5	11.0	10.3	9.7

Inflation

Inflation for 2024 is assumed to be 4%. The long-term inflation rate beyond 2024 is assumed to be 2.0%, in-line with assumptions per 31 December 2023.

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.

		Change in impairment after
Assumption USD 1000	Change	Increase in assumption	Decrease in assumption

Oil and gas prices	+/-25%	(915 000)	3 131 000
Production profile	+/- 5%	(438 000)	533 000
Discount rate	+/- 1% point	179 000	(148 000)

The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions are likely to result in changes in business plans, cut-offs as well as other factors used when estimating an asset's recoverable amount. Changes in such input factors would likely significantly reduce the actual impairment amount compared to the illustrative sensitivity above. The impact of the sensitivities is mainly related to the Balder Area.

Climate related risks

The climate related risk assessment is generally described in the company's sustainability reporting and in the annual report. Financial reporting and 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	31 Mar 2024	31 Dec 2023	31 Mar 2023

Trade receivables - related parties	24	607 607	516 429	289 877
Trade receivables - external parties		223 337	137 221	265 786
Sale of trade receivables		(303 917)	(290 756)	(65 233)
Total trade receivables		527 026	362 895	490 430

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	31 Mar 2024	31 Dec 2023	31 Mar 2023

Net underlift of hydrocarbons		158 169	125 747	106 756
Net receivables from joint operations		109 703	102 038	97 235
Prepaid expenses		96 512	53 437	43 003
Commodity derivatives - financial assets	15	22 803	10 974	14 847
Other		25 655	17 276	(4 362)
Total other current receivables and financial assets		412 842	309 472	257 478

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 will be 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 are booked at nominal value initially. The fair 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 6).

As of 31 March 2024, Vår Energi had the following volumes of commodity derivatives in place and 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	13 360	50
Brent crude short call options, exercisable in 2024	(180)	100
Brent crude long call options, exercisable in 2024	180	110
Brent crude long put options, exercisable in 2025	5 400	50

Volume (no of options outstanding at balance sheet date) in thousands (MWH)	Excercise price (EUR per MWH)
1 545	35
(1 545)	100
90	25
(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	25 000	0.8
Gas NBP short call options, exercisable in 2024	(25 000)	2.9

Note 15 Financial instruments - continued

Brent crude put options – financial assets

USD 1000	Q1 2024	2023	Q1 2023
The beginning of the period	10	14	14
	974	805	805
Additions through business combinations	25 229	-	-
New derivatives	7	29	9
	680	804	474
Change in fair value	(20	(33	(9
	380)	635)	432)
The end of the period	23	10	14
	503	974	847

As of 31 March 2024, the fair value of outstanding commodity derivatives assets are USD 23,503 thousand, wherof USD 700 thousand is presented as Other non-current assets.

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.

Brent crude put options – deferred premiums

USD 1000	Note	Q1 2024	2023	Q1 2023
The beginning of the period		(29 804)	(36 143)	(36 143)
Additions through business combinations		(2 627)	-	-
Settlement	4	10 244	36 229	9 347
New Brent crude put options		(7 680)	(29 804)	(9 474)
FX-effect		(105)	(86)	(49)
The end of the period		(29 972)	(29 804)	(36 319)

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.

Commodity Derivatives - financial liabilities

USD 1000	Q1 2024	2023	Q1 2023

Additions through business combinations	(8 010)	-	-
Change in fair value	4 294	-	-
The end of the period	(3 716)	-	-

As of 31 March 2024, the fair value of outstanding commodity derivatives liabilities are USD (3,716) thousand, whereof USD (532) thousand is presented as Other non-current liabilities. Unrealised gains and losses are recognised in OCI.

Change in Hedge Reserve

USD 1000	Q1 2024	2023	Q1 2023
The beginning of the period	18	21	21
	830	338	338
Additions through business combinations	(14 592)	-	-
Realised cost of hedge	(10	(36	(9
	139)	143)	298)
Change in fair value	16	33	9
	086	635	432
The end of the period	10	18	21
	185	830	472

After tax balance as of 31 March 2024 is USD 7 944 thousand.

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.	31 Mar 2024
Long-term interest-bearing debt	-	1 400 000	-	-	-	1 400 000
Bond USD Senior Notes	2 500 000	-	-	-	-	2 500 000
Bond EUR Senior Notes	682 939	-	-	(14 038)	(10 595)	658 306
Subord. EUR Fixed Rate Sec. (23/83)	808 382	-	171	(193)	-	808 360
Prepaid loan expenses	(45 278)	-	2 231	327	-	(42 720)
Totals	3 946 043	1 400 000	2 402	(13 904)	(10 595)	5 323 946

Note 16 Cash and cash equivalents

USD 1000	31 Mar 2024	31 Dec 2023	31 Mar 2023

Bank deposits, unrestricted	699	724	763
	703	726	811
Bank deposit, restricted, employee taxes	21	10	5
	918	188	032
Total bank deposits	721	734	768
	622	914	843

Note 17 Share capital and shareholders

As of 31 March 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. 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.

Earnings per share are calculated by dividing the net result attributable to shareholders of by the number of shares. 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	Q1 2024	Q4 2023	Q1 2023
Profit attributable to ordinary equity holders	100 091	128 644	194 961
EPS adjustement for dividends on hybrid capital	(8 064)	(8 218)	-
Number of shares after the listing on Oslo Stock Exchange (in thousand)	2 496 406	2 496 406	2 496 406
Earnings per share in USD	0.04	0.05	0.08

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 Dec 2023	799 461	8 921	808 382
Profit/loss to Hybrid owners	15 600	-	15 600
Accretion	-	(22)	(22)
Interest classidied as dividend	(15 600)	-	(15 600)
Balance as of 31 March 2024	799 461	8 899	808 360

Note 19 Financial liabilities and borrowings

Interest-bearing loans and borrowings

USD 1000	Coupon/int. Rate	Maturity	31 Mar 2024	31 Dec 2023	31 Mar 2023

Bond USD Senior Notes (22/27)	5.00%	May 2027	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
Bond USD Senior Notes (22/32)	8.00%	Nov 2032	1 000 000	1 000 000	1 000 000
Bond EUR Senior Notes (23/29)	5.50%	May 2029	658 305	682 938	-
Subord. EUR Fixed Rate Sec. (23/83)	7.86%	Nov 2083	8 899	8 921	-
Bridge credit facility	1.25%+SOFR+CAS	Nov 2023	-	-	500 000
RCF Working capital facility	1.08%+SOFR+CAS	Nov 2026	1 400 000	-	-
RCF Liquidity facility	1.13%+SOFR+CAS	Nov 2026	-	-	-
Prepaid loan expenses			(42 720)	(45 278)	(43 634)
Total interest-bearing loans and borrowings			4 524 485	3 146 582	2 956 366

Of which current and non-current:
Interest-bearing loans, current			-	-	500 000
Interest-bearing loans and borrowings			4 524 485	3 146 582	2 456 366

Credit facilities - Utilised and unused amount
USD 1000			31 Mar 2024	31 Dec 2023	31 Mar 2023

Drawn amount credit facility			1 400 000	-	500 000
Undrawn amount credit facilities			1 600 000	3 000 000	3 000 000

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 31 March 2024 was USD 3 273.6 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 receive a fixed amount equal to the coupon payment for the EUR senior notes and pay a floating rate to the swap providers.

Vår Energi's senior unsecured facilities per 31 March 2024 consist of the working capital credit facility of USD 1.5 billion and the liquidity facility of USD 1.5 billion. Both credit facilities expire on 1 November 2026 and all amounts outstanding fall due at maturity. The facilities have covenants covering leverage (net interest-bearing 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	Q1 2024	2023	Q1 2023

Beginning of period		3 295 052	3 216 138	3 216 138
Additions through business combinations	2	368 251	-	-
Change in estimate	10	33 298	183 849	(10 230)
Change in discount rate	10	(165 533)	(6 364)	96 045
Accretion discount	7	28 389	98 765	24 376
Payment for decommissioning of oil and gas fields		(13 831)	(40 688)	(7 129)
Disposals		-	(54 630)	-
Currency translation effects		(211 085)	(102 018)	(190 248)
Total asset retirement obligations		3 334 541	3 295 052	3 128 952

Short-term		79 348	87 385	58 400
Long-term		3 255 193	3 207 667	3 070 552

Breakdown by decommissioning period		31 Mar 2024	31 Dec 2023	31 Mar 2023

2022-2030		422 050	431 819	324 222
2031-2040		1 771 912	1 689 489	1 672 250
2041-2057		1 140 579	1 173 744	1 132 480

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 3.4% - 3.8% per 31 March 2024. The assumptions for inflation rates were unchanged while the discount rates were increased from 3.2% - 3.5% per 31 December 2023. The discount rates are based on risk-free interest without addition of credit margin.

First quarter 2024 payment for decommissioning of oil and gas fields (abex) is mainly related to Statfjord 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 78 488 thousand for this purpose per 31 March 2024.

Note 21 Other current liabilities

USD 1000	Note	31 Mar 2024	31 Dec 2023	31 Mar 2023

Net overlift from hydrocarbons		103 001	67 561	41 446
Net payables to joint operations		348 455	375 871	298 945
Employees, accrued public charges and other payables		139 003	84 407	89 915
Contingent Consideration, current	5 , 22	22 200	79 137	-
Commodity derivaties	15	33 155	29 804	36 319
Change in market value/fair value of SWAP	15	243	7 299	0
Total other current liabilities		646 058	644 079	466 625

Contingent consideration to ExxonMobil decreased by USD 57 million during first 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 21 million reflecting the updated evaluation (ref note 5).

The guarantee referenced in Note 5 of the Statutory Accounts 2023 for Vår Energi Norge AS has been removed, as the senior notes were repaid on 3 April 2024.

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	Q1 2024	Q1 2023	2023

Opening Balance lease debt		116 928	212 646	212 646
Additions through business combinations	2	10 545	-	-
Payments of lease debt		(25 399)	(24 852)	(98 809)
Interest expense on lease debt		1 315	1 802	6 195
Currency exchange differences		(5 194)	(4 761)	(3 104)
Total lease debt		98 195	184 835	116 928

Breakdown of the lease debt to short-term and long-term liabilities		31 Mar 2024	31 Mar 2023	31 Dec 2023

Short-term		44 639	98 684	99 265
Long-term		53 556	86 151	17 663
Total lease debt		98 195	184 835	116 928

Lease debt split by activities		31 Mar 2024	31 Mar 2023	31 Dec 2023

Offices		49 036	51 674	50 194
Rigs, helicopters and supply vessels		41 574	126 777	62 479
Warehouse		7 585	6 384	4 255
Total		98 195	184 835	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 first 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	31 Mar 2024	31 Dec 2023	31 Mar 2023

Trade receivables
Eni Trade & Biofuels SpA	476	422	192
	599	807	102
Eni SpA	123	74	80
	721	606	327
Eni Global Energy Markets	6	18	16
	468	107	940
Other	819	909	507
Total trade receivables	607	516	289
	607	429	877

Sales revenue USD 1000 Q1 2024 Q4 2023 Q1 2023 FY 2024 FY 2023 Eni Trade & Biofuels SpA 1 173 452 1 128 766 894 213 1 162 590 894 213 Eni SpA 194 406 209 750 270 572 194 406 270 572 Eni Global Energy Markets 22 210 45 295 69 464 22 210 69 464 Total sales revenue 1 390 068 1 383 811 1 234 249 1 379 206 1 234 249

All receivables are due within 1 year.

Current liabilities

USD 1000	31 Mar 2024	31 Dec 2023	31 Mar 2023

Account payables
Eni International BV	4	17	4
	268	740	753
Eni Global Energy Markets	-	-	16 254
Eni SpA	7	11	7
	537	654	940
Other	8	7	1
	548	950	472
Total account payables	20	37	30
	353	344	419

Operating and capital expenditures

USD 1000	Q1 2024	Q4 2023	Q1 2023	FY 2024	FY 2023

Eni Trade & Biofuels SpA	5 425	1 438	4 373	5 425	4 373
Eni International BV	5 292	3 611	5 058	5 292	5 058
Eni SpA	6 059	494	4 908	6 059	4 908
Other	456	303	352	456	352
Total operating and capital expenditures	17 232	5 846	14 691	17 232	14 691

Note 25 License ownerships

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

Vår Energi has the following new licenses added through business

combination.

Licenses	WI%	Operator	Licenses/Fields	WI%	Operator	Licenses/Fields	WI%	Operator
PL932B	20%	Aker BP	Additions			PL448	12%	Equinor
PL1194	30%	OMV	PL025	25%	Equinor	PL586	30%	Vår Energi Norge
PL1203	30%	Vår Energi	PL064	15%	Equinor	PL636	30%	Vår Energi Norge
PL1211	50%	Vår Energi Norge	PL077	12%	Equinor	PL636B	30%	Vår Energi Norge
PL1213S	40%	Vår Energi Norge	PL078	12%	Equinor	PL636C	30%	Vår Energi Norge
PL1214	25%	Equinor	PL090	15%	Equinor	PL817	30%	OMV
PL1215	30%	Aker BP	PL090B	15%	Equinor
PL1217	20%	INPEX	PL090C	15%	Wintershall DEA	PL817B	30%	OMV
PL1218	20%	Aker BP	PL090E	15%	Equinor	PL882	45%	Vår Energi Norge
PL1219	50%	Vår Energi Norge	PL090G	15%	Equinor	PL882B	45%	Vår Energi Norge
PL1224	50%	Vår Energi	PL090HS	15%	Equinor	PL925	10%	Equinor
PL1227	23%	Equinor	PL090I	15%	Equinor	PL929	40%	Vår Energi Norge
PL1231	30%	OMV	PL090JS	15%	Equinor	PL938	30%	Vår Energi Norge
PL1236	30%	Equinor	PL097	12%	Equinor	PL958	30%	OKEA
PL1237	40%	Vår Energi	PL099	12%	Equinor	PL1105S	50%	Vår Energi Norge
PL1238	20%	Equinor	PL100	6%	Equinor	PL1107	40%	Vår Energi Norge
PL1239	30%	Equinor	PL107	23%	Equinor	PL1110	30%	Aker BP
PL1241	50%	Vår Energi	PL107B	23%	Equinor	PL1112	20%	Norske Shell
PL1242	20%	Aker BP	PL107C	23%	Equinor	PL1179	15%	Equinor
PL1243	20%	Aker BP	PL107D	23%	Equinor	PL1180	40%	Vår Energi Norge
			PL110	12%	Equinor	Bussiness Arrangements Area
			PL110B	12%	Equinor	EXL007	30%	Sval Energi
			PL132	23%	Equinor	Njord Unit	23%	Equinor
			PL153	30%	Vår Energi Norge	Snøhvit Unit	12%	Equinor
			PL153B	30%	Vår Energi Norge	Fram H-Nord Unit	11%	Equinor
			PL153C	30%	Vår Energi Norge	Vega Unit	3%	Wintershall Dea
			PL187	25%	Equinor
			PL348	13%	Equinor

PL348B 13% Equinor

Note 26 Subsequent events

Vår Energi has elected to sell part of its gas on a fixed price/forward basis. Per 31 March 2023, Vår Energi has sold approximately 16% of the gas production for the second quarter 2024 on a fixed price basis at an average price around 131 USD per boe. For the third quarter of 2024, Vår Energi has sold approximately 18% of its estimated gas production on a fixed price basis at an average price around 133 USD per boe.

On 17 April 2024, Vår Energi announced an oil discovery in production license PL 956 with estimated recoverable resources of between 13 and 23 million barrels of oil. Vår Energi, as the operator with 50% share in the license, considers the discovery a potential commercial candidate to be tied into nearby existing infrastructure in the Balder area.

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, alsoreferred to as "contingent resources".
MoF	Ministry of Finance	2P reserves	Proved plus probable reserves consisting of 1P reserves plus those
MPE	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 of31 March 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 ensure 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 – First quarter report 2024 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES

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