Vår Energi ASA

Investor Presentation • Apr 23, 2024

First quarter 2024

Results presentation 23 April 2024

Today' s presenters

Nick Walker CEO

Stefano Pujatti CFO

Ida Marie Fjellheim Head of Investor Relations

First quarter 2024 highlights

Production

Production cost

299

kboepd

12 USD/boe

CFFO 1009 Dividend Q1 2024 and Q2 2024 guidance 270

USD million

USD million

Good operational performance

• Record production up 33% from previous quarter
• Breidablikk producing at plateau in first quarter
• Neptune Energy Norge included from 1 January 2024

Strong financial results

• Achieved realised gas price of USD 67 per boe, USD 14 above spot price
• Unit production cost better than guidance
• Strong cash flow from operations of USD 1 billion

Growth towards 2025 and unlocking future value

• Johan Castberg and Balder X targeted start-up's maintained Q4 2024
• 7 of 8 projects starting up before end-2025 >50% complete
• Discovery at Ringhorne North in the Balder Area

Continued attractive and predictable dividends

• Solid balance sheet following Neptune acquisition with leverage ratio of 0.7x
• Attractive dividend level maintained for Q2

Fastest growing E&P

3 rd largest oil and gas producer in Norway

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

Neptune a perfect fit

• Adds scale, diversification and longevity
• Identified synergy potential of USD ~500 million¹
• "One team" from 1 May 2024
• Statutory merger completion Q2 2024

Production guidance 2024 280-300¹ kboepd

2024 key priorities

• Deliver key projects
• Integrate Neptune

• 90% production efficiency

• Infill well deliveries

1. Before impact of planned disposal package

1. Including Neptune from 1 January 2024 3. Vår Energi operated assets

4

Strong operational performance

Growth towards 2025 and unlocking future value

Sustaining 350-400 kboepd towards 2030

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

Safe and responsible

Safety performance 0.1 actual SIF1, 2

Emissions intensity ³ 10.0 kg CO² /boe²

Methane emissions near zero <0.02 % share of gas sales⁴

Member of OGMP 2.0⁵

Inclusion in the ESG index OSEBX ESG, Oslo Stock Exchange

• 1. Serious Incident Frequency
• 1. Q1 2024

6

• 1. Equity share emissions Scope 1 January and February only
• 1. Key performance indicator for OGCI's 2025 upstream methane target is well below 0.2%
• 1. Oil and Gas Methane Partnership 2.0 Since April 2024

1. CDP report 2023

Unit opex better than guidance

Reducing opex by end-2025

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

8 1. 2023 Annual statement of reserves - Proved plus probable (2P) reserves 2. 2C contingent resources 3. Net risked exploration resources

Creating value and growth

Reserves¹ 1.24 billion boe

10projects coming on stream and high quality assets

Contingent resources² 0.75 billion boe

20 early phase projects

Prospective resources³ >1 billion boe

~60 exploration wells next four years

Delivering growth

9Projects in execution

10 projects developing >400 mmboe¹

USD ~35 per boe Breakeven

~2 years Pay-back

25% IRR across portfolio >50% complete 7 of 10 projects

Balder X progressing towards first oil

Production for decades in the Balder area

Majority of subsea equipment installed High construction activity at yard 11 of 14 production wells completed

SPS/SURF Jotun FPSO ~95% complete ² >85% complete Drilling >85% complete

from the prolific Barents Sea Johan Castberg on track

Capturing long term value

190 kboepd vessel capacity production¹, ², gross

450-650 mmboe recoverable resources¹, ², gross

~4 USD/bbl production cost

Financial highlights

75 USD/boe weighted average realised price USD 1 009 million CFFO after tax

0.7x NIBD / EBITDAX USD 2.3 billion Available liquidity¹

USD 270 million Dividend Q1 2024 and Q2 2024 guidance

Good realised gas price

Total petroleum revenues

USD million

Realised prices USD per boe 25%

Oil Gas NGL

Realised gas price above spot price year-to-date¹ ~14 USD/boe

Indicative gas sales portfolio²

Gas sales split (%)

1. Compared to average spot price for THE, TTF, NBP and PEG in Q1 24

2. 1. Based on average exchange rates through Q1 2024. Including Neptune volumes from 1 January 2024
3. 1. Price for volumes sold on gas year ahead from Q4 will be set 1 October 2024

4. Gas revenues including USD 5 million gains from hedging

High cash flow generation

USD 1 billion Q1 2024 Cash flow from operations (CFFO)

1.5x Q1 2024 capex coverage

CFFO and capex

USD million

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Strong liquidity position following Neptune acquisition

Cash flow development Q1 2024 Available liquidity

USD million USD million

1. Revolving Credit Facility

2. Investments includes payments for decommissioning and Neptune consideration

Continued strong financial position

Net interest-bearing debt and leverage ratio¹ USD billion

Maturity profile

USD million

Committed to maintaining Investment Grade rating

-2.6 -2.4 -2.2 -2.0 -1.8 -1.6 -1.4 -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0

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

Cash tax sensitivities

Tax payments – sensitivities for 2H 2024¹

USD million

NOK ~10 billion

Q2 2024 tax payments (USD ~1 billion)¹

Taxes paid in 1H 2024 related to 2023 results

Attractive and predictable dividends

Dividend guidance Q2 2024 270 USD million

Planned dividend for 2024 ~30%

of CFFO after tax

Dividend for Q1 2024 of USD ~0.11 per share to be paid 8 May 2024

Paid in NOK at exchange rate of USD/NOK 11.0219

Guidance and outlook

2024 Longer-term

Production	280-300 kboepd	End-2025: ~400 kboepd 2025-2030: 350-400 kboepd
Production cost	USD 13.5-14.5 per boe	USD ~10 per boe2 End-2025:
Capex	USD 2.7-2.9 billion excl. exploration and abandonment Exploration USD ~300 million Abandonment USD ~100 million	2025-28: USD 1.5-2.5 billion excl. exploration and abandonment p.a. Exploration USD 200-300 million p.a. Abandonment USD 50-100 million p.a.
Other	Cash tax payments of USD ~1 billion in Q2 2024 1
Dividends	(~0.11 USD per share) Q1 dividend of USD 270 million For 2024, the plan is to distribute ~30% of CFFO after tax	Dividend of 20-30% of CFFO after tax over the cycle

Delivering growth and value

Good operational performance

Strong financial results

Growth towards 2025 and unlocking future beyond

Continued attractive and predictable dividends

Appendix

Exploration program 2024

License	Prospect	Operator	Vår Energi share %	Pre-drill unrisked resources mmboe1	Estimated recoverable resources mmboe1	Status
PL 917	Hubert	Vår Energi	40 %			Dry
PL 917	Magellan	Vår Energi	40 %			Dry
PL 956	Ringhorne North	Vår Energi	50 %		13-23	Discovery
PL 636	Cerisa	Vår Energi	30 %	30		Ongoing
PL 090	Rhombi	Equinor	25 %	37		Q2
PL 1025S	Venus	Vår Energi	60 %	353		Q2
PL 932	Kaldafjell	Aker BP	20 %	168		Q2
PL 1185	Kvernbit	Equinor	20 %	102		Q2
PL 1080	Snøras	Equinor	30 %	23		Q2
PL 1110	Njargasas	Aker BP	30 %	52		Q3
PL 229	Countach App	Vår Energi	65 %	21		Q3
PL 554	Garantiana NW	Equinor	30 %	40		Q3
PL 025	Brokk/Mju	Equinor	25 %	25		Q3
PL 229	Zagato	Vår Energi	65 %	83		Q3/Q4
PL 1131	Elgol	Vår Energi	40 %	265		Q3/Q4
PL 1194	Haydn	OMV AS	30 %	85		Q4

Disclaimer

The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions as in effect on, and the information available to the Company as of, their date. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. The Materials should among other be reviewed together with the Company's previously issued periodic financial reports and other public disclosures by the Company. The Materials contain certain financial information, including financial figures for and as of 31 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.

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