Vår Energi ASA

Investor Presentation • Mar 13, 2024

Delivering growth and value

Capital Markets Update 13 March 2024

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 December 2023 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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To the extent available, industry, market and competitive position data contained in the Materials come from official or third-party sources. Third-party 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.

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Capital Markets Update

• 14:00 Creating value
• 14:30 Delivering growth
• 14:55 Sustaining production
• 15:15 Break
• 15:30 Accelerating decarbonisation
• 15:40 Ensuring resilient returns
• 15:55 Concluding remarks

16:00 Q&A

Leadership team presenting today

Stefano Pujatti

CFO

Nick Walker

CEO

Torger Rød COO

Ellen W. Hoddell EVP Safety & Sustainability

Rune Oldervoll SVP Production

Moderators

Stian Seipæjærvi Investor Relations Analyst

Oil and gas essential for world energy supply

Oil demand above 95 Mb/d1 towards 2050

Gas critical transition fuel

Stated Policies Scenario (EJ)2

1. Million barrels per day

2. IEA World Energy Outlook 2023, EJ = Exajoule, 1018 Joule

3. IEA Announced Pledges Scenario, gas supply

4. IEA Announced Pledges Scenario, natural oil supply

Highly competitive NCS1

Significant resources2

Stable and reliable provider of energy to Europe

1. Norwegian Continental Shelf 2. Source: Norwegian Offshore Directorate, Reserves report 2023 3. Source: Rystad Energy estimates Image: Hammerfest LNG facility, Norway

4

23 21 15 13 Opex 2023 (USD/boe)

Low cost Low emissions

³ Carbon intensity 2023 (kg CO2/boe produced)3

Reliable framework and fiscal regime

Score "Transparency International's" Corruption Perception Index, 2023

5

Clear strategy for growth and Resilient value creation

Reliable and secure supplier of energy to Europe Pure play oil and gas company on the NCS Safe and responsible

Track record of value creation

213

ROACE2

USD ~2.2 billion

returned to shareholders since IPO

Built on strong heritage

1. Proved plus probable (2P) reserves, including Neptune portfolio end-2023, from Annual statement of reserves

2. Return On Average Capital Employed

6 3. Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expense

Entrepreneurs and value creators

Clear strategy and common values

7

High performing team

Deep and unique NCS expertise

Leading exploration track record Leveraging strong partnerships

A stronger pure-play E&P

Neptune a perfect fit

• Adds scale, diversification and longevity
• Cash-generative portfolio from day one
• Strengthening future dividend capacity
• Additional synergies identified post announcement

Increased identified synergy potential

USD ~500 million1

(up from USD >300 million)

Strengthened gas position

2nd largest exporter of gas from Norway1

35% gas share of production2

Flexible gas sales strategy to capture upsides

USD ~1 billion additional gas revenues above spot price in 20233

1. 2023 production of gas and natural gas liquids (NGL), including Neptune portfolio 2. 2023 production, including Neptune portfolio

2. Compared to average spot price for THE, TTF, NBP and PEG in 2023

Image: Norsea Gas Terminal in Emden, Germany

10 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 Prospective resources3 >1 billion boe

20 early phase projects

~60 exploration wells next four years

Doubling production with high value barrels

Stepping up activity

20 early phase projects with ~400 mmboe1 close to existing infrastructure, with short time to market

Capital discipline for new projects: Breakeven of USD ~35/boe and IRR of >25%2

Sustaining 350-400 kboepd towards 2030

Production outlook

kboepd

Maximise recovery and infill drilling >30 kboepd annually towards 2030

Efficient project maturation and sanctioning Over 20 early phase projects targeting >400 mmboe5

Near-field and high-impact exploration

Accelerated exploration targeting >60 wells next four years

Value accretive M&A Building on proven track record

1. Net risked exploration resources

2. 1. Possible upside on 2P reserves
3. 1. 2C contingent resources 4. 2P reserves

13 5. Net

Safe and responsible

Safety metrics

2023 performance

Serious injuries Zero Zero Zero

Process safety incidents

Material environmental incidents

1.9

1. CDP report 2023

14 1. Per million manhours worked

Accelerated decarbonisation

Top quartile of industry1

Simplified - Aligned targets - Clear pathway

Scope	T
-------	---

2024	2030	2050
Near zero methane emissions2	3,4 >50% reduction	Near zero
Reduce Energy Management
Avoid Electrification5 ~30%	~70%
	Neutralise Carbon offsets

Scope 1 Scope 3 Scope 2

Purchased electricity from 20242

• Renewable sources
• Covered by guarantees of origin

Own use – offset from 20242

Assessing CCS6

25% of R&D spend on low carbon solutions

1. 2023 net carbon intensity 2. Operational control net

15 3. Equity share 4. Compared to 2005 baseline

1. Share of production electrified 6. Carbon capture and storage

Long-term foundation for sustainable returns

16 1. Net interest-bearing debt (NIBD) per end-2023 over rolling 12 months EBITDAX 2. Scenario Brent 70 USD/boe and 90 USD/boe. Excluding net risked exploration resources and net Neptune consideration of USD 1.2 billion

Our investment proposition

Growth Value Returns

Production target end-2025 ~400 kboepd

High value projects

USD ~35/boe breakeven

Free cash flow potential 2024-282 USD 4.5-8 billion

Sustaining towards 2030 350-400kboepd

Emission reduction by 20301 >50%

Dividend guidance 20-30% of CFFO (after tax)

1. Scope 1, equity share compared to 2005 baseline 17 2. Scenario brent 70 USD/boe and 90 USD/boe. Excluding net risked exploration resources and net Neptune consideration of USD 1.2 billion

Delivering growth

10 projects

in execution

~400 kboepd by end-2025

20 early phase projects

350-400 kboepd towards 2030

Delivering growth Sustaining production Unlocking future value

~60 wells next four years

Accelerated exploration

2024 key priorities

Deliver key projects Integrate Neptune >90% production efficiency Well deliveries

Growth underway

Production guidance 2024 280-300¹ kboepd

kboepd

1. Before impact of planned disposal package 2. Including Neptune from 1 January 2024

Delivering growth

Projects in execution

10 projects developing >400 mmboe1

USD ~35 per boe Breakeven

~2 years Pay-back2

25% IRR across portfolio2 >50% complete 7 of 10 projects

1. Net 2. Assumptions stated in the appendix

in the Balder area Balder X nearing first oil

Production for decades

Majority of subsea equipment installed High construction activity at yard 10 of 14 production wells completed

SPS/SURF Jotun FPSO >90% complete ² >85% complete Drilling >75% 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

Operational excellence

Production efficiency1

Reliability improvement program

Efficient maintenance execution

Optimal spare part strategy

Production cost per barrel

Key sanctioned projects on stream

~4 USD

average opex per boe

High-grading the portfolio

Realising improvements and synergies across portfolio

Stepping up activity

~50 development wells1

~40

infill wells 16

exploration wells

Efficient well deliveries

Secured high-performing rigs

Unlocking reserves with multilateral wells

Data and technology driven

Strong capabilities

Improved drilling efficiencies1

Enhanced visualisation driving performance

Imaging without wired-pipe Real-time data on Goliat infill drilling using wired-pipe

Neptune increased operational synergies

Increased value realisations from acquisition

(USD million, NPV1 )

Doubling production by end-2025

Sustaining production beyond 2025

• Operational excellence and improved recovery
• A high value project portfolio
• Leading exploration capabilities
• Value accretive M&A

Longevity on the NCS

Big fields getting bigger

Technology	Infrastructure lead	Continuous	Life-time
advances	developments	infill drilling	extensions

Vår Energi with a strong position

Ownership in >50% of NCS fields1

Participating in ~40% of NCS exploration wells2

Secured capacity across the value chain

Improved safety Short time-to-market Cost-efficient solutions Lower emissions Standardisation

Sustaining production

>20 early phase project being matured

Low-risk tie-back portfolio

Low-risk Simplification and standardisation

tie-back portfolio

Disciplined, robust and countercyclical

Simplification and standardisation Disciplined, robust and countercyclical

Leveraging strategic partnerships Leveraging strategic partnerships

Sustaining production

Flexible and robust early phase projects

>20 projects targeting ~400 mmboe1

Internal rate of return2 >25%

Close to existing infrastructure across NCS Breakeven ~35 USD/boe

Beta

Short time to market

1. Net 2. Assumptions stated in the appendix

Significant value potential

1. 2P reserves year-end 2023 divided by 2023 production, including Neptune

34

1. Including inorganic growth

R/P >12 years in 20232

Reserves replacement ratio ~130% last five years3

Unlocking future value

Strong foundation for future value

Exploration portfolio

~200 licences1 ~35% operated

>5 billion boe

~40% gas share in exploration portfolio

Net unrisked prospective resources

1. Including Neptune and 2024 APA licenses 2. Net risked exploration resources

Proven exploration track-record

Rystad Energy benchmark 2019-2023 Vår Energi results 2019-2023

Discovered resources Average mmboe discovered per well drilled1

+65%

+50%

2.1

150 mmboe 2C resource additions

50% discovery rate

<1 USD/boe finding cost

1. Companies with activity in two or more years

2. Companies with more than 75 mmboe discovered

36 3. Assumed oil price of real USD 50

Doubling number of exploration wells in 20241

~60 exploration wells next four years

Near-field wells

High-impact wells

11-14 per year

Extend production plateau of existing hubs

High margin barrels close to existing infrastructure Up to3 per year

Play openers

Deliver new core assets/areas

Delivering growth Sustaining production Unlocking future value

10 projects in execution

~400 kboepd by end-2025

20 early phase projects

350-400 kboepd towards 2030

~60 wells next four years

Accelerated exploration

Sustaining production

40

Production for decades Balder area

Large opportunity space for infill and future phases

Jotun FPSO extending lifetime beyond 2045

Area electrification by 2030

1. Net 2. Net risked exploration resources 41 Image: Balder FPU

Utilising new infrastructure Balder area

Early phase projects targeting >100 mmboe1

Balder Phase VI		Balder electrification
Grane infill		King development

Grane gas export and electrification Balder future phases

70 infill drilling targets identified

Capturing value in prolific area Barents Sea

The most unexplored and prospective NCS area

Strong asset base – present in all key assets

Filling the facilities

Accelerating exploration to unlock value

1. Net 2. Net risked exploration resources 43

Significant upside potential Barents Sea

Early phase projects targeting >100 mmboe1

Goliat Gas Export Johan Castberg Cluster 1

Countach Johan Castberg Cluster 2

Johan Castberg first oil Q4 2024 - key area enabler Goliat gas targeted start-up in 2026

Snøhvit Future - electrified by 2030

Accelerating area exploration Barents Sea

Targeting ~20 wells

next four years

Secured rig with Equinor 2024-2026

Estimated gas resources in the area >6 billion boe1

Potential new gas export solution a significant play opener

Sustained high production North Sea

Continuous development of NCS giants

Strengthened presence with Gjøa operatorship

Sustaining ~100 kboepd towards 2030

Extending lifetime beyond 2050

Near-field exploration to unlock value

1. Net 2. Net risked exploration resources 46

Set for growth and expansion North Sea

Early phase projects targeting >150 mmboe1

Fram South	Beta
Gjøa North	Grosbeak
Ofelia	Ekofisk PPF2
Dugong	Garantiana

Targeting ~15 exploration wells next four years

Short time to market with extensive infrastructure

High-value assets Norwegian Sea

Producing ~100 kboepd with strong gas position

Six projects nearing completion

Highly flexible infrastructure, rapid developments

1. Net 2. Net risked exploration resources

Norwegian Sea

Leveraging significant infrastructure

6 projects in execution adding >40 kboepd1

Early phase projects targeting >40 mmboe1

Tyrihans Ile North	Calypso
Heidrun Extension	North Njord Area
Åsgard A ULP2	Heidrun, Åsgard, Kristin power from shore

49 1. Net 2. Ultra Low Pressure

Sustaining 350-400 kboepd towards 2030

Balder area Production for decades

Barents Sea Capturing value in prolific area

Norwegian Sea High-value assets

North Sea Sustained high production

Production outlook

1. Net risked exploration resources 2. Possible upside on 2P reserves 3. 2C contingent resources

50 4. 2P reserves

Accelerating decarbonisation

Accelerated decarbonisation

Top quartile of industry1

50% emission reduction by 20302,3

Near zero methane emissions in 20244

Zero emissions

100% of electricity consumption certified renewable4

Scope 1 Scope 2 Scope 3

Offsetting Vår Energi use in the value chain4

52 1. 2023 net carbon intensity 2. Equity share 3. Compared to 2005 baseline 4. Operational control net

Low-emission barrels

Carbon intensity

Methane intensity

Share of gas sales2

1. Equity share

2. Operational control

3. 1. Key performance indicator for OGCI's 2025 upstream methane target is well below 0.2%
4. 53 4. Methane intensity calculated according to OGCI methodology including Neptune based on 2024 prognosis for emissions and sold gas

Goliat and Gjøa electrified

Hywind Tampen floating windfarm

awards

Sustainability weighted up to 30% in contract Low-emission rig awards

NCS logistics project targeting 30% emission reduction

Clear decarbonisation plan

Scope 1 emission reduction plan1 kt CO2

Image: Hammerfest LNG onshore facility, Norway

Value-driven electrification

Electrified share of production

net, %

USD ~2.5 billion benefits ~70% ²

Increased gas sales Higher production efficiency Reduced environmental taxes

USD ~1.2 billion capex2

1. Includes producing tie-backs to electrfied host installations

55 2. Accumulated nominal figure 2024-2040

Creating CCS optionality

80 gigatonnes NCS storage potential1 Value-driven approach Enabler for large-scale emission reductions Assessing further licensing and partnerships

Trudvang CO2 storage license in the North Sea2

~225

million tons storage potential3

Norway annual emissions4

1. Norwegian Offshore Directorate estimate 2. License part of Neptune acquisition

2. Gross

56 4. Statistics Norway, 2022 emissions Illustration: Norwegian Offshore Directorate/Finnestad

Delivering value while reducing emissions

2024	2030	2050
Near zero	>50% emission reduction	Near zero
methane emissions	• Electrification
	• Portfolio optimisation
	Energy management •

Scope 1

Ensuring resilient returns

Long-term foundation for sustainable returns

Investment Grade balance sheet 0.5x leverage ratio1

1. Net interest-bearing debt (NIBD) per end-2023 over rolling 12 months EBITDAX

59 2. Scenario Brent 70 USD/boe and 90 USD/boe. Excluding net risked exploration resources and net Neptune consideration of USD 1.2 billion

Predictable capital allocation framework

Sustain production of existing portfolio

Fund capex of existing developments and new value-creating projects

Pay dividends according to stated policy

Additional shareholder distributions and debt repayment

Maintain an investment grade balance sheet

Neptune increased financial synergies

Increased value realisations from acquisition

(USD million, NPV1 )

• Cost and G&A optimisation

Robust gas sales strategy

Flexible sales arrangements allowing for arbitrage Actively capturing upsides whilst managing volatility Long-term offtake contracts with reliable buyers Neptune adding diversity, scale and synergies

Additional sales revenue generated in 2023¹

Indicative gas sales portfolio

Gas sales split (%)

Strong cash flow in high investment period

Estimated cumulative free cash flow generation, 2024 - 2028 USD billion

USD 4.5-8 billion

Free cash flow available for shareholder distributions and debt repayment

Resilient dividend capacity

Cash flow generation 2024-20281,2

USD billion, cumulative

1. Oil and gas prices Jan–June 2024 USD 80/boe, sensitivity cases applied thereafter. Realised gas prices at parity with oil until 2025, 20% discount thereafter 2. Excluding risked exploration resources and net Neptune consideration of USD 1.2 billion 64

High free cash flow generation in capex-light years

Flexible investment plans for end-of decade organic growth

Resilient dividend capacity

Cash flow neutral 2024-28

~45

USD/boe1,2

Disciplined investments in high value barrels

Capex outlook 2024 - 2028

USD billion, annual average1

1. Excluding exploration spend and abandonment cost

2. Assumptions stated in the appendix 65

De-risked sanctioned project portfolio Significant capex flexibility 78% tax deduction Capital discipline for new projects: Breakeven ~35 USD/boe Internal rate of return2 >25%

Cash tax sensitivities

Tax payments – sensitivities for 2H 20241

USD million

NOK ~15 billion

1H 2024 tax payments (USD ~1.5 billion)1

Taxes paid in 1H 2024 related to 2023 results

Strong investment grade balance sheet

-2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Leverage ratio below target of 1.3x through-the-cycle Prudent risk management 13

12

USD billion

Attractive and predictable dividends

Dividends

USD million

Dividend guidance Q1 2024 270 USD million Planned dividend for 2024 ~30% of CFFO after tax

Maintained long-term dividend policy of 20-30% of cashflow from operations after tax over the cycle

Positioned for material value creation

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	1 Cash tax payments of USD ~1.5 billion in 1H 2024
Dividends	Q1 dividend of USD 270 million (~0.11 USD per share) For 2024, the plan is to distribute ~30% of CFFO after tax	Dividend of 20-30% of CFFO after tax over the cycle

Our investment proposition

Growth Value Returns

Production target end-2025 ~400 kboepd

High value projects

USD ~35/boe breakeven

Free cash flow potential 2024-282 USD 4.5-8 billion

Sustaining towards 2030 350-400kboepd

Emission reduction by 20301 >50%

Dividend guidance 20-30% of CFFO (after tax)

71 1. Scope 1, equity share compared to 2005 baseline 2. Scenario brent 70 USD/boe and 90 USD/boe. Excluding net risked exploration resources and net Neptune consideration of USD 1.2 billion

Appendix

Price assumptions

Reference case, real 2024	2024	2025	2026	Thereafter
Oil price USD/bbl	80	80	80	80
Gas price USD/boe	80	80	64	64
Exchange rate USD/NOK	10.0	9.5	9.5	9.5
Inflation rate		2%	2%	2%

For all price sensitives, realised gas price is assumed at parity with oil until 2025, and 20% discount from 2026 and onwards.

Price sensitivites

Indicated effect on 2024 results1

USD million

1. Based on USD/NOK 10

2. Full year realised price change

Debt maturities

Maturity profile

USD million

1. Working capital facility 2. Revolving credit facililty 3. Based on EUR/USD of 1.08 75

Exploration program 2024

License	Prospect	Operator	Vår Energi share	Pre-drill unrisked resources mmboe1	Status
PL 917	Hubert	Vår Energi	40 %		Dry
PL 917	Magellan	Vår Energi	40 %		Dry
PL 636	Cerisa	Vår Energi	30 %	30	Q1
PL 1110	Njargasas	Aker BP	30 %	52	Q1
PL 956	Ringhorne North	Vår Energi	50 %	28	Q1
PL 090	Rhombi	Equinor	25 %	37	Q1/Q2
PL 1025S	Venus	Vår Energi	60 %	353	Q1/Q2
PL 932	Kaldafjell	Aker BP	20 %	175	Q2
PL 1185	Kvernbit	Equinor	20 %	102	Q2
PL 1080	Sno	Equinor	30 %	23	Q2
PL 229	Countach App	Vår Energi	65 %	21	Q3
PL 229	Zagato	Vår Energi	65 %	83	Q3
PL 554	Garantiana NW	Equinor	30 %	40	Q3
PL 025	Brokk/Mju	Equinor	25 %	25	Q3
PL 1194	Haydn	OMV AS	30 %	85	Q4
PL 1131	Elgol	Vår Energi	40 %	265	Q4