Vår Energi ASA

Investor Presentation • Feb 13, 2024

Fourth quarter 2023

Results presentation 13 February 2024

Today's presenters

Nick Walker CEO

Stefano Pujatti CFO

Ida Marie Fjellheim Head of Investor Relations

Fourth quarter 2023 highlights

Production

225

13.9

Production cost

USD/boe

CFFO

kboepd

857

USD million

270 USD million

Dividend Q4 2023 and Q1 2024 guidance

Progressing towards ~400 kboepd by end-2025

• Breidablikk and Tommeliten Alpha successfully on stream
• December production of 233 kboepd
• Neptune Energy Norge acquisition closed 31 January 2024

Strong financial performance

• Achieved realised gas price of USD 90 per boe, USD 13 above spot price
• Production cost below guidance
• Solid cash flow from operations of USD 857 million

Continued attractive and predictable dividends

• Leverage ratio of 0.5x at year-end 2023
• Attractive dividend level maintained

Delivering on 2023

Guidance		Actuals
Production	210-220 kboepd	213 kboepd
Production cost	USD 14.5-15.5 per boe	USD 14.1 per boe
Capex	USD 2.4-2.7 billion	USD 2.5 billion
Exploration	USD 0.2 billion	USD 0.17 billion
Abandonment	USD 50 million	USD 41 million

1. Producing assets

2. Company estimate 5 4. 8% discount rate

Production growth towards end 2024

• Average 280-300 kboepd
• Neptune volumes included
• Turnarounds impacting Q3
• Balder X and Johan Castberg onstream Q4-2024
• Average annual decline of ~10% partially offset by infill drilling

Production guidance 2024 280-300¹ kboepd Gas share 35%

Set to double production by end-2025

Sustaining value beyond 2025

• Improved recovery
• A high value project portfolio
• World-class exploration
• Value accretive M&A

Recognised ESG leadership

Strong safety performance Zero Actual SIF1, 2

Emissions intensity 9.6 kg CO² /boe²

near zero4

Sustainalytics Top Rated Top 5% in the industry

1 Serious Incident Frequency 2 Q4 2023 3 Net operational emissions – Scope 1 4. Expected in 2024 8

Clear path to 50% emission reduction by 2030³ Methane emissions

Strong operational performance

Production

kboepd

Full-year 2023 production

213

kboepd

December 2023 exit rate 233 kboepd

Gas share 2023 35%

Unit opex below full year guidance

Full year 2023 14.1 USD/boe

2024 guidance 13.5 -14.5 USD/boe

Integration of low -cost Neptune assets Realising cost synergies across portfolio

Production cost

USD /boe

0123456789

Quality project portfolio delivering on growth strategy

Existing production and sanctioned developments

500 mmboe

reserves in development portfolio

9 of 18 projects

remaining with 6 more than 50% complete

~35 USD/boe

average break-even in development portfolio¹

25% project IRR¹

Balder X nearing completion

at peak production¹, gross

production cost

Jotun FPSO >90% complete

High construction activity at yard

SPS/SURF² >80% complete

All subsea equipment delivered; majority installed

Drilling ~75% complete

10 of 14 producing wells completed

Targeted start-up moved to Q4 2024

Johan Castberg on track

Progressing towards first oil in Q4 2024

13

1. Operator's estimate 2. Vår Energi 30% WI 190 kboepd vessel capacity production¹, ², gross

450-650 mmboe

2P reserves¹, ², gross

~4 USD/bbl

production cost

Creating value and growth

Significant reserves plus resources ~2 billion boe¹

Delivering	Sustaining	Creating
growth	production	future value
Reserves2	Contingent Resources3	Prospective Resources4
1.24	0.75	>1
billion boe	billion boe	billion boe
High quality	De-risking	Increasing exploration
assets	new projects	activity

• 1. 2P Reserves plus 2C Contingent Resources
• 1. Per 2023 Annual Statement of Reserves Proved plus Probable (2P) reserves
• 1. 2C Contingent Resources

15

1. Net risked prospective resources

Financial highlights¹

84 USD/boe

USD 857 million

weighted average realised price

CFFO after tax

0.5x NIBD / EBITDAX

USD 3.7 billion Available liquidity²

USD 270 million

Dividend Q4 2023 and Q1 2024 guidance

Continued high realised gas price

Total petroleum revenues

USD million

Realised prices

Oil Gas NGL

Additional sales revenue generated in 2023¹ USD ~1 billion

Indicative gas sales portfolio² Gas sales split (%)

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

2. Based on average exchange rates through Q4 2023. Including Neptune volumes from 1st February 2024 ¹⁷

High cash flow generation

USD 3.4 billion 2023 Cash flow from operations (CFFO)

1.3x Q4 2023 capex coverage

USD 2.6 billion 2023 Capex within guidance

18

CFFO and capex

USD million

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

5 682

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Cash taxes

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

Continued strong liquidity position

Cash flow development Q4 2023 Available liquidity

USD million USD million

Successful debut hybrid issue

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 21 2. Based on EURO/USD of 1.08

5

BBB Baa3

Attractive and predictable dividends

Dividends declared

USD million

• Dividend guiding for Q1 2024 of USD 270 million (~0.11 USD per share)
• Dividend for 2024 of approximately 30% of CFFO after tax
• Dividend for Q4 2023 of USD ~0.11 per share to be paid 27 February 2024
  • Paid in NOK at exchange rate of USD/NOK 10.5078

2024 guidance

Production	280-300 kboepd
Production cost	USD 13.5-14.5 per boe
Capex	USD 2.7-2.9 billion excl. exploration and abandonment Exploration USD ~300 million Abandonment USD ~100 million
Other	Cash tax payments of USD ~1.5¹ billion in 1H 2024
Dividends	(~0.11 USD per share) Q1 dividend of USD 270 million For 2024, the plan is to distribute approximately 30% of CFFO after tax

One of the fastest growing E&P companies in the world

Doubling production to ~400 kboepd by end-2025

Closing Neptune acquisition

Strong financial results

Continued attractive and predictable dividends

Q&A

Q4 Results presentation 13 February 2024

Appendix

Q4 Results presentation 13 February 2024

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	Neptune	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

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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