Vår Energi ASA

Investor Presentation • Feb 16, 2023

Growth and value creation

Capital markets update 16 February 2023

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 equity market conditions, investor attitude and demand, the business prospects of the Group and other specific 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 do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. The Materials should be reviewed together with the Company's Annual Report 2021. The Materials contain certain financial information, including financial figures for and as of 31 December, 2022 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 strongly suggests that each Recipient seeks its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice; no such advice is given by the Materials. 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 Recipient enters into any transaction. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all the information that any Recipient may require to make a decision with regards to any transaction. Any decision as to whether to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each Recipient should take steps to ensure that it fully understands such transaction and has made an independent assessment of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

The Materials may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "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 since they are based solely on the circumstances at the date of publication.

To the extent available, the 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 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.

Agenda Capital Markets Update

10:00 – 10:05	Welcome	Ida Marie Fjellheim, VP Investor Relations
10:05 - 10:15	Q4 and full-year 2022 results	Stefano Pujatti, CFO
10:15 – 11:30	A leading E&P independent on the attractive NCS Delivering growth and operational excellence Becoming an ESG leader Financial framework	Torger Rød, CEO Stefano Pujatti, CFO	Torger Rød CEO
11:30 – 12:00	Q&A		Rune Oldervoll
12:00 – 12:45	Lunch		Exploration & Production
12:45 - 13:55	Deep dive 1: Exploration and Production Project Development and Supply Chain Management Deep dive 2:	Rune Oldervoll, EVP Atle Reinseth, EVP
	Technology, Drilling and Subsurface Commercial	Ingrid Sølvberg, EVP Ove-André Årdal, SVP	Ingrid Sølvberg Technology, Drilling & Subsurface

Today's presenters

Moderators

Ida Marie Fjellheim Investor Relations

Atle Reinseth Project Development & SCM

Stefano Pujatti CFO

Stian Salmi Seipæjærvi Investor Relations

Ove André Årdal Commercial

A leading E&P independent on the attractive NCS

Path to

ESG leadership

Growth on track, sustained value creation

Robust portfolio Strong gas position

High value growth

Exploration excellence

Strong cash flow, attractive distributions

Partner of choice

World class capabilities

Q4 2022 results

Fourth quarter 2022 highlights

Safe and stable production

• Q4 production 214 kboepd, 220 kboepd for the full-year 2022
• Gas share of 37% in the quarter
• Continued focus on operational improvements

High realised gas prices

• Average realised price of ~115 USD/boe in the quarter, gas 182 USD/boe
• CFFO impacted by high tax payments and final payment to Exxon
• Capex within full-year guidance
• Dividend guidance of USD 270 million for Q1 2023

Continued solid financial position

• USD ~4 billion in available liquidity at year-end
• Leverage ratio of 0.3x at year-end 2022
• Successfully issued USD 2 billion of bonds in the US debt market

Strong exploration performance

• Operator of the largest NCS discovery
• 2022 exploration success rate of 57%1

Key performance indicators

Q4 2022 vs. Q3 2022

Actual serious incidents frequency1

0.1

CO2 emissions intensity

10.5 kg/boe

Production 214 kboepd

Cash flow from operations

USD 443m

(0.1) (215) (1 503)

Production cost per boe USD 14.1

Dividend for the quarter USD 300m

(10.4) (13.4) (290)

Safe operations

TRIF1 and SIF2

• No serious incidents in the quarter
• Improvement seen on key safety metrics over the quarter
• Focus on reversing the trend through implemented initiatives, shared learnings and strengthened safety culture

1. Total recordable incident frequency per million hours worked, 12 months rolling average 2. Total serious incident frequency per million hours worked, 12 months rolling average

Stable production with continued strong gas position

Production, production efficiency1 and product mix kboepd

• Goliat
  • Production efficiency of >96% in Q4
  • Well integrity issues resolved

Balder

Production up 4 kboepd following restoration of shut-in production

Partner-operated assets

• Åsgard B back at full capacity
• Sleipner compressor repaired
• Unplanned downtime on Grane
• Continued to reduce NGL recovery to increase gas sales
• 2022 full year production of 220 kboepd, versus 246 kboepd in 2021
• 2023 production guidance of 210-230 kboepd

Continued exploration success

Strong results in 2022 exploration campaign High-value exploration near existing hubs

Discovery rate	Contingent resources1	Unit exploration cost
57%	~65	~0.2
4/7 wells	mmboe (net)	USD per boe

4 discoveries2 adding significant contingent resources

High-value exploration near existing hubs

1. Net to Vår Energi 2. Technical discoveries 3. Largest discovery on NCS in 2022

Key financials

USD million	Q4 2022	Q3 2022	Q4 2021	FY 2022	FY 2021
Petroleum revenues	2 354	2 520	2 282	9 781	6 043
EBIT	1 531	1 363	1 249	6 369	3 059
Profit before taxes	1 793	1 071	1 137	5 856	2 647
Production cost (USD/boe)	14.1	13.4	13.4	13.5	12.0
Operating CF before tax	2 094	2 027	1 523	8 369	4 415
CFFO	443	1 503	951	5 682	4 580
CAPEX	800	599	710	2 593	2 585
NIBD / EBITDAX	0.3x	0.2x	1.0x	0.3x	1.0x
Available liquidity1	4 045	5 099	2 304	4 045	2 304

Strong gas price realisations

Realised prices

Total petroleum revenues

USD per boe

FY 2021

Q4 2022 gas revenues

• Month and day ahead sales weighted towards France and Germany with ~30% of volumes exposed to high Month ahead prices
• Fixed price sales included contracts with Gas Year Ahead pricing started 1st Oct 2022 and a forward sale contract entered in January 2022

Indicative gas sales portfolio – current year1

Gas sales split (%)

CFFO impacted by higher tax payments and payment to Exxon

Cash flow development Q4 2022 CFFO and Capex

2.0

2.5

3.0

3.5

1.5

1.0

0.0

0.5

Continued attractive dividend distribution

Dividend distribution

USD million

Declared Planned

• Dividend policy of 20-30% of cash flow from operations after tax over the cycle
• Dividend guiding for Q1 2023 of USD 270 million (~0.11 USD per share) compared to USD 225 million in Q1 2022
• For 2023, the plan is to distribute approximately 30% of CFFO after tax
• Dividend for Q4 2022 of USD ~0.12 per share to be paid 3 March 2023
  • Paid in NOK at exchange rate of NOK/USD 10.205

Growth and value creation

Celebrating one year as a listed company

Market cap1 ~80

NOK billion

Dividend for 2022 1,075 USD million vs. guidance at IPO USD 800 million

Number of shareholders1 ~30,000 ~19,000 at IPO

High engagement >80%

of employees own Vår Energi share

Creating value as a leading pure-play E&P independent on the attractive NCS

Material and diversified production base

Maximising value creation with hub-centred strategy

World-class capabilities, with tangible growth and track record

Credible path to net zero (scope 1 and 2) by 2030

Material cash flow generation and Investment grade balance sheet supporting attractive and resilient distributions

The Norwegian Continental Shelf is an ideal foundation for value creation...

Cost competitive1 Lowest CO2 footprint Reliable framework ¹

85

78

Opex per boe 2022 (USD) Carbon intensity 2022 (kg CO2/boe produced) Score "Transparency International's" Corruption Perception Index, 2021

69 67

63

Significant resources2 Total ~100bn boe

Production growth

Continued investment in developments

Continued exploration Supportive and stable fiscal environment

...and a stable and secure energy supplier to Europe

Vår Energi has a leading position on the NCS

Gas share

One of the largest independent NCS producers1 ...

2022FY production (kboepd)

2022YE reserves (mmboe) ... with a solid reserve base and R/P2

R/P

Robust portfolio and value-enhancing hub-centred strategy

37% gas share FY 2022

Strong diversification across four hub areas

On track for strong production growth

kboepd De-risked path to >350 kboepd by end-2025...

...and a plan for sustaining production and create value beyond

World-class exploration capabilities and track record

Infill drilling, improved recovery and extended lifetime

Maturing a high value project portfolio

Value accretive M&A

50+ years of value creation on the NCS continues

Creating a leading pure-play E&P on the NCS Vår Energi established 2018

Strong heritage

ExxonMobil Eni Point Resources1

Realising our potential

Updated growth and value creation strategy Preparing and executing a successful IPO and listing Debt refinancing and Investment Grade rating New organisation and management

Implementing improvement program

Commercial excellence Production and opex efficiency Drilling and well improvements Partner and supplier collaboration Synergies of USD ~200 million in 2022

1963-2016 2017-2020 2021-2023

Partnerships and innovative collaboration models…

…drive performance

Industry collaboration Supply chain management Strategic partnerships Strong owners Improved safety and efficiency Reduced costs Lower emissions

Access to competence

Exploration expertise and M&A capabilities

ESG at the core of all activities

Ambition to be the safest operator

Credible path to net zero (scope 1 and 2) by 2030

-50% emissions from operated assets by 2030

Clear framework for shareholder value creation

350 kboepd by end-2025 and sustained value creation beyond

Cost discipline and plan for USD ~81 per barrel production cost

USD 3.1 billion of free cash flow generated in 2022

USD 1,075 million in dividends for 2022

Clear plan to continue with material dividends, with USD 270 million for Q1 2023

Delivering growth and operational excellence

Continuous focus on operational efficiencies

Medium-term ambition of ~8 USD/boe

Production cost per barrel (USD/boe)

Key cost reduction enablers

Sanctioned projects coming on stream with average unit cost of ~4 USD/boe

Continued cost reductions from improvement program

Active portfolio management and optimisation

Cost efficiencies through strategic partnerships

0

5

10

15

De-risked project portfolio driving production growth

kboepd

Mid-term target of >350 kboepd

supported by 17 sanctioned development projects, well into execution with committed investments

Resilient and low-risk project portfolio with strong economics

Existing production and sanctioned developments

First oil field extension First oil new field development

500 mmboe

reserves in development portfolio

11 of 17 projects >50% complete

~30 USD/boe

average break-even in development portfolio

25% project IRR1

Balder X de-risked and on schedule

Jotun FPSO >70% complete

HSE performance improved

Engineering close to completion

Construction ramped up

1967 Discovery

According to revised schedule

1999 Balder start-up 2019 Balder X PDO

SPS/SURF >85% complete

According to plan

2021

Remaining work well matured

Drilling >35% complete

Optimised drilling sequence

Start drilling of new wells in Balder area

Q2 2020 Refurbishment of Jotun FPSO commenced at yard Q1 2024 Sail away yard Jotun FPSO

Q3 2024 First Oil

Breidablikk a highly attractive subsea tie-back

Cost-effective subsea tie-back leveraging Grane infrastructure

Topside modification on Grane and subsea installations on track, drilling ahead of schedule

On track for first oil in Q1 2024

Strengthening the Barents Sea hub area

Johan Castberg - major partner-operated development in the highly prosperous Barents Sea

FPSO integration and completion ongoing, subsea complete, pre-drilling campaign of 12 wells completed

Large additional potential through infill drilling, tie-backs of discoveries and exploration drilling

Progressing according to plan towards first oil in Q4 2024

2018

2018

PDO approved

Construction start of hull in Singapore Construction start of topside in Norway Q2 2022

Start FPSO integration at Aker Stord, Norway

Remaining sanctioned projects securing high-return barrels in core areas

Remaining project portfolio targeting

60 kboepd in 2025

Cost-effective

developments utilising hub strategy

Sustaining value creation beyond 2025

Capturing opportunities for long-term high value creation

kboepd Long-term ambition of sustaining production

Efficient drilling and improved recovery

Proven results from increased recovery and technology Continuous improvement in production efficiency3

Total resources

Reserve replacement ratio

1.6

billion boe1

160% average 2019-2022

Average annual infill production

kboepd 2025 to 2030

30

Historic increase in improved recovery

7% annual average last 5 years2

Operational excellence

Improved planning and execution of maintenance and turnaround activities

High regularity and uptime on the assets, avoid unplanned losses

1. Source: Vår Energi, reserves and resources 2. According to study by Norwegian Petroleum Directorate 3. For operated assets, long-term ambition not including TAR

Maturing a high value project portfolio

Standardised factory approach on tie-backs

Disciplined, robust and countercyclical

Maintaining ambition of 30 USD/boe break-even1

Leveraging strategic partnerships

Non-sanctioned key projects

Resources

225

Average break-even

~30

Mmboe, Vår Energi share

USD/boe, volume-weighted

Barents Sea Goliat tie-backs Johan Castberg tie-backs Barents gas solution

Norwegian Sea Åsgard IORs Kristin South phases Åsgard - Bjørnene

North Sea Fram South Garantiana Snorre IORs Eldfisk North Extension

Balder/Grane King and Prince Balder Phase V Balder Future Phases

Best-in-class exploration capabilities

Source: Rystad Energy, 2018-2022. Peers differ between the three charts. 1. Companies with activity in two or more years 2. Companies with more than 75 mmboe discovered 3. Companies with more than USD 50m in EXPEX. Assumed Real USD 50 oil price

2023 campaign targeting high-value barrels

Hub-focused exploration 8 firm wells

3 contingent wells

Risked resources1

50

mmboe (net)

Exploration capex

~200

USD million pre-tax

APA 2022 licenses

12

awarded (5 as operator)

Exploration strategy supporting long-term value creation

Targeting infrastructure-led (ILX) wells ...

... and high-impact wells

8-10 per year

Extend production plateau of existing hubs

High-margin barrels close to existing infrastructure with short time to market

Significant inventory with >50 prospects reflecting substantial resource potential

1-2 per year

Deliver new standalone production hubs

Indicated drilling campaigns 2023-2026

Operated well Partner-operated well

Delivering >50% success rate from 2020-2022

Near-field exploration Following hub strategy Renewal of exploration portfolio Focus on quality and operatorships Selected High-Risk/High-Reward Find and mature new hub opportunities Optimise exploration portfolio BD-opportunities and relinquishments

Pursuing accretive M&A opportunities

Key criteria – supporting the strategy

Strengthen positions in existing core areas to high-grade the portfolio Optimising assets for value creation and building exploration potential

Increase operatorships to realise our strategy and potential across areas

Strong M&A capabilities building on proven records

2017

Point Resources' acquisition of ExxonMobil's operated assets

2018 Vår Energi - merger between Point Resources and Eni Norge

2019 Acquisition of ExxonMobil's nonoperated assets

2020 License optimisations

Becoming an ESG leader

Committed to deliver a better future

Clear path to net zero scope 1 and 2 for operated assets by 2030

50% emission reduction by 20301

Electrification of the Balder/Grane area in collaboration with Equinor

Balder FPU off field within 2030

Energy management a continuous contributor

~15k

tCO2-eq average annual net reduction in 2021/2022

20k tCO2-eq targeted reduction in 2023

Key decarbonisation initiatives

	Early phase	Execution	Delivered
Power from shore	Balder and Grane Snorre Heidrun	Sleipner Fenja and 1 Bauge (Njord) (Troll C)1 Fram	Goliat Ormen Lange
Other decarbonisation projects	Statfjord Waste heat recovery Åsgard and Kristin Halten consolidation	Snorre Hywind Tampen, offshore wind	Ekofisk Flare gas recovery & energy optimisation
	Decarbonisation R&D projects and Energy Efficiency operational improvements

Source: Vår Energi; Equinor; Conoco Phillips; Shell Note: Exit points and processing facilities (Kårstø, TOPEKA) not included 1. CO2 reductions currently allocated to host (not Vår Energi assets)

Continuously

Financial framework

A strong foundation to deliver value to shareholders

High-value production

Diversified production of 220 kboed in 2022 including material gas share with growth to >350 kboepd by end 2025

Low-cost barrels

High-margin barrels with further OPEX reductions targeted to reach USD 8 per boe¹

Resilient FCF generation

USD 3.1 billion generated in 2022

Material dividends

USD 3.9 billion in dividends paid since 2019 with resilient expected shareholder distributions in the future

Attractive combination of resilience, growth and distributions

Capital allocation framework

Sustain production of existing portfolio

Fund capex of existing developments and new value-creating projects

Maintain an investment grade balance sheet

Pay dividends according to stated policy

Use additional free cash flow for shareholder distributions and debt repayment

Strong cash flow potential during current investment period

Indicative cumulative free cash flow generation 2023-2025 USD billion

Clearly defined investment program with sanctioned projects

Non-committed investments reflect maturing unsanctioned projects

Robust headroom to maintain dividend policy through capex-intensive period

Robust cash generation across various price scenarios

Indicative cash flow generation 2023-2027

USD billion, cumulative

High free cash flow generation in capex-light years

Flexible investment plans for end-of decade organic growth

Resilient dividend capacity

Cash flow neutral 2023-27

USD/boe

Assumptions: Oil and gas prices from Jan – June 2023 based on forward curves extracted as of 30 January 2023. Oil price levels refer to real 2023 brent prices. Gas prices from July 2023 to Dec 2025 is assumed 50% premium to oil, and 5% premium in the period 2026-2030

Disciplined investments in high-value barrels

Indicative capex 2023-2030

USD billion, annual average

Stable capex in 2023 and 2024

Current project portfolio well into execution, with majority of capex covered under committed contracts

Balder X de-risked with revised plan in 2022

Robust inflation protection

Maintain capital discipline with clear return requirements for all new development projects

Maintaining an Investment Grade balance sheet

High financial flexibility Solid debt financing structure

Ongoing diversification of maturities, currencies, and instruments

Successful issue of USD 2.5 billion of long-term bonds in the US market during 2022 with maturities in 2027, 2028 and 2032

Year-end leverage ratio at 0.3x, well below over-the-cycle target of 1.3x

USD 600 million of RCF maturing in March

6.0

6.5

8.5

9.0 9.5 10.0

8.0

7.5 7.0

5.5

0.0

0.5 1.0

2.5

2.0

3.5

4.0 4.5 5.0

3.0

1.5

Attractive dividend policy maintained

2023 operational and financial outlook

Production	210-230 kboepd
Production cost	USD 14.5-15.5 per boe
Capex	USD 2.4-2.7 billion excl. exploration and abandonment Exploration USD ~200 million Abandonment USD ~50 million
Other	Cash tax payments of USD ~1.8¹ billion in first half 2023
Leverage	Through-the-cycle leverage target of 1.3x net interest bearing debt / EBITDAX
Dividends	Q1 dividend of USD 270 million (USD ~0.11 per share) For 2023, the plan is to distribute approximately 30% of CFFO after tax

A leading E&P independent on the attractive NCS

Growth on track, sustained value creation Path to ESG leadership Strong cash flow, attractive distributions

Robust portfolio Strong gas position

High value growth

Exploration excellence

Partner of choice

World class capabilities

Technology, drilling & subsurface

Capital Markets Update 16 February

Driving for drilling excellence

Excelling already in 2023

Operated wells: 9 production and 4 exploration

Performance towards best in industry

• Develop high performing organisation
• Redesign well delivery process
• Strategic partnerships
• Partner of choice and optimised rig utilisation
• Continuously adopt value enhancing technology and digital solutions

Agile adopter – increased competitiveness

Digital agenda supporting improvement program

Safe and sustainable operations

Operational excellence Digital field worker

High-performing organisation

Big ticket items – realising our potential

Data driven safety and sustainability

Optimised drilling performance

Production optimisation

Commercial Excellence

Capital Markets Update 16 February

Diversified crude oil portfolio with reliable offtakes

Natural hedges with robust sales mix of crude oil qualities Offtake agreements offering premium prices Indicated sales mix crude oil qualities

USD per barrel

100% post tax production hedged with put options at strike price of USD 50 per boe

All crude oils sold on a FOB1 basis under long-term agreements at norm price2 Providing diversity and price robustness

Robust gas sales strategy with flexible index pricing

Indicative gas sales portfolio – current year1

Access to several markets for robustness

Flexible sales arrangements at several exit points in Europe

~30% of the gas portfolio sold on a firm fixed price basis2

Actively capturing upsides and ensuring robust pricing

Gas sales split (%)

Optimising gas sales through exit point arbitrage

...creating arbitrage opportunities for Vår Energi

USD ~100 million

additional revenues captured through exit point arbitrage in 2022

1. Source: Bloomberg 2. DA = Day Ahead

Exploration & Production

Capital Markets Update 16 February

Actively improving performance

Operated portfolio – Pursuing operational excellence

• Strong 2022 performance on Goliat
• Subsea sites on Balder restored after riser/flowline repairs
• Ringhorne drilling performance improvement program

Partner operated portfolio - Strong base for 2023 performance

• New fields coming on production in 2023
• Implementing learning from 2022 turnarounds and reducing scope
• Sleipner compressor repaired and operational
• Åsgard B back at full capacity
• Adjusting well design to reduce drilling risks

Hub strategy – optimising development of key hubs

Synergies - maximise value of existing infrastructure and deliver future growth

Targeted prioritisation - cost and resources

Long-term value creation - timely exploration and resource maturation to ensure optimal field development

Partner of choice – predictive and constructive industry partner

Long-term value creation from the hubs

kboepd Long-term ambition of sustaining production

Balder – growth and opportunities

• Exploration and increased recovery key
• Integrating area development plans gas, electrification, tie-ins

Barents - the last frontier

• Infill drilling and tie-back of discoveries strong ILX track record
• Key to unlock further potential gas solution
• Continuing chasing new plays in under-explored areas

North Sea - focused exploration in key hubs

• Strengthening exploration in area
• Developing of Fram and Tampen projects

Norwegian Sea - major gas hub

• Executing sanctioned projects, exploring for new opportunities
• Increasing recovery potential; especially around Åsgard

Project Development and Supply Chain Management

Capital Markets Update 16 February

Balder X de-risked and on schedule

Jotun FPSO >70% complete

HSE performance improved

Engineering close to completion

Construction ramped up

According to revised schedule

SPS/SURF >85% complete

According to plan

Remaining work well matured

Drilling >35% complete

Optimised drilling sequence

Maturing a high value project portfolio

Standardised factory approach on tie-backs

Disciplined, robust and countercyclical

Maintaining ambition of 30 USD/boe break-even1

Leveraging strategic partnerships

Non-sanctioned key projects

Resources

Average break-even

225 mmboe

Vår Energi share

~30 USD/boe

volume-weighted

Barents Sea Goliat tie-backs Johan Castberg tie-backs Barents gas solution

Norwegian Sea Åsgard IORs Kristin South phases Åsgard - Bjørnene

North Sea Fram South Garantiana Snorre IORs Eldfisk North Extension

Balder/Grane King and Prince Balder Phase V Balder Future Phases

Strategic supplier partnerships

Subsea Partnership established 2022

• SPS Aker Solutions
• SURF Ocean Installer and Saipem

Strategic partnership ambitions for 2023

• Drilling & Well partnerships- Mobile drilling unit (Rig) & Integrated drilling services
• Subsea IMR services
• Topside Maintenance & Modification
• Electro, Instrument, Control & Telecom partnership
• Digitalisation

Early involvement – Right solutions – Efficient execution

Appendix

Price sensitivities

Indicated effect on 2023 results1

USD million

Price assumptions

• Unless otherwise specified, all numbers are run on forward prices
• Assuming forward prices as of 30 January and contracted gas forward sales
• Prices in real 2023

	2023	2024	2025	Thereafter
Oil Price \$/bbl	85	77	72	70
Gas Price \$/bbl	134	119	107	74
Exchange Rate USD/NOK	9.5	9.0	9.0	9.0

Debt maturities

Maturity profile1

USD million

Senior Notes Bridge to Bond W/C Facility Bilateral RCFs Syndicated RCF

Tax guidance

Tax payments - Sensitivity for 2023

USD million

Q1 and Q2 related to 2022 tax payments

Tax for 2023 is paid in 6 installments:

• One payment in Q3 and two in Q4 2023.
• Remaining installments to be paid in H1 2024

Exploration campaign for 2023

Area	License	Prospect	Operator	Vår Energi share	Pre-drill unrisked mmboe	Pre-drill unrisked mmboe VE	Timing
Barents Sea	PL 229	Countach	Vår Energi	65%	41	27	Q1
North Sea	PL 554	Angulata	Equinor	30%	58	17	Q1
Norwegian Sea	PL 1005	Rondeslottet	Aker BP	40%	871	348	Q1/Q2
Balder Area	PL 956	Ringhorne N	Vår Energi	50%	28	14	Q3
Balder Area	PL 984	Norma	DNO	30%	64	19	Q3
Norwegian Sea	PL 090	Crino	Equinor	25%	75	30	Q3
Balder Area	PL 917	King 2	Vår Energi	40%	83	33	Q4
Barents Sea	PL 1025S	Venus	Vår Energi	30%	313	94	Q4