Var Energi ASA (OSL:VAR)

Q3 2025 Var Energi ASA Earnings Call Transcript

Oct 21, 2025 / 08:00 AM GMT

Release Date Price: kr32.64 (+2.26%)

Transcript

Key Points

Positve

Var Energi ASA (VARRY) delivered transformational growth ahead of schedule, with production reaching 370,000 barrels of oil equivalent per day in Q3 2025.
The company achieved a strong financial performance with cash flow from operations post-tax of $1.2 billion and reduced net debt, maintaining $3.6 billion in available liquidity.
Operating costs are on track to be reduced to around $10 per barrel in Q4 2025, showcasing strong cost management.
Var Energi ASA (VARRY) confirmed a dividend distribution of $300 million for Q3 2025, maintaining stable or growing dividends for the last 15 quarters.
The company has a robust portfolio of high-value early-phase projects, with plans to sustain production at 350,000 to 400,000 barrels per day towards 2030 and beyond.

Negative

The company faces a lower price environment, which could impact future revenues and profitability.
There is a risk of project delays, as seen with some projects being pushed to 2026, reflecting cautious spending due to the lower price environment.
The Goliat gas export solution has been delayed, with the FID pushed beyond the original target, indicating potential challenges in project execution.
Despite strong production growth, there is a reliance on continuous drilling to sustain production levels, which could increase operational risks.
The company has discontinued the Holton and Snorera power from shore projects due to challenging economics, reducing capital spend guidance by $500 million but potentially impacting long-term sustainability goals.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VAR.OL - Var Energi ASA
Q3 2025 Var Energi ASA Earnings Call
Oct 21, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone. It's a real pleasure to welcome you all to Warenahi's third quarter 2025 presentation results. The presentation today will be given by our CEO Nick Walker and our CFO Carlos Santapare.

I will hand the word over to Nick before we open up for questions.

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Unidentified_2 [2]
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Well, thank you, Ida, and good morning to all, and thank you for joining us today for our 3rd quarter 25 results presentation. I'm pleased to report strong results for the quarter. We've delivered transformational growth ahead of schedule, and a pipeline of new

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