Sandnes,
The plan is supported by 10 development projects in execution, more than 20 early phase projects being matured, a doubling of exploration activity with participation in approximately 60 wells planned the next four years and a solid foundation of more than 3 billion boe of resource potential.
"Vår
"We have a clear strategy for growth and value creation as one of the fastest growing E&P companies globally. We are on track to deliver around 400 kboepd by end-2025 and have a clear plan for organically sustaining production at 350-400 kboepd towards 2030. Vår
"Oil and gas will remain an essential part of world energy supply for decades to come. We are a reliable provider of energy to
Highlights
A clear strategy for growth and value creation
- Established track record with USD ~2.2 billion returned to shareholders since IPO
- A stronger pure play E&P company with an enhanced NCS gas position and strengthened future dividend capacity following the Neptune Energy Norge acquisition
-
Identified synergy potential from the acquisition increased to approximately
USD 500 million post tax over time,USD 200 million higher than initially guided - More than 3 billion boe of reserves, resources and prospects provide a unique foundation for long-term value creation
Unlocking future value
- On track for around 400 kboepd by end-2025 from de-risked development projects coming on stream, including Balder X and
Johan Castberg - A tangible plan for sustaining 350-400 kboepd towards 2030 supported by flexible and robust portfolio with over 20 early phase projects targeting over 400 mmboe with short time to market
- Accelerated exploration activity with around 60 wells over the next four years
- Delivering more than 100 wells in 2024, including development, infill and exploration wells
- Clear plan for reducing production cost to approximately USD 10² per boe by end-2025
Accelerated decarbonisation
- Strong starting point in the top quartile of the industry
- Clear path to emission reductions through electrification of assets and portfolio optimisation and energy management
- Targeting near zero methane emissions in 2024, over 50% reduction of scope 1 emissions by 2030 and near zero by 2050
Long-term foundation for sustainable shareholder returns
- Sustained production of high-margin barrels with approximately
USD 45 per boe free cash flow neutral over 2024-2028 -
Free cash flow generation potential in a range of
USD 4.5-8 billion over 2024-2028¹ - Dividend policy of 20-30% of cash flow from operations (CFFO) after tax over the cycle, with 2024 guidance at approximately 30% of CFFO
¹ Scenario Brent
² Equivalent to previous guidance of
Presentation and webcast today at
The CMU presentation followed by Q&A will be transmitted via live webcast from
The presentation material and webcast will be available at www.varenergi.no
About Vår
Vår
Contact
Investor relations
+47 90509291
Ida.fjellheim@varenergi.no
Media relations
+47 92616759
andreas.wulff@varenergi.no
This announcement may include projections and other "forward-looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Vår Energi AS ("Var Energi") about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections. Vår Energi ASA undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement.
https://news.cision.com/var-energi-asa/r/delivering-growth--value-and-resilient-returns-towards-2030,c3944870
https://mb.cision.com/Main/21086/3944870/2665016.pdf
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