Var Energi : Earnings Report

June 24, 2024 at 01:53 pm

Corrected Transcript

24-Apr-2023

Vår Energi ASA (VAR.NO)

Q1 2023 Earnings Call

	Total Pages: 16
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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

CORPORATE PARTICIPANTS

Ida Marie Fjellheim	Stefano Pujatti
Head-Investor Relations, Vår Energi ASA	Chief Financial Officer, Vår Energi ASA
Torger Rød
Chief Executive Officer, Vår Energi ASA

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Matthew Smith	Vidar Skogset Lyngvær
Analyst, Bank of America	Analyst, Danske Bank A/S (Norway)
Teodor Sveen-Nilsen	Ruben Dewa
Analyst, SpareBank 1 Markets AS	Analyst, Jefferies

Anders Rosenlund

Analyst, Skandinaviska Enskilda Banken AB (Norway)

MANAGEMENT DISCUSSION SECTION

Ida Marie Fjellheim

Head-Investor Relations, Vår Energi ASA

Thank you very much. It is my pleasure to welcome you to Vår Energi's First Quarter 2023 Results Webcast and Conference Call. Joining us today is, as usual, our CEO, Torger Rød; and our CFO, Stefano Pujatti. Torger and Stefano will present the results and afterwards we will have a Q&A session.

I will now hand the word over to Torger.

Torger Rød

Chief Executive Officer, Vår Energi ASA

Thank you, Ida. And good morning to everyone listening in on the call today. We deliver another quarter with strong cash flow generation. We have maintained a safe and stable supply of oil and gas, with Q1 production flat from previous quarter of 214,000 barrels per day, including a continued material gas share of 38% in the quarter. We maintain our full-year production guidance of 210,000 to 230,000 barrels per day.

We are happy to see new production coming in from new fields on stream, with a successful start-up of Frosk in March, Hyme and Bauge in April, and Fenja expected soon to stock up.

We have exceptional price realization for gas is driving strong cash flow generation in the quarter. The realized price was on average $116 per oil equivalent in the quarter, with $176 per barrel for gas, which is due to our well executed gas sales strategy and represents a significant enhanced value, compared to the spot market for gas in the quarter. This provided a solid cash flow from operations of nearly $1.4 billion. We continue to have strong balance sheet, with a leverage ratio of 0.3 at the end of Q1, which was the same as year-end 2022. The dividend

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

guided for Q1 of $270 million is confirmed. And our forecast for the second quarter is to maintain a dividend of $270 million.

Our main development projects are progressing accordance to plan. We are on track to deliver more than 50% production growth by end 2025. And we also achieved important milestones in this quarter.

We continue to deliver exploration success and see high potential ahead. We started the year with exploration success in the Countach well in the Barents Sea and we have an exciting exploration program ahead of us this year, with wells with high impact potential commencing during the year.

Here, you see a summary of key performance indicators in the quarter. Safety is a prerequisite in all we do, and we are pleased that we experienced no actual serious incidents for Q1. This is also the case for the last year of operations. Our target is always zero serious incidents and injuries. And our ambition is to be the safest operator on the NCS. Estimated emission intensity of 13 kilo per barrel for operator fields reflect high exploration activity in the first quarter combined with well interventions at Goliat.

Production cost per barrel is reduced from previous quarter, mainly due to less maintenance and currency movements. We deliver a quarter with strong cash flow and we confirm a distribution of $270 million in dividends for the quarter as forecasted during the CMU in February.

Then, we move on to an operational review of the quarter. Safety is about people and safe and responsible operations is a prerequisite for all we do. Vår Energi highest priority is to operate without causing harm to people and the environment. The company's strong focus on our implementation of our safety initiatives continued through the first quarter, with a particular drive to improve the trend for serious incident frequency, SIF, by prevent dropped objects.

We are pleased to see that the 12-month rolling average SIF rate was 0.5 in the first quarter, an improvement from 1.0 in the fourth quarter last year. This really confirming the improvement work ongoing.

Q1 production was in line with Q4 with our continued high gas share. Our operated assets delivered 38,000 barrels, with an improved production efficiency of 89% in the quarter. We had some impact from operational issues at the Balder FPU, which I will soon [ph] revert (00:04:47) to.

In the North Sea, the Sleipner and Fram fields delivered strong performance, while shut-in wells reduced production from the Statfjord and Snorre fields. In the Norwegian Sea, production increased as the partner- operated Frosk project started production in March, only 18 months after submitting the PDO, so well done to Aker BP. Production from the tie-back fields Mikkel, Morvin and Kristin, was also fully restored after the fire incident in the fourth quarter at Åsgård.

We have an unprecedented high value growth in front of us and, as a beginning of this, we are very pleased to have the partner-operated Hyme and Bauge fields on stream in April, with Fenja expected to follow soon. These fields will have a positive contribution to our production from Q2. So, to summarize, we maintain our production guidance for the year of 210,000 to 230,000 barrels per day.

Then, an update on our operated assets. Goliat continues to deliver strong performance and was for the second consecutive quarter above 95% in production efficiency. Our improvement program pays off. In the Balder area, production was positively impacted by the completion of the repair to the subsea systems late 2022. However, the previously communicated riser integrity concern, which occurred in February, continue to reduce the production

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

by approximately 5,000 barrels per day. Work is ongoing to conclude if accelerated production recovery is possible before the riser is permanently replaced in Q3.

As earlier communicated, we are planning an extended maintenance campaign by use of Floatel starting in May this year for the Balder FPU. This is to enhance the operational resilience going forward and to improve the efficiency and uptime of the asset. Balder FPU will, as part of this, also conduct a turnaround, which is planned for in August. This will actually be the only operator turnaround this year.

On the unit production cost, this improved to $13.1 per barrel for Q1, mainly due to less maintenance activities. We maintained the full-year guidance and our medium-term ambition of reducing OpEx to approximately $8 per barrel.

Then, on to our projects, we have a robust development portfolio of projects well into execution, which overall are progressing as planned. These projects support our high-value growth to more than 350,000 barrels by end 2025.

Going into details, our own operated Balder X project is progressing towards planned first oil in Q3 2024. There has been high construction activity at the yard. And then, I am pleased to see good progress with an improved safety performance. The project reached the ready for re-float milestone as planned in the quarter and we are planning for the physical re-float out of the dry dock in Q3. The focus now is to execute a high-construction volume and optimize the sequence of the remaining work. The consequences of the strike is being assessed that the project is ramping up activities again.

On Breidablikk, the tie-back to Grane platform is also progressing on plan, with a high activity period ongoing at Grane topside, and drilling remains ahead of plan. For Johan Castberg, construction activity also progressed at Aker Stord, during the first quarter with planned start-up in Q4 2024. Johan Castberg was also affected by the strike as activity was stopped at the yard there as well.

And as mentioned earlier, the Bauge and Hyme development successfully started up in April, with Fenja expected to come on stream later in Q2. The fields tied back to Njord A platform were somewhat behind the original schedule due to operational issues at the host, but combined, the fields will contribute with approximately 10,000 barrels per day for 2023.

So, overall, we are on track for our end 2025 production target of above 350,000 barrels per day. In Vår Energi, we are proud of our exploration capabilities. And this was recognized by the Norwegian Petroleum Society awarding us the NCS Exploration Revived Award in March as the Best Explorer. As communicated in February, we discovered oil in the operated Countach well in the quarter, which is nearby the Goliat field. First results indicate a size of 3 million to 13 million barrels of recoverable reserves. We are excited about finding oil close to Goliat and see a significant follow-up potential in the area between Goliat and Countach. We are currently evaluating to drill an appraisal well on Countach and potentially other nearby prospects to explore the potential and how to best develop the resources.

The discovery adds to many discoveries and proven resources we have in this highly prolific region. Further, the Lupa and Countach discoveries confirmed our exploration models and serves both as potential play openers. And just to reiterate, the Barents Sea has a high potential not only for oil but also for gas, as proven by the Lupa discovery last year.

Gas has, however, been a long lasting challenge in the Barents, but the lack of infrastructure and export capacity has been a constraint. Last week, Gassco presented their updated view on the potential for increasing the gas

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

export capacity from the Barents. In this report, Gassco concluded that a new pipeline from the Barents Sea is the best solution and that a development likely will represent a positive social economy.

Gassco also indicate that further exploration activity is required to make the resource foundation for development more robust. And as you understand, this fits very well with our view and our Barents Sea strategy.

Regarding other exploration activity this year, we are excited about the high impact wells Rondeslottet and Venus as well as their infrastructure-led exploration in the Balder area.

I then round off my operation review and give the word to Stefano who will cover our financial results for the first quarter. Thanks a lot. Please, Stefano.

Stefano Pujatti

Chief Financial Officer, Vår Energi ASA

Thank you, Torger, and hi to everyone on the call today. Let's start as usual with a high level view of some key financials for the quarter. We achieved solid revenue, EBIT, and cash flow generation on the back of strong realized prices in the quarter. Profit before taxes is reduced from the previous quarter due to lower sold liquids volumes and an unrealized forex loss of $175 million as the NOK has continued to weaken compared to the dollar.

With operating cash flow before tax at nearly $2 billion, we have maintained a solid leverage ratio of 0.3, stable from the previous quarter. We have strengthened our cash position in the quarter. And available liquidity stands at nearly $3.8 billion at the end of the period. Production cost is at $13.1 per barrel compared to $14.1 in the previous quarter.

I will now go into more detail of our first quarter financial performance. More specifically on revenues, we generated more than $2 billion of revenues for the quarter. Compared to the previous quarter, revenues were down $265 million, mainly due to lower sold volumes.

Gas continued to be a strong contributor to revenues, accounting for 55% of revenues and 38% of production. The average weighted realized price in the quarter was $116 per barrel. We are especially proud of our realized gas price of $176 per barrel, which was significantly above the average of the different hubs for the quarter. In fact, comparing our realized gas price to the average spot price for TTF during Q1, we have realized $500 million in extra revenues compared to selling on spot. This is a strong testimony of our gas position and sales strategy.

Going deeper into the gas sales in Q1, around 42% of the sales was on the day ahead basis at roughly $100 per barrel and 24% was sold on a month ahead basis at around $145 per barrel. Both month ahead and day ahead were weighted toward the French and German markets. The remaining 34% were delivered under contract with fixed pricing, realizing an average of $283 per barrel. Overall, strong results from our gas sales strategy in the quarter.

Going forward, we continue to have a robust sales portfolio with access to several markets and we will have flexibility in the contract to decide the split between month ahead, day ahead and fixed contracts. For Q2 and Q3 2023, we will have fixed price sales representing around 20% of the gas sales. Prices for these sales are approximately $190 per barrel in Q2 and Q3. I would also like to mention that we have now fully hedged 100% of our post-tax production of crude, including Q1 of 2024, with put options at a strike price of $50 per barrel.

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

We had continued strong cash generation from operations in the quarter amounting to nearly $1.4 billion, an increase of $915 million from the previous quarter, mainly due to less taxes paid. CapEx stood at $642 million, down from $800 million in the previous quarter, with the three largest development projects, Balder X, Johan Castberg, and Breidablikk, representing around 70% of the investment in the quarter.

CapEx for the quarter was well covered by generated cash with CapEx coverage of 2.1. We expect to be within the CapEx guidance for the full year at between $2.4 billion and $2.7 billion. Tax payments for the first quarter ended at $577 million, down from $1.6 billion in the previous quarter due to only one tax installment paid in Q1. For Q2, we have two planned tax payments estimated to be around $1.2 billion.

Here, we see the development in our cash position from Q4 to the end of the first quarter. As you see, the cash flow from operations of $1.1 billion before taxes and changes to working capital has contributed to a strong cash build. We further had limited cash outflow from financing activities in the quarter and distributed as planned $300 million in dividends to our shareholders.

To summarize, the cash position at the end of the quarter stood at $769 million, an increase from $445 million at the end of Q4. Our available liquidity stood at $3.8 billion at the end of Q1, close to the $4 billion in the previous quarter. This is a strong result given that the two bilateral RCFs of $600 million in total expired during the quarter as these were taken during the particular times of COVID pandemic in March 2020 and, therefore, not renewed.

With a strong cash generation in the quarter, we have maintained our strong financial position and the leverage ratio, net interest-bearing debt on EBITDAX ended at 0.3 at the end of the quarter, on the same level as at the end of Q4.

We remain committed to maintaining our investment-grade rating whilst are heavily investing in developments which are fueling our growth, and we continue strong shareholder distribution and strengthening our balance sheet.

We have a solid debt financing structure with diversification of maturities, instruments and debt providers. The strong financial position lays a solid foundation for a continued material shareholder distribution and growth. Vår Energi strong cash flow generation support attractive and resilient distributions. For the past four quarters, we have distributed more than $1.1 billion. We confirm $270 million in dividend for the first quarter, which is equal to $0.11 per share to be paid 10th of May.

For the second quarter, as anticipated by Torger, the dividend guidance is $270 million, unchanged from Q1. For the full year, we confirm our dividend policy with an expected dividend of approximately 30% of the cash flow from operations after-tax.

Lastly, let me summarize our 2023 outlook and guidance. We maintain our production guidance in the range of 210,000-230,000 barrels per day. Production cost is expected to come in a range between $14.5-$15.5 per barrel; CapEx in a range between $2.4 billion-$2.7 billion; cash tax payments of approximately $1.2 billion in Q2; and dividends of $270 million for Q2 2023, and the plan is to distribute approximately 30% of the CFFO after tax for 2023.

That concludes the financial section and I give the word back to Torger for some concluding remarks. Thank you.

Torger Rød

Chief Executive Officer, Vår Energi ASA

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

Thanks a lot, Stefano. And to summarize, Vår Energi continues to deliver safe and reliable operations. We continue to generate strong cash flow from operations on the back of strong realized prices. Our main development projects are progressing accordance to plan, confirming an unprecedented 50% production growth by end 2025. And we continue our exploration success with high potential for the campaign ahead.

So, by that, I thank you all for listening in and give the word back to the operator for the Q&A. Thanks a lot.

QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] Our first question today will come from Matthew Smith from Bank of America. Matthew, please go ahead. Your line is open.

Matthew Smith

Analyst, Bank of America

Hi, there. Good morning, guys. Thanks very much. Can my first question tackle the gas sales, in particular the first

the fourth quarter, rather, where the fixed sort of price element is listed as TBD? Has there any progress sort of been made on placing those fixed price volumes so far, or is it anything to do with ability to execute or perhaps looking at optionality in terms of leaving more volumes unhedged in the fourth quarter? So, that'll be my first question.

And then the second question would be around the CapEx range for the year. I can see that the guidance is unchanged. Just wondering, four months in, if you have a feeling for where you sort of might end up at this stage. Thanks.

Stefano Pujatti

Chief Financial Officer, Vår Energi ASA

Thanks, Matthew, for your questions. Yes, first, quickly, response to your question about the Q4 and fixed pricing. Here, I make a - I stated also in the quarterly reporting, we are planning a [ph] total (00:22:22) Gas Year Ahead to normalize 21% to fixed price for the Gas Year Ahead in Q4, though the pricing - even though when the Gas Year 2023 stocks are on October 1. So, we will maintain the fixed pricing regime also in Q4 for about 22% our gas and then also we will assess if we could do further [ph] transships sold on (00:22:50) fixed price.

Then to your question about CapEx, here, I think I will reiterate what we said in the presentation. And that is that, we already know guidance of $2.4 billion to $2.7 billion for the year. I will not say where we're heading in the range, I would confirm the guidance. So, yeah, that's it, Matthew.

Operator: The next question comes from Teodor-Sveen Nilsen from SpareBank 1 Markets. Teodor, your line is open. Please go ahead.

Teodor Sveen-Nilsen

Analyst, SpareBank 1 Markets AS

Good morning, Torger and Stefano. Thanks for taking my questions. Three questions for me. First, on Barents Sea and infrastructure. Of course, you have couple of [ph] oil reserves (00:23:47) that definitely needs to be developed. So, I just wonder are there any alternative exit routes other than a new pipeline there? And will the board consider to actually put capital behind the pipeline there and become infrastructure investors and...

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

[Technical Difficulty] (00:24:05)

Operator: It appears our questionnaire has disconnected. We will move on to the next one and wait for him to re-queue. The next question comes from Anders Rosenlund from SEB. Anders, please go ahead. Your line is open.

Anders Rosenlund

Analyst, Skandinaviska Enskilda Banken AB (Norway)

Thank you. On Balder X, you write that it's progressing according to schedule. Could you comment whether it's progressing according to costs as well?

Torger Rød	A
Chief Executive Officer, Vår Energi ASA

Thanks, Anders, for your question. Yes. The [indiscernible] (00:24:44) for the cost. We are progressing for - Balder X in accordance to the cost and the [indiscernible] (00:24:50) plan.

Anders Rosenlund

Analyst, Skandinaviska Enskilda Banken AB (Norway)

Okay. Thank you. And if I may have a follow-up as well. You announced that you are having a fixed income meetings just before Easter or a week or two before Easter, but no transaction followed. And obviously, the market turned extremely sour with bank crisis and so forth. Are you expecting to relaunch that process? And how do you think about the raising debt in the current market [indiscernible] (00:25:25) the opportunity there?

Torger Rød	A
Chief Executive Officer, Vår Energi ASA

Yeah. Thanks. Thanks for your question. I'll pass this word to you Stefano. Yeah. Please, Stefano.

Stefano Pujatti

Chief Financial Officer, Vår Energi ASA

Yes, absolutely, you are correct. We met some investors. We received a positive feedback at that point in time. And, of course, things happen, especially on the banking sector in the US and Switzerland, which created a bit of turmoil. So - and the markets were a bit nervous. So, we decided to just wait. Luckily, we are in a position where we can - where we have time. And so, we established - and we have established a European medium-term note program in March. That is a first step toward issuing bond in the euro market. But this program has a limit of €3 billion, and we will [indiscernible] (00:26:30) and in the future months, we will monitor the market and see if there is a [indiscernible] (00:26:37).

Anders Rosenlund

Analyst, Skandinaviska Enskilda Banken AB (Norway)

Okay. Thank you.

.....................................................................................................................................................................................................................................................................
Operator: The next question comes from Vidar Lyngvær from Danske Bank. Vidar, your line is open. Please go
ahead.
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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

Vidar Skogset Lyngvær	Q
Analyst, Danske Bank A/S (Norway)

Thanks for taking my question. Congrats on a strong quarter. First off, I would like you to comment - to hear if you have a comment around the 2023 production. You're guiding 210,000 to 230,000 barrels per day. What could drive you above in the high end of that range, and what could drive you in the low end of that range? To clarify, I'm looking for the factors driving the difference between 210,000 to 230,000. Thank you.

Torger Rød

Chief Executive Officer, Vår Energi ASA

Thanks a lot, Vidar, for the question. And as we said in our presentation, we are confirming our guidance to - between 210,000 and 230,000. And really, what can drive the high end and the low end here, there is a set of operational factors that is impacting this, so both potentially on a [indiscernible] (00:27:43). One of them is the start of all the projects that is coming in. We mentioned some projects that have started up, which is, of course, positive. And there was a few more projects that is planned to start during the year to come. So - and I also - we mentioned Fenja as one of them that is close to [ph] Statfjord (00:28:05).

The timing of the projects coming in is important, that could bring plus and it could bring minus to the equation. Then there is the turnarounds. We have planned five turnarounds this year and also [indiscernible] (00:28:18) the timing and the duration of the turnarounds, shorter or more time than planned will impact it. We are also drilling infill wells that will bring production and [ph] time value (00:28:31) that is both dependent of the timing it takes and let's say the [ph] reservoir (00:28:34) response to the activities. And then on top of that is the, let's say, the general operation performance that could also be plus and minus. So, these are the elements that is always being assessed when we are giving our guidance, which could mean opportunities or also some [ph] down-offs (00:28:53) to the total number.

Vidar Skogset Lyngvær

Analyst, Danske Bank A/S (Norway)

Thank you so much. That's very helpful. Last question for me would be on the P&L, tax rate, it seems a bit high to me in the quarter. What drives this? Is it the currency effects or what's the driver of that? Thank you.

Torger Rød

Chief Executive Officer, Vår Energi ASA

Yeah. I guess [indiscernible] (00:29:16) the tax rate. So I'll give that to Stefano.

Stefano Pujatti

Chief Financial Officer, Vår Energi ASA

Yes. Thank you for the question. Yes, the effective tax rate in Q1 is 85%, which is higher, as you correctly said, [indiscernible] (00:29:30) was 73%. The increase is mainly due to the exchange rate movement of the devaluation, due to the fact that there is a devaluation of the NOK versus the dollar. So, we have an exchange rate loss which is mainly unrealized and that is not deductible in the special tax regime. So - but I would say the effective tax rate guidance that should be used on the short to medium term, net of these effects, of the, let's say, forex effects, should be around 78%.

Vidar Skogset Lyngvær

Analyst, Danske Bank A/S (Norway)

Great. Thank you. That clarifies it. Thank you. I'll re-queue for next set of questions. Thank you.

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Vår Energi ASA (VAR.NO)	Corrected Transcript
Q1 2023 Earnings Call	24-Apr-2023

Operator: No further questions at the moment, Vidar, so, your line is still open if you like to continue?

Vidar Skogset Lyngvær

Analyst, Danske Bank A/S (Norway)

Okay, great. Since Teodor is not back online, I would continue on his questions. I believe he was asking about the gas exports and potential alternative to a pipeline, and if [indiscernible] (00:30:46) would potentially become a infrastructure [indiscernible] (00:30:49) or if there would be any CapEx for - on both sides. Anything you could contribute at this point would be appreciated.

Torger Rød

Chief Executive Officer, Vår Energi ASA

Yeah, thanks a lot for the question. And of course, what you and Teodor was alluding to is the Gassco report that was just announced. And they're - Gassco, I think they are really assessing three main alternatives and that is extension of the LNG at [indiscernible] (00:31:17) it is the pipe solution and then it was also the Barents Blue or the ammonia solution.

And I think in all, let's say, great scheme of things, I think they are covering the most likely scenarios, almost likely concepts in their report, Gassco. And also what Gassco is saying they [indiscernible] (00:31:43) testing what will be the best area solution and - to it having the capacity and also the flexibility to extend. And then as we could - I'm sure you all read it, they conclude that the gas or the pipe solution is - it's better and also it has the best social economics.

As you know, we, in [indiscernible] (00:32:05), we have a big and strong foothold in the Barents. Also, we have a significant, let's say, belief in it. Very exciting with our discoveries just before Christmas and just after Christmas with Lupa and Countach and of course, we are assessing this. And we also see - and Gassco is, in their report, talking about a big potential of gas in open area.

Of course, we will - what we will do is that we will continue our exploration. We will continue to turn the stones [indiscernible] (00:32:35) ask for and, of course, amplify our dialogue. And really what we would like to see is that we are able in parallel with - because also Gassco said that more studies will be done. And in parallel with this, we will be, let's say, maturing more prospects because we get better insights now and Lupa and Countach confirming our exploration models.

And then, of course, we would like to see that we are able to mature these reserves, making it both economically also from a business perspective and then of course, we will do the dialogue and really consider to be [ph] part (00:33:07) in our, let's say, infrastructure and area solution in the Barents given it's good business [indiscernible]

(00:33:18). Yeah.

Vidar Skogset Lyngvær

Analyst, Danske Bank A/S (Norway)

Thank you, Torger. Last question...

Torger Rød

Chief Executive Officer, Vår Energi ASA

Yeah.

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Var Energi AS published this content on 24 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2024 17:52:22 UTC.

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Norway oil workers agree to wage deal, averting strike	05-08	RE
DNO Norge AS entered into an agreement to acquire unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA.	05-07	CI
Eni strengthens in UK through deal with Ithaca Energy	04-23	AN
Vår Energi AS Reports Earnings Results for the First Quarter Ended March 31, 2024	04-23	CI
Transcript : Vår Energi AS, Q1 2024 Earnings Call, Apr 23, 2024	04-23
Vaar Energi Q4 operating profit in line, dividend maintained	04-23	RE
Vår Energi AS Resolves to Pay Dividend to Fourth Quarter of 2024, Payable on May 8, 2024	04-23	CI

	1st Jan change	Capi.
VAR ENERGI	+17.29%	8.77B
OIL AND NATURAL GAS CORPORATION LIMITED	+33.72%	40.33B
AKER ASA	-7.66%	4.28B
ENERGEAN PLC	-5.56%	2.31B
ISRAMCO NEGEV 2 LIMITED PARTNERSHIP	-2.06%	1.02B
SABLE OFFSHORE CORP.	+32.31%	879M
SINO GEOPHYSICAL CO., LTD	-10.02%	596M
MERMAID MARITIME	+103.16%	204M
COHEN DEVELOPMENT GAS & OIL LTD.	-6.56%	180M
AFRICA ENERGY CORP.	-5.26%	92.51M

Var Energi

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VAR

NO0011202772

Oil & Gas Exploration and Production

Var Energi : Earnings Report

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Sector Oil Exploration & Production - Offshore