Var Energi confirms production increase forecasts

Var Energi Nick Walker appointed CEO Torger Rod becomes COO

(Finance) – Var Energian energy company listed in Oslo and controlled by Eniclosed the fourth quarter of 2023 with a useful of $129 million, down from $488 million in the same period of 2022 and above the $103 million expected by analysts in a consensus provided by the company. Below expectations theEBITa result equal to 399 million dollars from 1.53 billion dollars the previous year, missing the forecast of 424 million dollars.

“As one of the fastest growing E&P companies in the world, we are on track to nearly double production to approximately 400,000 barrels of oil equivalent per day by the end of 2025,” commented the CEO Nick Walker – We are pleased to see that the quarter has delivered solid operational performance within forecasts. The strong realized prices and financial results support our commitment to providing stable and predictable dividends to our shareholders, and our growth trajectory will provide greater capacity to sustain this.”

“The exceptional growth prospects of Var Energi are supported by nine high-quality development projects and the acquisition of Neptune Energy Norge, completed on January 31, 2024 – he added – The agreement marks a key milestone to ensure strong growth in terms of added value” .

The company has kept the cash dividend for the fourth quarter at $270 million and said it also plans to pay the same amount for the first quarter of 2024. The group aims to pay 30% of its CFFO after tax for the full year.

Var Energi predicts that its production will grow to an average of 280,000 to 300,000 barrels of oil equivalent per day in 2024, up from 213,000 in 2023.

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