Var Energi ASA/ADR Business Summary

Vår Energi ASA (VARRY) is a leading independent upstream oil and gas company operating exclusively on the Norwegian Continental Shelf (NCS). The company generates revenue through the exploration, development, and production of hydrocarbons, with a product mix as of early 2026 consisting of approximately 62% crude oil, 33% natural gas, and 5% natural gas liquids (NGLs). Following the transformational 2024 acquisition of Neptune Energy Norge, the firm has doubled its production capacity, guiding for 390,000 to 410,000 barrels of oil equivalent per day (kboepd) in 2026. Vår Energi operates within a single reporting segment and maintains a competitive edge through a low-cost production target of $10 per boe and a high-margin project pipeline, including the Jotun FPSO and Johan Castberg developments. It currently ranks as the third-largest producer on the NCS, positioned as a high-yield independent peer to state-backed Equinor and major independents such as Aker BP and ConocoPhillips. Formed in 2018 through the merger of Eni Norge and Point Resources (backed by HitecVision), the company is led by CEO Nick Walker, the former head of Lundin Energy who oversaw its multi-billion dollar sale to Aker BP. The executive team includes CFO Carlo Santopadre, an Eni veteran who joined in late 2024, and COO Torger Rød, who previously served as the company’s CEO and held senior roles at Equinor for over two decades. The Board of Directors is chaired by Thorhild Widvey, Norway’s former Minister of Petroleum and Energy, ensuring deep regulatory and industry alignment. Vår Energi remains strategically anchored by its majority shareholder Eni S.p.A. (63% stake) and HitecVision (approximately 14%), with institutional support from major global investors like The Vanguard Group.