The recently listed Vår Energi delivers clear progress on the bottom line after increased oil and gas prices.
This image is from the Goliat field, one of Vår Energi’s self-operated fields.
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Our Energy delivers a profit after tax of $ 209 million in the fourth quarter, from minus $ 578 million in the same quarter last year.
Revenue was $ 2.27 billion in the quarter, up from $ 799 million in the same quarter last year.
The company went public on 16 February, and states that it received 19,000 new shareholders in the same sling.
In the fourth quarter, the company produced 259,000 barrels of oil equivalents per day, slightly up from 257,000 barrels per day in the same period a year earlier.
Of the total production in the fourth quarter, gas accounted for 94,600 barrels of oil equivalents per day. Recently, gas prices in Europe have at times been higher than oil prices.
For the whole of 2021, Vår Energi had a profit after tax of 622 million dollars, from minus 1.63 billion dollars the year before. Revenue in 2021 was $ 6.07 billion, up from $ 2.89 billion the year before.
– Record results
– Vår Energi delivers record results for the fourth quarter and 2021 driven by solid operations, a significant gas share and increased realized raw material prices, says Vår Energi CEO Torger Rød in a Message.
The company received an average of $ 80.4 per barrel for its oil in the quarter, from $ 46.3 a barrel in the same quarter last year. Our Energy received an average price for its gas equivalent to 148.3 dollars per barrel, from 26.3 dollars a barrel in the same quarter the year before.
– We expect a continued supportive commodity price, which together with a strong balance sheet, the scale of production and the cash flow support our ambition to reach our expectations of at least 800 million dollars in dividends for the whole of 2022, says Rød.
It was on February 2 that Vår Energi announced increased dividends for 2022, from a plan of at least $ 700 million to $ 800 million for the entire year.
The company had also indicated a dividend of $ 200 million for the first quarter of 2022, but increased this to $ 225 million.
–CEO Torger Rød of Vår Energi rings the bell in connection with Vår Energi going public.
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Expecting increased production
Our Energy aims to increase production to more than 350,000 barrels per day by the end of 2025.
Among other things, the company will use technology to increase recovery, and is developing several projects related to strategic areas, such as Balder X, Johan Castberg and Breidablikk.
Vår Energi also has a goal that the production cost will be cut to eight dollars per day in the medium term, from 12 dollars a barrel last year.
The company maintains its plan to invest $ 2.3 billion to $ 2.6 billion in development and $ 200 million in exploration and decommissioning in 2022.
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