Vår Energi reports net income of $25m in Q4 2025

Financial Performance - Vår Energi reported a net income of $25 million for Q4 2025, a significant recovery from a net loss of $175 million in Q4 2024 [1] - The company's EBITDA for Q4 2025 increased by 57.2%, rising from $1.15 billion to $1.8 billion year-over-year [1] - Total income for Q4 2025 was $2.2 billion, reflecting a 32% increase compared to $1.6 billion in Q4 2024 [1] Production Metrics - Vår Energi achieved a production rate of 397,000 barrels of oil equivalent per day (boepd) in Q4 2025, up from 278,000 boepd in Q4 2024, driven by the ramp-up of the Jotun unit and reduced maintenance [2] - Oil production rose by 62.9%, from 159,000 boepd to 259,000 boepd [2] - Gas production increased by 15.8%, from 101,000 boepd in Q4 2024 to 117,000 boepd in Q4 2025 [2] - NGL production grew by 16.7%, from 18,000 boepd to 21,000 boepd [2] Annual Performance - Net profit for the full year 2025 climbed to $846 million from $327 million, resulting in earnings per share of $0.31 compared to $0.11 in the previous year [3] - Full year EBITDA grew by 11.1% to $6.3 billion from $5.7 billion [3] - Total income for the full year 2025 rose to $8.1 billion from $7.4 billion in 2024 [3] Production Guidance and Future Plans - The average production rate for 2025 was 332,000 boepd, slightly below the guidance range of 330,000–360,000 boepd due to operational issues [4] - Vår Energi plans a production range of 390,000–410,000 boepd for 2026, with ongoing developments across 13 projects targeting around 210 million barrels of oil equivalent in net reserves [5] - The company aims to explore up to 12 wells in 2026 as part of its exploration strategy [5] Capital Expenditure - Capital expenditure for 2026 is forecasted between $2.5 billion and $2.7 billion, with an average annual capex of $2.5 billion anticipated from 2027 through 2032 [6] - The focus is on unlocking long-term value through strategic investments and project developments [6]