Vår Energi's net production of oil, liquids and natural gas averaged 376 thousand barrels of oil equivalent per day (kboepd) in the second quarter of 2026, down 7% from the first quarter and up 31% from the second quarter of 2025. Average production across the first half of 2026 was 391 kboepd.
Vår Energi will publish its full second-quarter financial report on Tuesday 21 July. This release, covering upstream production, sales volumes and realized prices, precedes that report.
Production split and guidance
The quarter's upstream output split 67% oil and NGLs to 33% gas. Vår Energi said most of its planned turnaround activity for the year took place in the second quarter, and that project start-ups and infill wells are ramping up through the second half of 2026. The company said it remains on track to hit its full-year 2026 production guidance range of 390 to 410 kboepd.
Total volumes produced in the quarter were 34.2 mmboe, while volumes sold were higher, at 35.4 mmboe. Vår Energi attributed the overlift position to the timing of crude liftings during the quarter.
| Production (kboepd) | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Crude oil | 235 | 262 | 180 |
| Gas | 123 | 122 | 92 |
| NGL | 18 | 22 | 16 |
| Total | 376 | 406 | 288 |
Realized prices
Vår Energi's average realized price, volume-weighted across its production, was USD 101 per boe in the quarter. The realized crude price was USD 110 per barrel, a premium of USD 6 per barrel over dated Brent. The realized gas price was USD 91 per boe, about USD 1 per boe above the average spot market reference price.
| Realized price (USD/boe) | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Crude oil | 110 | 80 | 68 |
| Gas | 91 | 73 | 79 |
| NGL | 62 | 50 | 43 |
| Average | 101 | 77 | 70 |
Balance sheet and cash flow
Vår Energi said it does not expect impairments in the quarter. The company carries several assets on its balance sheet at fair value as a result of its history of mergers and acquisitions, and changes in assumptions, costs or production profiles can produce impairments or reversals of past impairments.
Free cash flow in the quarter was affected by three cash tax payments totaling approximately NOK 8 billion (about USD 850 million), and by a dividend payment of USD 300 million for the first quarter, paid in June.
Vår Energi described the figures as a preliminary assessment, subject to change until it finalizes and publishes its second-quarter financial statements.
