Description

Var Energi: Initiation of Coverage- Will Its Focus On Exploration & Resource Development Pay Off?

Var Energi reported robust first-quarter 2025 results, reflecting strong operational and financial performance amidst a challenging market environment. The company demonstrated resilience and flexibility, leveraging its diversified asset base and strategic partnerships, notably with its major shareholder Eni. Positive highlights include Var Energi’s strong production and financial performance, with production at 272,000 barrels of oil equivalent per day (boe/d) and cash flow from operations post-tax of $1.3 billion. The production growth is supported by the start-up of key projects like Halten East and Johan Castberg, which are expected to ramp up production significantly by the end of the year. Additionally, Var Energi’s operating costs decreased to $11.6 per barrel, demonstrating effective cost discipline. The company anticipates reducing these costs further to around $10 per barrel by the fourth quarter.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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