Sandnes,
The average production of 293 kboepd in the first half of 2024 is in the upper end of the guided range for the period and the Company is on track to meet the full year production guidance of 280 to 300 kboepd.
Net production of oil, liquids and natural gas averaged 287 kboepd for the second quarter of 2024, a decrease of 4% from previous quarter due to planned maintenance activities. Compared to the second quarter of 2023, production increased by 42% due to inclusion of production from the Neptune Energy Norge assets and start-up of new projects.
The production split in the second quarter was 64% oil and NGLs (liquids) and 36% gas. Total volumes produced were 26 mmboe whereas volumes sold in the quarter amounted to 25 mmboe. Vår
Production (kboepd)1 | Q2 2024 | Q1 2024 | Q2 2023 | 1H 2024 | 1H 2023 | |
Crude oil | 162 | 169 | 115 | 166 | 117 | |
Gas | 103 | 96 | 73 | 107 | 78 | |
NGL | 22 | 19 | 15 | 20 | 14 | |
Total | 287 | 299 | 202 | 293 | 208 | |
Realised prices (USD/boe) | ||||||
Crude oil price | 85 | 84 | 78 | 85 | 81 | |
Gas price | 70 | 67 | 98 | 68 | 139 | |
NGL price | 44 | 51 | 37 | 52 | 44 | |
Average (volume weighted) | 77 | 75 | 82 | 77 | 99 | |
Sales volumes (mmboe) | ||||||
Crude oil | 15 | 15 | 10 | 30 | 21 | |
Gas | 8 | 9 | 6 | 17 | 13 | |
NGL | 2 | 2 | 1 | 4 | 2 | |
Total | 25 | 26 | 17 | 51 | 36 | |
Total production (mmboe) | 26 | 27 | 18 | 53 | 38 | |
¹ Produced figures are including fuel gas not for sale
Other items
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As previously communicated, the following items impacted the free cash flow in the quarter: two cash tax payments totaling approximately
The information above is based on a preliminary assessment of the Company's second quarter 2024 financial results and may be subject to change until the financial statements have been finally approved and published by the Company.
Second quarter webcast and conference call
Vår
You can follow the webcast with supporting slides, available on:
https://events.webcast.no/vaar-energi/quarterly-reports/flfrQrJ8fHjBty4IRq6Y
Contact
Investor relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
+47 92616759
andreas.wulff@varenergi.no
About Vår
Vår
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
https://news.cision.com/var-energi-asa/r/var-energi--second-quarter-and-first-half-2024-trading-update,c4013718
https://mb.cision.com/Main/21086/4013718/2911170.pdf
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