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Var Energi (VAR · Oslo)

Large independent — HQ Norway. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Large independentRegion EuropeCEO Nick Walker (2021)Jurisdiction risk Low (3)

Overview

NCS pure-play: Balder/Ringhorne (Balder X redevelopment via the Jotun FPSO on stream ~2025), Johan Castberg partner (first oil 2025), Goliat (Barents), Grane, Breidablikk and Halten East; production growing toward ~400+ kboe/d.

Strong balance sheet (~0.6x net debt/EBITDA) and a high dividend yield (~11%), but ~63% Eni control limits free float, the ~78% marginal Norwegian tax caps after-tax value, and single-jurisdiction NCS concentration plus decommissioning are key flags.

Valuation snapshot (FY2025)

Market cap
$11.6bn
Enterprise value
$16.8bn
EV / EBITDA
2.7x
P / E
13.7x
FCF yield
14.4%
Dividend yield
10.4%
ROACE
9%
Debt / equity
1073%
Net debt / EBITDA
0.8x
EV / reserves
$20.07/boe
EV / flowing
$51k/boe/d
Free cash flow
$1.7bn

Its EV/EBITDA of 2.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 14.4% is higher than the 6.5% median, and at $20.07/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Var Energi scores 60/100, strongest on valuation (72/100). Sub-scores: value 72, quality 51, growth 46, risk 40 (higher = riskier).

Reserves & production

Var Energi holds approximately 0.84 billion boe of proved (1P) reserves with FY2025 production of about 332 thousand boe/d (64% liquids), a reserve life of roughly 6.9 years. Break-even: ~$35 (NCS breakeven (Brent)) — Low-cost NCS producing base with tax-shielded reinvestment under Norway's petroleum-tax regime.

Net asset value (public-source)

For Var Energi, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

3 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Norway100%3Stable, predictable; high but transparent 78% tax.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Balder X / Jotun FPSONorwayOilBalder redevelopment ~2025
Johan CastbergNorwayOilpartner, first oil 2025
GoliatNorwayOilBarents Sea
GraneNorwayOilheavy oil
BreidablikkNorwayOil2023 start-up
Halten EastNorwayGas/oiltie-back
Balder/RinghorneNorwayOillegacy
Marulk/SnaddNorwayGastie-backs

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)247220211280332
Proved reserves (bnboe)1.000.950.900.900.84
Revenue ($bn)6.59.67.98.68.1
EBITDA ($bn)4.87.25.86.56.3
Net income ($bn)1.21.61.40.80.8
Free cash flow ($bn)1.52.51.01.21.7

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Peer companies — Large independent

COP · ConocoPhillipsEOG · EOG ResourcesOXY · Occidental PetroleumDVN · Devon EnergyWDS · Woodside Energy1605.T · InpexAKRBP · Aker BPPTTEP · PTT E&POVV · OvintivSTO · SantosWCP · Whitecap ResourcesAPA · APA CorporationPRIO3 · PRIO S.A.SM · SM Energy Company

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare VAR against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com