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Vår Energi’s Misses On Q4 Total Income and EBIT, Guides For 2024 Growth

ENERGY SECTOR


  • Looks like a miss across most headline metrics: 1.7% miss on Q4 total income, 4% miss on Q4 EBIT, 35% miss on net income (driven by a USD 526mm impairment, mainly due to reduced commodity prices and increased cost on the Balder project. DPS in line.
  • Leverage ratio stands at 0.5x, flat to Q3 and up from 0.2x at FY22 and well withing the <1.3x target.
  • FY results look broadly in line with targets with production of 213 kboepd in line with 210-220 target, production cost of $14.1 vs. $14.5-15.5 target, FY CapEx of USD 2.5bn vs. target of USD 2.4-2.7bn.
  • 2024 Guidance includes FY production of 280-300 kboepd, production cost of 13.5-14.5 and Dev CapEx of USD 2.7-2.9bn. Noting that they have removed the end-2025 target of production cost of ~8.0.
  • Balder X targeted startup moved up to Q424, Johna Castberg on schedule to start-up in Q424.
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