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Var Energi Q2 Results; Not A Spread Mover

ENERGY SECTOR

Rating: Baa3/BBB EUR 29s muted

  • Total production exactly in line with company-provided consensus of 287kboepd (from 299kboepd in Q124).
  • Total income +35.5% YoY (-0.6% vs. consensus) was broadly in line with the prior quarter with lower liftings offsetting higher prices. EBITDA -+35.3% YoY. EBIT +27.5% YoY (-4.5% vs. consensus).
  • Cashflow looks strong; CFFO of USD 711mn a decent beat vs. consensus of USD 484mn though was lower than USD 1bn in Q123 due to tax installments, combined with broadly in-line Capex of USD 773mn (vs. consensus of USD 786mn) to give FCF of USD -62mn (from USD -456mn in Q223). EBITDAX leverage of 0.8x up slightly from the 0.7x in Q124 and the 0.4x in Q223.
  • Unit opex now expected at bottom of USD 13.5-14.5/boe guidance range (USD 12.2 in H124).
  • Development capex seen at lower end of USD 2.7-2.9bn guidance range
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