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Norwegian offshore oil and gas producer majority-owned by Eni, operating exploration and production on the Norwegian shelf.
Norwegian offshore oil and gas producer majority-owned by Eni, operating exploration and production on the Norwegian shelf.
In one line: A Norwegian, Eni-controlled independent E&P.
Moat: none (installed base). Commodity offshore producer; benefits from Eni technical backing but has no independent pricing power.
Headquarters: Stavanger, Norway · Founded: 2018 · Employees: 1,451
Size Var Energi (VAR.OL) is a Norway Energy company (Integrated Oil) with a market value of $13.3B, the 8th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 49.53 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -7.6% for the median peer and +2.7% for the Norway market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 48.3% over the last twelve months (peer median +12.7%); the operating margin is 55.4% (peer median 32.6%).
Valuation It trades at 6.9× forward earnings against a peer median of 7.8× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -20% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 93.9 points above its cost of capital (9.2% WACC).
Credit Var Energi has 7 bonds outstanding ($6.45B), rated BBB by the agencies and trading like BBB at a weighted spread of 106 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 117B | NOK 82.7B | NOK 79.3B | NOK 72.0B | NOK 94.1B |
| Revenue growth | — | +4% | +10% | -23% | — |
| Gross profit | NOK 65.9B | NOK 36.4B | NOK 39.5B | NOK 42.5B | NOK 67.1B |
| EBITDA | NOK 99.4B | NOK 67.2B | NOK 62.0B | NOK 58.5B | NOK 81.6B |
| Net income | NOK 13.8B | NOK 8.10B | NOK 2.85B | NOK 6.45B | NOK 9.01B |
| Free cash flow | NOK 29.8B | NOK 18.5B | NOK 5.38B | NOK 6.73B | NOK 28.2B |
| Capital expenditure | NOK 25.8B | NOK 29.3B | NOK 30.9B | NOK 28.3B | NOK 25.6B |
| Total debt | NOK 93.1B | NOK 69.5B | NOK 69.2B | NOK 41.3B | NOK 31.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Var Energi VAR.OL | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% |
| Equinor EQNR.OL | $102B | +12% | +2% | 33% | 7.2× | -15.4% |
| Aker BP AKRBP.OL | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VAR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -5.5% | 11th highest of 21 |
| 6-month return | +6.6% | -7.6% | 3rd highest of 21 |
| Distance from 52-week high | -16.4% | -24.5% | 5th highest of 21 |
| Revenue growth (TTM) | +48.3% | +12.7% | 3rd highest of 21 |
| Operating margin | 55.4% | 32.6% | 3rd highest of 21 |
| Forward P/E | 6.9× | 7.8× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -19.6% | -11.1% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +26.6% | +18.4% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -46.2 pp | -27.8 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | +93.9 pp | +4.9 pp | 2nd highest of 21 |
| EV / EBITDA | 1.7× | 4.1× | cheapest of 19 |
| Net debt / EBITDA | 0.5× | 0.9× | 4th least indebted of 19 |
| Bond spread | 106 bp | 104 bp | 5th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
Var Energi has 7 bonds outstanding with $6.45B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.08%, a spread of 106 bp over government bonds.