Bulletin: Var Energi ASA Considers Euro Note Issue And Looks At Material Production Increases

This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) March 4, 2025--Var Energi ASA, Norway-based pure play oil ang gas producer, announced its intention to issue a single tranche benchmark size under its €3 billion euro medium-term notes program. The aim of the issuance is for general corporate purposes and to repay a portion of the revolving credit facility. We view the issuance in itself to be credit neutral but that it reflects the proactive approach by management to liquidity and debt to maintain an efficient and well spread out debt structure. Our ?BBB? rating and stable outlook on Var Energi reflects the major position the company has in Norway, as the third largest producer and the

...March 4, 2025 This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) March 4, 2025--Var Energi ASA, Norway-based pure play oil ang gas producer, announced its intention to issue a single tranche benchmark size under its 3 billion euro medium-term notes program. The aim of the issuance is for general corporate purposes and to repay a portion of the revolving credit facility. We view the issuance in itself to be credit neutral but that it reflects the proactive approach by management to liquidity and debt to maintain an efficient and well spread out debt structure. Our `###' rating and stable outlook on Var Energi reflects the major position the company has in Norway, as the third largest producer and the key shareholder (ENI 63% ownership) in an entity that develops the cash dividends capabilities. The company will increase production during 2025, with an about 50% increase toward year end 2025 compared with the 2024 average of 280 thousand barrels of oil equivalent...

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