Vår Energi’s Q4 results were largely a non-event (neutral to slightly positive), in contrast to the information-rich CM update. For us, there were two key takeaways from the CMU. First, the company outlined a stronger-than-expected 2030 production outlook, albeit meeting the targets won’t be straightforward. Second, management adopted a noticeably more cautious stance on near-term dividends, explicitly acknowledging a broader range of internal and external risk factors. The latter came as a surp ....
