Oslo-listed oil and gas firm Vaar Energi VAR.OL on Wednesday reported a lower-than-expected operating profit for the first quarter, but said it would maintain its…
Oslo-listed oil and gas firm Vaar Energi VAR.OL on Wednesday reported a lower-than-expected operating profit for the first quarter, but said it would maintain its dividend level as it prepares for a sharp rise in output in coming months.
Vaar's earnings before interest and tax (EBIT) for the January-March quarter fell to $972 million from $1.05 billion a year earlier, lagging the average $1.04 billion forecast in a company-provided poll of 12 analysts.
"In the current uncertain market environment our business remains resilient, with low free cash flow break-even and a highly flexible investment program of which 70% is uncommitted," Vaar's CEO Nick Walker said in a statement.
The company maintained investment plans of $2.3 billion-$2.5 billion for 2025 and $2.0 billion-$2.5 billion annually for 2026-2030, but much of this has yet to be formally approved.
Vaar said it would pay $300 million in dividends for the second quarter, maintaining its policy of returning to shareholders between 25% and 30% of cash flow from operations after tax for the full year.
The Norway-focused company, majority owned by Italy's Eni ENI.MI, eyes significant growth of its
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