Norway's Vaar Energi raised its cash dividend for a second consecutive quarter on Wednesday and reported a doubling of its third-quarter operating profit from a year earlier, supported by higher oil and gas prices.
The company reported its July-September earnings before interest and tax (EBIT) at $2.21 billion, up from $1.1 billion a year ago, slightly bellow the average $2.26 billion forecast in a company-compiled poll of 10 analysts.
"We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices," Vaar's CEO Nick Walker said in a statement.
Vaar said it would pay $400 million in dividend in both the third and fourth quarters of 2026 with an "extraordinary component", up from $350 million for the second quarter and $300 million for the first quarter of 2026.
Vaar maintained its long-term production guidance at 450,000 barrels of oil equivalent per day (boed) and maintained 2026 development capital spending guidance at $2.5 billion-$2.7 billion.
Vaar said on October 12 it expected full-year 2026 production to be at 390,000 boepd, at the low end of its previous guidance of 390,000-410,000 boepd due to operational issues at several fields.
"We consider the Q3 results largely neutral with the level of the extraordinary dividend probably somewhat underwhelming, if anything. Shares should trade in line with peers today," analysts at broker DNB Carnegie said in a note-
(Reuters - Reporting by Nerijus Adomaitis, editing by Terje Solsvik)