Published by Global Banking & Finance Review®
Posted on April 22, 2026
2 min readLast updated: April 22, 2026
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Vår Energi, majority-owned by Italy’s Eni, reported Q1 earnings slightly below forecasts but signalled potential for an extraordinary dividend if sustained high oil prices persist.
By Nerijus Adomaitis
OSLO, April 22 (Reuters) - Norwegian oil company Vaar Energi said on Wednesday it may pay an extraordinary dividend this year if energy prices remain elevated due to the Middle East war, while posting a slightly smaller than expected rise in first quarter profits.
The company, majority owned by Italy's Eni, maintained a quarterly dividend guidance of $300 million, but signalled rising earnings in the second-quarter due to soaring oil and gas prices.
"By the end of the year, we would consider whether there is a case to pay an extraordinary dividend should these prices continue," Vaar's CEO Nick Walker told a call with reporters.
Vaar said its oil revenue in the second-quarter will reflect higher prices for physical delivery, so-called dated Brent, over Brent futures, as cargoes are sold one to two months prior to delivery.
Walker said the average realised price for Vaar's first five cargoes lifted in April was about $130 per barrel, compared to the company's realised average price of $80 per barrel for the full first quarter.
He added that some cargoes sold for delivery in May were priced some $20 above the Brent crude futures, which traded at around $98 per barrel on Wednesday.
Oslo-listed Vaar's earnings before interest and tax (EBIT) for January–March rose to $1.31 billion from $972 million a year earlier, lagging the average $1.41 billion forecast in a company-compiled poll of 15 analysts.
During the quarter, Vaar overtook rival Aker BP to become Norway's second-largest listed oil producer by output.
Vaar reported a record first-quarter production of 406,000 barrels of oil equivalent per day (boed), up 51% from a year earlier and ahead of Aker BP's 398,400 boed.
About a third of Vaar's output is natural gas.
Vaar's Oslo-traded shares rose 1.8% by 0750 GMT and are up 34% since the start of 2026.
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
Vaar Energi may pay an extraordinary dividend if elevated oil prices persist due to market conditions, particularly influenced by the Middle East war.
Vaar Energi reported earnings before interest and tax (EBIT) of $1.31 billion for January–March, rising from $972 million a year earlier.
Vaar Energi became Norway's second-largest listed oil producer with a record production of 406,000 boed in the first quarter, surpassing Aker BP.
Vaar Energi maintained its quarterly dividend guidance at $300 million for 2024.
Vaar Energi's Oslo-listed shares rose 1.8% by 0750 GMT and are up 34% since the start of 2024.
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