Norway's Vaar Energi eyes spending cut as Q2 operating profit lags
Its earnings before interest and tax (EBIT) for April-June rose to $1.2 billion from $992 million a year earlier, lagging the average $1.34 billion forecast in a company-compiled poll of nine analysts.
Vaar, which is majority owned by Italy's Eni (ENI.MI), opens new tab, in a statement said it plans to reduce spending by $500 million "for the period 2025-2026" to further improve its resilience and competitiveness in a volatile market.
"With current production above 350,000 barrels of oil equivalent per day (boepd), we expect to reach about 430,000 boepd in the fourth quarter, delivering on our plans for transformative growth in 2025," Vaar CEO Nick Walker said.
The company was on track to sustain production at 350,000-400,000 boepd towards 2030 by developing a portfolio of about 30 new projects, including more than 10 to be sanctioned this year, he added.
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