Vaar Energi increases dividend, Q4 profit in line
Eni SpA
Equinor ASA
Var Energi ASA
OSLO, Feb 11 (Reuters) - Oslo-listed Vaar Energi (VAR.OL), opens new tab, majority-owned by Italy's Eni (ENI.MI), opens new tab, on Tuesday raised its dividend while reporting a fourth-quarter operating profit in line with expectations.
Vaar's earnings before interest and tax (EBIT) for the October-December quarter rose to $1 billion from $399 million a year earlier, in line of the average $1.03 billion forecast in a company-provided poll, opens new tab of 13 analysts.
The company said it will increase its dividend for the first quarter of 2025 to $300 million, or 1.213 Norwegian crowns per share, from $270 million for the fourth quarter.
For the full year, it plans to distribute 25-30% of its cash flow from operations after tax, compared to the previous guidance of 20-30%.
Compared to the full year of 2023, Vaar's output rose by 31% to 280,000 barrels of oil equivalent per day (boed) due to the acquisition of Neptune Energy's Norwegian assets and the start-up of new projects.
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