Latest news with #VaarEnergi
Reuters
7 days ago
- Business
- Reuters
Norway's Vaar Energi to cut spending as profits rise less than forecast
OSLO, July 22 (Reuters) - Norwegian oil firm Vaar Energi ( opens new tab said on Tuesday it plans to cut costs and maintain full-year dividend payments of $1.2 billion this year and next, as it reported smaller-than-expected profit growth for the second quarter. Vaar's earnings before interest and tax for the April to June quarter 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. The company expects its output to rise to about 430,000 barrels of oil equivalent per day in the fourth quarter as new fields ramp up from some 350,000 boepd currently, aiming for "transformative growth" in 2025, CEO Nick Walker said. Vaar, which is majority owned by Italy's Eni ( opens new tab, said it plans to cut spending by $500 million over the period of 2025-2026. "All our big projects have come to an end, and 65% of our future projected capital spend is uncommitted, so we have choices, if (there are) lower prices, to slow things down or to make the projects better," Walker told reporters. The industry faces less inflationary pressure than six months ago, with some costs, such as drilling rig rates, going down, he told analysts in a separate call. Walker also said the oil market had remained strong, despite rising supply and international trade disputes, and that Vaar has a portfolio of some 30 new projects it can start in the coming years, including more than 10 to be approved in 2025. North Sea oil was down 63 cents, or 0.91%, at $68.58 a barrel by 0810 GMT on Tuesday amid concerns over a brewing trade war between major crude consumers the U.S. and the European Union. Vaar's Oslo-listed shares were up 1.9% by 0854 GMT, outperforming a 0.4% decline in European energy stocks (.SXEP), opens new tab.
Reuters
7 days ago
- Business
- Reuters
Norway's Vaar Energi eyes spending cut as Q2 operating profit lags
OSLO, July 22 (Reuters) - Norwegian oil firm Vaar Energi ( opens new tab on Tuesday reported a lower-than-expected operating profit for the second quarter, and said it plans to cut costs while maintaining full-year dividend payments of $1.2 billion this year and next. 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 ( 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.
Reuters
7 days ago
- Business
- Reuters
Norway's Vaar Energi Q2 operating profit lags forecast
OSLO, July 22 (Reuters) - Norwegian oil firm Vaar Energi ( opens new tab on Tuesday reported a lower-than-expected operating profit for the second quarter, but said it would maintain a full-year dividend payment of $1.2 billion for 2025 and 2026. 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.
Reuters
21-07-2025
- Business
- Reuters
Norway's Vaar Energi makes oil and gas discovery in Norwegian Sea
COPENHAGEN, July 21 (Reuters) - Vaar Energi ( opens new tab has discovered oil and gas at the Vidsyn prospect in the Norwegian Sea, the Norwegian oil company said on Monday. Preliminary estimates indicate that the discovery holds recoverable reserves of between 25 million and 40 million barrels of oil equivalent, Vaar said in a statement. The company said it will evaluate the discovery and consider development as a tie-in to the existing Fenja oil and gas field. "Together with Vaar Energi, we will work hard to put it into production faster than is the norm in Norway," Bijan Mossavar-Rahmani, chairman of DNO ( opens new tab, which owns a 7.5% stake in the field, said in a separate statement. Vaar Energi owns 75% of the exploration permit, while Sval Energi holds the remaining 17.5%.
Reuters
10-07-2025
- Business
- Reuters
Norway's Equinor makes gas find in Barents Sea
COPENHAGEN, July 10 (Reuters) - Norway's Equinor ( opens new tab has discovered gas in the Skred prospect near the Johan Castberg field in the Barents Sea, the Norwegian Offshore Directorate said on Thursday. Preliminary estimates indicate a discovery of between 0.3 billion and 0.5 billion standard cubic metres of recoverable gas equivalent, corresponding to between 1.9 million and 3.1 million barrels of oil equivalent, the directorate said. The licensees will evaluate the discovery with regard to a possible tie-in to the Johan Castberg field, it added. Equinor is the operator and owns 46.3% of the permit. Vaar Energi holds 30% and Norwegian state-owned oil firm Petoro owns the remaining 23.7%.
