Vår Energi’s Q3 2026 Net Profit Doubles to $303.7 Million

Vår Energi’s third-quarter 2026 net profit more than doubled as higher realized oil and gas prices lifted earnings while production remained nearly unchanged from a year earlier.

For the three months ended Sept. 30, net profit reached $303.7 million, compared with $151.7 million in the year-earlier quarter. Operating profit, or earnings before interest and taxes (EBIT), climbed to $2.214 billion from $1.071 billion. Total income rose to $3.567 billion from $2.140 billion.

Vår Energi’s volume-weighted realized price averaged $102.7 per barrel of oil equivalent (boe), compared with $68.1 a year earlier. Realized crude oil was $103.2 per boe, up from $68.6, while realized gas was $108.4 per boe, compared with $72.4. The average is a weighted measure across the company’s oil and gas output, not a benchmark crude price.

Production averaged 369,000 boe per day, compared with 370,000 in the year-earlier quarter. Sales volume rose to 34.8 million boe from 31.1 million. Production is an average daily rate, while sales volume is the total reported for the quarter. Operational issues at Johan Castberg and the Jotun FPSO, along with irregular production in the Åsgard area, affected output.

Vår Energi operates on the Norwegian Continental Shelf and is listed in Oslo. It released its third-quarter results Oct. 21 at 1 a.m. ET (05:00 UTC). CEO Nick Walker said, “We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices.”

For the third quarter, the company proposed a cash dividend of NOK 1.368 per share, subject to shareholder approval at a Nov. 11 meeting. The approximately $400 million amount is a maximum based on the pending BlueNord combination being completed by Nov. 16. Vår Energi also gave $400 million as fourth-quarter dividend guidance for shareholders of the combined company. That guidance remains conditional on transaction completion, stated financial conditions and shareholder approval.