Norway's Var Energi operating cash flow hits $1.5 bln in Q3

Var Energi ASA

Wed 06:11

Overview
Norway oil and gas producer reported strong Q3 results, supported by high commodity prices
Operating cash flow after tax reached $1.5 bln in Q3
Company raised Q3 dividend and guides $400 mln for Q4

Outlook
Company expects higher production in Q4 2026 with new projects and wells onstream
Company guides Q4 2026 dividend of $400 mln
Company expects to pay $1.45 bln in dividends for full-year 2026

Result Drivers
HIGH COMMODITY PRICES - Co said strong Q3 results were supported by high realised oil and gas prices
PRODUCTION EFFICIENCY - Co reported 91% production efficiency year-to-date on operated assets
TURNAROUNDS COMPLETED - Co said main turnarounds were completed in Q2 and Q3, supporting operational performance

Company press release: ID:nWkr3NsG05

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Operating Cash Flow
 
$1.50 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Var Energi ASA is NOK56.00, about 0.4% below its October 20 closing price of NOK56.22
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads
Oct 19 - UK's Serica Energy lowers annual production forecast on Triton delays
Oct 21 - Woodside Energy trims output forecast, to pull back from US ammonia project
     

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)