Vår Energi reported net profit of $374m for the first quarter of 2026 (Q1 2026), a decrease of 17.5% compared to $453m in same quarter of 2025.
Total income for the Norwegian oil and gas company surged by 42.5% to $2.67bn in Q1 2026, up from $1.87bn in Q1 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q1 2026 climbed 49% to $2.16bn from $1.45bn in Q1 2025.
Profit before taxes in Q1 2026 was $1.4bn, reflecting a 9.4% increase from $1.28bn in Q1 2025.
The company's production averaged 406,000 barrels of oil equivalent per day (boepd), a rise of 49.3% compared to 272,000boepd in the same quarter the previous year.
Petroleum revenues jumped 45% to $2.65bn from $1.83bn in Q1 2025.
In Q1 2026, the company claims to have maintained high production efficiency of 97%, surpassing its targets. This was supported by the start-up of four projects and a portfolio of infill wells.
Production costs increased slightly due to currency exchange effects, yet the company expects stability throughout the year.
The commencement of two new wells at Breidablikk and one at Grane in the Balder Area contributed to a 4% production increase.
In the Barents Sea, production efficiency at the Goliat field remained high, and drilling of two infill oil producers began, said the company.
The company's performance in the Norwegian Sea was bolstered by high efficiency at Njord and Fenja, with new wells at Halten East reaching plateau production.
North Sea production experienced a 7% decline due to the Snorre redetermination, but the Gjøa Area maintained 98% production efficiency.
Vår Energi intends to initiate four new projects in the second half of 2026 (H2 2026): the Eldfisk North Extension, King Development, Balder Next – Jotun Debottlenecking and Balder Phase VI.
Vår Energi CEO Nick Walker said: “The company is strongly leveraged to the current high price environment, while maintaining our strategy and commitment to being a long-term reliable and responsible supplier of oil and gas to Europe from the Norwegian Continental Shelf.
“Norway demonstrates low political risk and continues to be a key provider of energy to Europe as geopolitical tension remains high. With our high-quality portfolio of early phase projects, we are targeting to deliver long-term production of over 400,000boepd, which will sustain high shareholder returns over time.
“Underpinned by strong performance and cash flow generation, the company continues to deliver attractive returns and confirms shareholder distributions of $300m for Q1 2026.”
In December last year, Vår Energi and its licence partners announced the sanctioning of the Previously Produced Fields project in the Greater Ekofisk Area in the North Sea.
