Vaar Energi Eyes Extra Dividend as Oil Prices Remain High

Vaar Energi, a leading energy producer in Norway, announced on Wednesday that it may pay an extraordinary dividend this year if energy prices remain elevated due to the conflict in the Middle East. While the company maintained its standard quarterly dividend guidance of $300 million, it signaled that earnings are expected to rise in the second quarter.

The company, which is majority-owned by ENI SPA of Italy, noted that its revenue will likely reflect higher prices for physical delivery. Chief Executive Nick Walker stated that the average realized price for the company’s first cargoes in April was approximately $130 per barrel, compared to an average of $80 per barrel for the full first quarter. This pricing trend follows a period where Brent Crude Oil futures have traded at high levels.