Norwegian oil company Var Energi reported mixed Q4 results, with revenue and EBITDA below consensus estimates, but maintained its 2026 production guidance of 390–410 kboe/d. Revenue fell to $2.23 billion versus a $2.41 billion consensus, while EBITDA of $1.86 billion trailed forecasts. Net income dropped to $25 million, missing estimates by over 90%.

However, operating cash flow excluding working capital aligned with projections at $1.03 billion. The company plans $2.5–2.7 billion in capex for 2026, targeting a long-term operating cost of $10 per barrel of oil equivalent. Dividend guidance remained stable at $300 million for Q1, with total 2026 payouts tied to 25–30% of after-tax cash flow.

Analysts noted the stock’s potential upside from expanded production targets above 400 kboe/d, driven by 13 active projects and eight new sanctions. RBC Capital Markets highlighted improved long-term free cash flow projections of $5–10 billion through 2032 despite near-term challenges.