Energy Markets
Vaar Energi, Norway's largest energy company, is looking to cut spending as its Q2 operating profits lag.
Norwegian oil company Vaar Energi reported a lower than expected operating profit for the 2nd quarter on Tuesday. It said that it intends to cut costs, while maintaining dividend payments totaling $1.2 billion in this year and next. The company's earnings before tax and interest (EBIT) rose from $992 to $1.2 billion in April-June, but still fell short of the $1.34 billion average forecast by nine analysts surveyed. Vaar, majority-owned by Italy's Eni in a press release, said that it planned to cut spending by $500,000,000 "for the period of 2025-2026", to improve its competitiveness and resilience in an unstable...