April 22, 2026 [Reuters]- Norwegian oil company Vaar ​Energi said on Wednesday it may pay an extraordinary dividend this year ‌if energy prices remain elevated due to the Middle East war, while posting a slightly smaller than expected rise in first quarter profits.

The company, majority owned by Italy’s Eni, maintained a ​quarterly dividend guidance of $300 million, but signalled rising earnings in the ​second-quarter due to soaring oil and gas prices.

“By the end ⁠of the year, we would consider whether there is a case to ​pay an extraordinary dividend should these prices continue,” Vaar’s CEO Nick Walker ​told a call with reporters.

Vaar said its oil revenue in the second-quarter will reflect higher prices for physical delivery, so-called dated Brent, over Brent futures , as cargoes are sold ​one to two months prior to delivery.

Walker said the average realised price ​for Vaar’s first five cargoes lifted in April was about $130 per barrel, compared to ‌the ⁠company’s realised average price of $80 per barrel for the full first quarter.

He added that some cargoes sold for delivery in May were priced some $20 above the Brent crude futures, which traded at around $98 per barrel on Wednesday.

Oslo-listed ​Vaar’s earnings before interest ​and tax (EBIT) for ⁠January–March rose to $1.31 billion from $972 million a year earlier, lagging the average $1.41 billion forecast in a company-compiled poll of ​15 analysts, opens new tab.

During the quarter, Vaar overtook rival Aker BP ​to become ⁠Norway’s second-largest listed oil producer by output.

Vaar reported a record first-quarter production of 406,000 barrels of oil equivalent per day (boed), up 51% from a year earlier and ⁠ahead ​of Aker BP’s 398,400 boed.

About a third of ​Vaar’s output is natural gas.

Vaar’s Oslo-traded shares rose 1.8% by 0750 GMT and are up ​34% since the start of 2026.