Vår Energi Q3 profit doubles as realized oil and gas prices climb (VARRY:OTCMKTS)

Var Energi ASA (VARRY) reported Q3 2026 earnings, highlighting a $400 million dividend, record liquidity of $7.5 billion, and reduced net debt. The company revised its full-year production guidance down to 390,000 barrels per day and increased operating cost guidance to $11 per barrel. Var Energi expects higher Q4 production and maintains a strong project pipeline. Operational issues were noted, but management assured they were isolated events.

Var Energi ASA’s Q2 2026 earnings call covered expansion to the Danish Continental Shelf, described by the CEO as a strategic fit with similar geology and risk to Norway. The Blue Nord combination is expected to keep average CapEx at $2.5 billion and deliver $250 million to $300 million in synergies, mainly from lower financing costs. The company expects limited leverage impact and maintains an investment-grade credit rating.

Vår Energi ASA will acquire BlueNord ASA in a merger, issuing 248.4 million new shares and paying NOK 1.96 billion ($204 million) cash. BlueNord shareholders get 9.7153 Vår Energi shares plus NOK 76.83 per BlueNord share. Combined output is expected at ~450,000 boe/d. Completion targeted by year-end, subject to approvals.

Adecoagro reported Q3 2026 earnings, with gross sales of $591M and year-to-date sales of $1.5B. Fertilizers drove growth, offsetting lower Sugar, Ethanol, and Energy revenues. Adjusted EBITDA reached a 9-month high. The company acquired the Caarapó mill, expecting it to boost crushing volumes. Fertilizers and Food/Agriculture segments performed strongly, while Sugar/Ethanol faced cost pressures and lower sales.

Figure Tech (FIGR) reported Q3 2026 earnings with $5.8B volume, up 107% YoY, and 58% EBITDA margin. The company processed $5.1B organically and $0.7B from Kiavi. Figure Connect accounted for 72% of volume. They added 612 partners, expanded SMB business to $500M run rate, and launched new AI-driven products. Kiavi acquisition added $8B volume and new asset classes, expected to be accretive. The company saw resilience in higher interest rates, with strong investor demand and securitizations.

Cardinal Infra (CDNL) reported Q3 2026 revenue of $202M, up 65%, but adjusted EBITDA fell to $9M from $21M YoY. The company withdrew full-year guidance due to project estimate revisions and operational challenges. The board authorized a $50M share repurchase program. CFO Mike Rowe will step down, and the company is focusing on improving execution and profitability.