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Investing.com -- Var Energi ASA (OL:VAR), a Norwegian oil and gas producer, on Friday reported third-quarter production slightly below forecasts, sending its shares down over 3%.
The company produced 370,000 barrels of oil equivalent per day (kboe/d), compared with a consensus of 379kboe/d and RBC Capital Markets’ forecast of 374kboe/d.
Production in the quarter was about 74% oil and natural gas liquids (NGL), up 29% from the second quarter of 2025.
The increase reflected the ramp-up of the Balder X project and the Johan Castberg field reaching plateau production.
Var Energi reported an underlift position of 3.6 million barrels of oil equivalent for the quarter, which will impact its financial results.
Realised prices were $69 per barrel for oil and $73 per barrel of oil equivalent for gas, with gas realisations benefiting from fixed-price contracts.
The company expects a foreign exchange gain of $50 million in the third quarter due to a strengthening of the Norwegian krone. Var Energi is scheduled to release its quarterly results on 21 October.
Management reiterated guidance for fourth-quarter production of about 430kboe/d and expects full-year 2025 production to be around the midpoint of its 330kboe/d to 360kboe/d range. Consensus for the full year is 342kboe/d.