OSLO, July 23 (Reuters) - Oslo-listed Vaar Energi , majority-owned by Italy's Eni, on Tuesday posted a second-quarter operating profit below expectations and maintained its dividend payment level.
Its earnings before interest and tax (EBIT) for the April-June quarter rose to $992 million from $778 million a year earlier, but were below an average $1.04 billion forecast in a company-provided poll.
The company remains on track to increase production to about 400,000 barrels of oil equivalent per day by the end of 2025, Vaar's CEO Nick Walker said in a statement.
The targeted startup of the Balder X project in the fourth quarter of 2024 is unchanged, the company said, with a decision on installation to be made at the end of August before the winter weather period.
The Equinor-operated Johan Castberg oilfield development in the Arctic Barents Sea, where Vaar has a 30% stake, was on track to start in the fourth quarter, it added.
Vaar guided for $270 million in quarterly dividend payments for the third quarter, the same as in the second quarter. (Reporting by Elviira Luoma and Nerijus Adomaitis; Editing by Jamie Freed)
