Get Paid: 6 Oil Stocks Delivering Dividends Up to 19%

Six Oslo-Listed Oil Companies Returning Big Cash in 2025

Dividend-Paying Oil Companies in Norway: 2025 Outlook

When it comes to high-yield opportunities on the Oslo Stock Exchange, few sectors can compete with oil and gas. In 2025, select names in the sector are offering dividend yields between 9 and 19 percent – many of them distributed quarterly and backed by strong cash flows. In this post, we compare six key dividend payers in the Norwegian oil space: Equinor (EQNR 0.00%↑ ), Aker BP, Vår Energi, DNO, Panoro Energy, and PetroNor.

The chart below offers a visual comparison of dividend yield vs. free cash flow yield. The graph gives a quick view of payout sustainability: if dividend yield approaches or exceeds FCF yield, it could be a red flag.

• 🟩 Green = High probability of dividend increase

• ⚪️ Gray = Relatively flat dividend growth expected

• 🟥 Red = Higher risk of decline

Based on my own projections for 2025; not actual figures

Company Highlights

PetroNor (PNOR.OL)

PetroNor has emerged as one of the highest-yielding stocks on Oslo Børs, distributing a NOK 2/share dividend — equal to nearly 19% yield at current prices. The company holds around USD 120 million in cash, with minimal debt. Operationally, the company continues to deliver, with stable lifting volumes and ongoing production in West Africa. For a more detailed analysis on Petronor, click here.

An ultra-high-yield stock trading at just 2x FCF. Great near-term income potential, though longer-term visibility remains limited.

Vår Energi (VAR.OL)

Guiding for USD 1.2 billion in shareholder returns in 2025, Vår is delivering ~14% yield at current prices. Production is expected to rise from 330–360 kboepd to 400 kboepd by year-end, with Johan Castberg and Balder X both coming online. Cash break-even has been reduced to USD 40/bbl. The Neptune acquisition has increased scale and resilience.

Strong yield backed by rising production and disciplined capex. A top pick for income-focused investors seeking operational growth.