Swedish independent oil and gas company Lundin Petroleum sank to a loss during the second quarter of 2016 as higher production was offset by foreign exchange losses.
The oil company on Wednesday posted a loss for the 2Q 2016 of $48.3 million, including a net foreign exchange loss of $63.5 million, compared to a profit of $59.9 million in 2Q 2015, including a gain of $27.3 million.
Lundin’s revenues increased for the quarter totalling $265.3 million, compared to the prior-year quarter and revenues of $157.8 million.
The second quarter average production for the company of 63,900 boepd exceeded its mid-point guidance by about 15 percent, compared to 28.9 Mboepd in the same period last year. The average Brent oil price during the quarter was 45.59 USD/boe.
“These strong results are led by the Edvard Grieg field which continues to perform ahead of expectations with high uptime and good reservoir performance,” Alex Schneiter , Lundin President and CEO.
The company said it remains on track to achieve the full year production guidance of between 65,000 and 75,000 boepd.
Offshore Energy Today Staff