Lundin lifts output guidance as second quarter profit tumbles
- Business & Finance
Swedish oil and gas company Lundin Petroleum recorded a decrease in its quarterly profit despite higher revenues. The company is lifting its production guidance for the year.
The Swedish independent on Tuesday posted revenues of $677.1 million for the second quarter of the year, an increase compared to $464.6 million in the corresponding period last year.
Lundin’s net profit for the second quarter of this year totaled $36 million compared to a profit of $189.5 million in the same period last year.
The company’s production fell during the quarter to 81.2 Mboepd from 89.5 Mboepd in second quarter 2017.
Lundin Petroleum is increasing its full year production guidance to between 78 and 82 Mboepd from the previous guidance of between 74 and 82 Mboepd.
In addition, Lundin Petroleum is reducing its operating cost guidance for the full year to less than $4 per barrel from the previous guidance of $4.15 per barrel.
Offshore Energy Today Staff