Lundin sinks to loss in second quarter
- Business & Finance
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