Sweden's Lundin Energy Q2 operating profit lags despite record output

29/07/2020 09:43 Oil Market

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Swedish oil firm Lundin Energy , a partner in Norway’s giant Johan Sverdrup oilfield, reported on Wednesday a worse-than-expected operating profit, despite producing record output in the quarter.

Earnings before interest and tax (EBIT) fell to $166.1 million in the second quarter from $279.8 million a year ago, lagging the $198.9 million seen in Refinitiv poll.

Lundin, which has a 20% stake in Sverdrup, maintained its 2020 output guidance at 157,000 barrels of oil equivalent per day (boepd), after producing a record 162,900 boepd in the second quarter. 
Source: uk.reuters.com

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