Lundin Energy AB Report for the nine months ended 30 September 2021

Quarterly revenue of USD 1.5 billion with a realised oil price of USD 72 per barrel for the third quarter

Record free cash flow generation of USD 1.6 billion for the first nine months, operating costs below guidance at USD 2.9 per boe and net debt reduced to USD 2.6 billion

Board of Directors anticipates to propose to the Annual General Meeting 2022, a 2021 dividend of USD 2.25 per share, corresponding to MUSD 640, an increase of 25 percent from 2020 dividend

Record production of 194 Mboepd for third quarter and full year production anticipated towards the upper end of the guidance range of 180 to 195 Mboepd

Key projects on track and first oil achieved at the Rolvsnes and Solveig projects, on schedule and below budget
Strategic acquisition of 25 percent working interest from OMV in the high quality Wisting oil development, taking the Company’s interest to 35 percent and adding 130 MMboe fully appraised net contingent resources for USD 2.5 per boe
Further acceleration of decarbonisation plans to achieve carbon neutrality by 2023 from operational emissions

“The Company has again delivered excellent results, all our key business priorities are on track and we’ve made a strategic value accretive acquisition, which together positions us to keep delivering resilient sustainable growth.” Comments Nick Walker, President and CEO of Lundin Energy

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