Lundin Petroleum 1Q Core Profit Lags Forecasts

Reuters

STOCKHOLM, May 7 (Reuters) - Swedish oil firm Lundin Petroleum posted first-quarter core earnings below expectations on Wednesday and repeated its production forecasts for 2014.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $178 million from $275 million a year ago and against expectations for $197 million in a Reuters poll of analysts.

The company, which has a large stake in the giant Johan Sverdrup find in the Norwegian North Sea, repeated its 2014 production guidance of 30,000 to 35,000 barrels per day (boepd), in line with 2013 production of 32,700 boepd, which it expects to rise to around 50,000 boepd on average in 2015.

(Reporting by Sven Nordenstam)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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