Lundin Petroleum 2Q Results Miss Expectations

Reuters

OSLO, Aug 6 (Reuters) – Swedish oil producer Lundin Petroleum reported second-quarter earnings below expectations on Wednesday and warned that a key project in Norway was at risk of a further delay.

Lundin, which produces oil in Norway and South East Asia, said its earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 29 percent to $171.5 million, short of expectations for $182 million.

In the second quarter, the firm produced 27,500 barrels of oil equivalents per day (boepd) in line with expectations for 27,462 boepd in a Reuters poll of analysts

The firm said that the start up of its Brynhild project could slip into the fourth quarter from the third quarter. The delay would be the second announced by Lundin in three months. 

(Reporting by Balazs Koranyi, editing by Terje Solsvik)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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