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2020-07-29

Report for the six months ended 30 June 2020

  • Despite very low oil prices, free cash flow was positive from the oil and gas operations in second quarter and over MUSD 380 free cash flow for the six months period
  • Record quarterly production of 162.9 Mboepd in the second quarter
  • Accelerated ramp up and increased phase 1 plateau production at Johan Sverdrup; phase 1 capacity of 470 Mbopd to be tested for further upside, during second half of this year
  • Significant increase in liquidity during the period from cost reductions and phasing, tax incentives and additional debt facilities
  • Continued out performance at Edvard Grieg; increase in reserves and extension of plateau production anticipated
  • Eight potential projects to be accelerated due to recent Norwegian tax incentives, targeting over 120 MMboe of net resources
  • Awarded credit rating of ‘BBB-‘ with stable outlook by S&P Global, confirming strength of liquidity and credit position

Financial summary

 1 Jan 2020-
30 Jun 2020
6 months
1 Apr 2020-
30 Jun 2020
3 months
1 Jan 2019-
30 Jun 2019
6 months
1 Apr 2019-
30 Jun 2019
3 months
1 Jan 2019-
31 Dec 2019
12 months
Production in Mboepd157.7162.977.576.193.3
Revenue and other income in MUSD1,097.7402.5984.0499.92,948.7
CFFO in MUSD898.1259.8754.5408.71,378.2
Per share in USD3.160.912.231.214.36
EBITDA in MUSD1916.2335.1811.6411.91,918.4
Per share in USD13.231.182.401.226.07
Free cash flow in MUSD2381.5-25.2167.471.61,271.7
Per share in USD21.34-0.090.490.214.03
Net result in MUSD-131.8178.8149.796.2824.9
Per share in USD-0.460.630.440.282.61
Adjusted net result in MUSD117.351.3128.469.5252.7
Per share in USD0.410.180.380.210.80
Net debt in MUSD3,796.13,796.13,359.33,359.34,006.7

1 Excludes the reported after tax accounting gain of MUSD 756.7 in 2019 on the divestment of a 2.6 percent working interest in the Johan Sverdrup project.
2 Includes renewable energy business. Free cash flow for second quarter 2020 excluding renewable energy business was MUSD 19.5 positive.


Comment from Alex Schneiter, President and CEO of Lundin Energy:

“The resilience Lund...

Författare Lundin Energy AB

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