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Lundin Energy AB Report for the six months ended 30 June 2021

  • Record quarterly revenue of USD 1.3 billion with a realised oil price of USD 68 per barrel for the second quarter
  • Record free cash flow generation of MUSD 949 for the six month period, operating costs below guidance at USD 2.8 per boe and net debt reduced to below USD 3.2 billion
  • Completed USD 2 billion inaugural investment grade bond issuance
  • Record quarterly production above guidance at 190 Mboepd and full year production guidance increased to between 180 to 195 Mboepd
  • Johan Sverdrup Phase 2 planned offshore installations completed on schedule and full field production capacity increased to 755 Mbopd gross when Phase 2 comes on line in the fourth quarter of 2022
  • Key projects on track to deliver growth to over 200 Mboepd by 2023 and Kobra East/Gekko project sanctioned
  • Decarbonisation plans on track to achieve carbon neutrality from 2025, with around 60% of production already independently certified as carbon neutrally produced

 1 Jan 2021-
30 Jun 2021
6 months

1 Apr 2021-
30 Jun 2021
3 months

1 Jan 2020-
30 Jun 2020
6 months

1 Apr 2020-
30 Jun 2020
3 months

1 Jan 2020-
31 Dec 2020
12 months

Production in Mboepd186.4189.8157.7162.9164.5
Revenue and other income in MUSD2,384.71,272.81,097.7402.52,564.4
CFFO in MUSD1,487.9737.7898.1259.81,528.0
Per share in USD5.232.593.160.915.38
EBITDAX in MUSD2,078.01,059.6916.2335.12,140.2
Per share in USD7,313.733.231.187.53
Free cash flow in MUSD949.1422.9381.5-25.2448.2
Per share in USD3.341.491.34-0.091.58
Net result in MUSD234.6165.7-131.8178.8384.2
Per share in USD0.820.58-0.460.631.35
Adjusted net result in MUSD308.4158.6117.351.3280.0
Per share in USD1.080.560.410.180.99
Net debt in MUSD3,189.43,189.43,796.13,796.13,911.5

Comment from Nick Walker, President and CEO of Lundin Energy:
“I’m pleased to report record production and financial results in the second quarter, backed by strong operating performance and the further strengthening ...

Författare GlobeNewswire