Lundin earnings surge in Q1 on higher output, prices
Apr 29, 2021 2:40:pm
Summary
The Swedish company gained from increased contributions from Johan Sverdrup and Edvard Grieg, as well as higher prices.
by: Joseph Murphy
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Lundin earnings surge in Q1 on higher output, prices
Core earnings at Sweden's Lundin Energy surged to $1.02bn in the three months ending March 31, up from $581mn a year earlier, the company said in financial results posted on April 29.
The company also enjoyed a growth in free cash flow to $526mn from $406.7mn a year earlier, while its net income for the period came to $68.9mn, marking a reversal from a $310.6mn loss in Q1 2020. Lundin also reduced its net debt to $3.46bn by the end of March, compared with $3.91bn three months earlier.