Sweden’s Lundin Energy has announced a bigger-than-expected increase in operating profit for the last quarter of 2021, amid a spike in the price of crude oil and natural gas.
Lundin’s pre-tax profit for October-December rose to $ 1.27 billion from $ 491.8 million a year ago, up from an estimate of $ 1.22 billion.
Lundin agreed in December to sell Norwegian oil and gas assets, which include a 20% stake in Norwegian Johan Sverdrup field, to Aker BP in a $ 13.9 billion deal.
“We anticipate that the agreement will be completed by the middle of the year,” said CEO Nick Walker.
Lundin plans to focus on Renewable Energy, and is expected to generate about 600 GWh of electricity by the end of 2023.
The company produced 194,800 barrels of oil per day in the fourth quarter, putting the production of 2021 at 190,300 barrels. He previously expected that the total production for the year would reach the maximum estimate of 180,000-195,000 barrels per day.
Lundin Renewables lost $ 3.6 million in the fourth quarter.
Once the Aker BP deal is completed, these activities will have a cash balance of $ 130 million, enough to cover all capital needs by the end of 2023.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
