Swedish Lundin Petroleum's earnings before interest and taxes increased by 17% to $1.43 billion in the first 9 months of 2020 compared to the same period of 2019, the company announced on Friday.
The company said that strong financial performance is due to an achieved oil price of $38.07 per barrels of oil equivalent (boe) for the first nine months.
"Following a volatile and unpredictable first half of 2020, the third quarter was one of financial and operational discipline and delivery, capitalising on our strict cost control and efficient production portfolio and further deleveraging of the balance sheet," said Alex Schneiter, President and CEO of Lundin Energy.
Schneiter said that the company now targets approximately 175 Mboepd for the fourth quarter, raising full year production guidance to a range of 161 to 163 Mboepd, from the previously guided target of 157 Mboepd as the company's fields have been granted increased production permits by the authorities.
"We are also continuing to develop and invest in renewable projects with the aim to offset and replace all our net electricity consumption as well as continuing to invest in innovative solutions to further improve our overall production efficiency," he added.
By Murat Temizer