Swedish oil firm Lundin Petroleum's earnings before interest, tax, depreciation and amortization (EBITDA) fell to $411 million in the third quarter of 2019, from $476.8 million a year earlier, the company announced on Friday.
The decrease was due to more costly exploration during the reporting period, as well as lower oil prices and slightly lower sales volumes.
The company's oil production increased to 82.7 million barrels of oil equivalent per day (mboepd) in the third quarter from 78.2 mboepd in the same quarter of 2019.
Lundin described the results as "a strong financial performance" for the reporting period and third quarter.
"The company’s production currently stands at over 120 mboepd," commented Alex Schneiter, president and CEO of Lundin Petroleum.
Schneiter said that a stand out moment for Lundin Petroleum was the first oil from the world class Johan Sverdrup Phase 1 project, which was achieved on Oct. 5, 2019, ahead of schedule and significantly below budget.
The Johan Sverdrup field is one of the five biggest oil fields on the Norwegian Continental Shelf. With recoverable resources estimated at between 2.2 and 3.2 billion barrels of oil equivalent (boe) and with expected volumes of 2.7 billion boe, it is one of the most important industrial projects in Norway with impacts that are set to last over the next 50 years.
Equinor holds a 40.03% share in the field, while Lundin Norway holds a 22.6% stake, Petoro has a 17.4% interest, Aker BP owns 11.57 % and Total has 8.4%.
By Murat Temizer