Lundin Petroleum reports booming profits

Lundin Petroleum reports booming profits
Swedish oil production and exploration firm Lundin Petroleum has reported a profit before tax of $79 million ($30.9 million) for the second quarter, meeting analyst expectations.

Including one off items the firm reported pre-tax figures of $436 million, including the hiving off of UK assets worth some $358 million.

The results include depreciation of oil and gas assets of $35.1 million ($29 million).

Revenues for the period amounted to $189 million (132), beating analyst expectations of $184 million. Operating results (Ebitda – Earnings before interest, taxes, depreciation and amortization) amounted to $139 million ($125 million).

The firm announced an investment budget of $285 million for the second quarter with $190 million to be spent on prospecting.

Lundin Petroleum stock jumped more than 4 percent when the Stockholm exchange opened on Wednesday morning.

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