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Update on second quarter 2021 financial results and audiocast details for 28 July 2021

Update on second quarter 2021 financial results and audiocast details for 28 July 2021

14 July 2021

Lundin Energy AB (Lundin Energy) will publish its financial report for the second quarter 2021 on Wednesday, 28 July 2021. For the second quarter 2021, Lundin Energy will expense pre-tax exploration and appraisal costs of approximately MUSD 119 and recognise a net foreign exchange gain of approximately MUSD 45.

Exploration and appraisal costs
It is the Company’s policy to capitalise costs associated with its exploration and appraisal activities and if it is determined that a commercial discovery has not been achieved, the associated costs are charged to the income statement. For the second quarter of 2021, Lundin Energy will incur a pre-tax charge to the income statement of approximately MUSD 119 relating to exploration and appraisal costs. These costs will be offset by a tax credit of approximately MUSD 93. The costs are mainly related to the Shenzhou well in PL722, the Iving wells in PL820S and relinquished licences.

Notes issuance and foreign exchange gain
Lundin Energy issued USD 2 billion of Senior Notes (the Notes) during the second quarter of 2021 with a fixed interest rate. The Company used the gross proceeds of the Notes issuance, in combination with cash on hand, to repay USD 2 billion of the corporate credit facility term loans with a floating interest rate. As a result, part of the outstanding interest rate hedge contracts are no longer considered effective under hedge effectiveness testing. The mark-to-market fair value of these ineffective contracts of approximately MUSD -38 (loss) will be recognised as a non-cash item in the income statement during the second quarter of 2021. As a result of the USD 2 billion repayment of the corporate credit facility term loans, part of the unamortized capitalised financing fees were expensed during the second quarter.

Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 45 for the second quarter of 2021. The Norwegian Krone was stable against the US Dollar and the Euro strengthened against the US Dollar by approximately 1 percent during the second quarter of 2021. The foreign exchange gain is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Change in under/overlift balances
Lundin Energy recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost, valued at production cost, including depletion. During the second quarter of 2021, Lundin Energy was underlifted by 10.1 Mboepd.

Revenue from crude oil sales from third parties
Lundin Energy markets its own crude oil production and at times markets crude oil from third parties. For the second quarter 2021, revenue from the sale of crude oil from third parties amounted to MUSD 171.8 offset by the purchase of crude oil from third parties of MUSD 170.4, resulting in a gross profit of MUSD 1.4 on third party activities for the second quarter 2021.

Release of report and audiocast on 28 July 2021
Lundin Energy’s financial report for the second quarter 2021 will be published on Wednesday 28 July at 07:30 CEST, followed by a live audiocast at 14:00 CEST where Nick Walker, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Energy.

Follow the presentation live on www.lundin-energy.com or dial in using the following telephone numbers:

Sweden +46 8 56642651
UK +44 3333000804
United States +1 6319131422
Norway +47 23500243
Access Pin : 44982316
Link : https://edge.media-server.com/mmc/p/42amzuhx/ftagmax/aud


Pricing of USD 2 billion senior notes offering

Pricing of USD 2 billion senior notes offering

Pricing of USD 2 billion senior notes offering

17 June 2021

Lundin Energy AB (the “Company”) is pleased to announce that it has priced its senior notes offering (the “Offering”) of USD 1 billion aggregate principal amount of 2.0 percent senior notes, due 2026 (the “2026 Notes”) at a price equal to 99.827 percent of the aggregate principal amount thereof and USD 1 billion aggregate principal amount of 3.1 percent senior notes, due 2031 at a price equal to 99.81 percent of the aggregate principal amount thereof, (the 2031 Notes and together with the 2026 Notes, the “Notes”). Interest will be payable semi-annually. The Offering is expected to close on or about 23 June 2021, subject to customary conditions precedent for similar transactions.

The Company intends to use the gross proceeds of the Offering to repay certain amounts outstanding under its corporate credit facility term loans, as well as to pay transaction fees and expenses.

In connection with the Offering, the initial purchasers may engage in stabilising transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. Any stabilization action must be conducted in accordance with all applicable laws and rules.

 

 

For further information, please contact:

Edward Westropp
VP Investor Relations
Tel: +41 22 595 10 14
edward.westropp@lundin-energy.com

Espen Hennie
Corporate Finance & Planning Director
Tel: +41 22 595 10 03
espen.hennie@lundin-energy.com

 

Cautionary Statements
This announcement is for information purposes only and is not intended for publication, release or distribution to, or use by, any person or entity in any jurisdiction or country where such publication, release, distribution or use would be contrary to law or regulation. In particular, this announcement does not constitute a prospectus or an offer or sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia) and this announcement may not be distributed except to (1) persons that are qualified institutional buyers (“QIBs”) as defined in Rule 144A under the U.S. Securities Act of 1933 (the “Securities Act”); or (2) to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act (and, if investors are resident in (i) a member state of the European Economic Area (“EEA”), a qualified investor within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) or (ii) the United Kingdom, a qualified investor within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”). Such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No public offering of securities will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.

No securities are intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the United Kingdom. For these purposes, a retail investor in (i) the EEA means a person who is one (or more) of: (a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (b) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (ii) the United Kingdom means a person who is one (or more) of: (a) a retail client as defined in point (8) of Article 2 of Regulation (EU) No. 2017/565 as it forms part of domestic law by virtue of the EUWA; or (b) a customer within the meaning of the Financial Services and Markets Act 2000, as amended to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the EUWA.

Manufacturer target market (MiFID II product governance / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document has been prepared as not available to retail in the EEA. No United Kingdom PRIIPs key information document has been prepared as not available to retail in the United Kingdom.

This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Lundin Energy AB (“Lundin Energy”) about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections. Lundin Energy undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement.

Neither the content of Lundin Energy’s website nor any website accessible by hyperlinks on Lundin Energy’s website is incorporated in, or forms part of, this announcement.

The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

2021 production guidance increased

2021 production guidance increased

2021 production guidance increased

14 June 2021

Lundin Energy AB (Lundin Energy) is pleased to announce that following better than expected production performance across all key fields, the production guidance for 2021 has been increased to between 180 to 195 thousand barrels of oil equivalent per day (Mboepd), from the original guidance of 170 to 190 Mboepd.

Production year to date (to end May 2021) has been 185 Mboepd, which is above the mid-point of the original guidance range. This has been driven by excellent production efficiency across all assets, an earlier than forecast increased plateau rate of 535 thousand barrels of oil per day (Mbopd) gross at Johan Sverdrup Phase 1 and additional capacity available at the Edvard Grieg field. The additional facilities capacity at Edvard Grieg has been due to the Ivar Aasen field not utilising their contractual capacity, and it is expected that this will continue for the remainder of the year.

 

Open Letter from the Board of Directors of Lundin Energy

Open Letter from the Board of Directors of Lundin Energy

Open Letter from the Board of Directors of Lundin Energy

10 May 2021

Dear Shareholders,

We write to update you about the publication of an independent expert report that has been commissioned by the Board of Directors in relation to the Swedish Prosecution Authority’s ongoing preliminary investigation into the Company’s activities in southern Sudan from 1997 to 2003.

As you will be well aware by now, the Company has serious and longstanding concerns about the accuracy and reliability of the information on which the Swedish Prosecution Authority is acting in this case, as well as about the fairness and integrity of the wider investigation process itself. These concerns have been set out in detail on the “Lundin: Sudan Legal Case” website maintained by the Company to provide publicly available information about the investigation.

Given those concerns, the Board of Directors of Lundin Energy commissioned the Chambers of 9 Bedford Row, led by Steven Kay QC, and RPC Solicitors, independent international lawyers with specialist expertise in international criminal prosecutions, human rights, corporate conduct, and the Rule of Law, to prepare a review and assessment of public source materials relating to the investigation and on which the Swedish Prosecution Authority seems to be relying.

The report, entitled “A Report on The Lundin Case” (“the Report”), was published today and its findings support the Company’s longstanding concerns. You can download a copy of the Report and read more about its content here.

Steven Kay QC is an experienced Queen’s Counsel from the UK who specialises in international criminal law and human rights cases. He has been involved in landmark cases that have established modern international criminal law. RPC is likewise a respected international law firm.

While the Report has been commissioned by the Board of Directors, the content, analysis and conclusions contained in the Report are the authors’ own independently reached findings.

We hope you find the Report helpful in supporting our consistently held position that there are no grounds for any allegations of wrongdoing against the Company or its representatives.

Sincerely,

Board of Directors of Lundin Energy AB (publ)

More information regarding the Swedish Prosecutor’s ongoing investigation into the Company’s historic operations in Sudan and any related proceedings can be found on our dedicated
Lundin: Sudan Legal Case” website.

 


Lundin Energy audiocast – Q1 report 2021 presentation

Lundin Energy to present at a virtual town hall meeting for investors on 18 March 2021

Lundin Energy audiocast – Q1 report 2021 presentation

29 April 2021

Listen to Nick Walker, President and CEO, and Teitur Poulsen, CFO, commenting on the report and the latest developments in Lundin Energy at a live audiocast, held today, 29 April 2021 at 13:00 CEST.

 

Listen to the audiocast presentation by following the link

 https://edge.media-server.com/mmc/p/spnx35xe

or dial in using the telephone numbers below:

Sweden +46 8 56642651
UK +44 3333000804
United States +1 6319131422
Norway +47 23500243
Access Pin :98774705

Proposed 2020 dividend of USD 1.80 per share representing an 80 percent increase on 2019 dividend

Proposed 2020 dividend of USD 1.80 per share representing an 80 percent increase on 2019 dividend

Proposed 2020 dividend of USD 1.80 per share representing an 80 percent increase on 2019 dividend

27 January 2021

The Board of Directors of Lundin Energy AB (Lundin Energy) proposes a 2020 dividend of USD 1.80 per share, corresponding to MUSD 512.

The Board of Directors will propose to the 2021 Annual General Meeting, in accordance with the dividend policy as announced on 30 January 2019, a 2020 dividend of USD 1.80 per share, corresponding to MUSD 512 (rounded off), noting the reduced 2019 dividend of USD 1.00 per share, that was approved, to maintain financial prudence and further liquidity flexibility in light of the then prevailing market conditions. The proposed 2020 dividend is to be paid in quarterly instalments of USD 0.45 per share, corresponding to MUSD 128 (rounded off). Before payment, each quarterly dividend of USD 0.45 per share shall be converted into a SEK amount, and paid out in SEK, based on the USD to SEK exchange rate published by Sweden’s central bank (Riksbanken) four business days prior to each record date (rounded off to the nearest whole SEK 0.01 per share). The final USD equivalent amount received by the shareholders may therefore slightly differ depending on what the USD to SEK exchange rate is on the date of the dividend payment. The SEK amount per share to be distributed each quarter will be announced in a press release four business days prior to each record date.

Lundin Energy’s objective is to create attractive shareholder returns by investing through the business cycle with capital investments allocated to exploration, development and production assets. The plan is to maintain or increase the dividend over time, in line with the Company’s financial performance and being sustainable below an oil price of USD 50 per barrel. The dividend shall be sustainable in the context of allowing the Company to continue to pursue its organic growth strategy and to develop its contingent resources whilst maintaining a conservative gearing ratio and retaining an appropriate liquidity position within its available credit lines.

Information about the proposed dividend to be paid out as follows:

Expected ex-dividend dateExpected record dateExpected payment date
31 March 20211 April 20218 April 2021
1 July 20212 July 20217 July 2021
1 October 20214 October 20217 October 2021
4 January 20225 January 202211 January 2022

In order to comply with Swedish company law, a maximum total SEK amount shall be pre-determined to ensure that the dividend distributed does not exceed the available distributable reserves of the Company and such maximum amount for the dividend has been set to a cap of MSEK 7,636 (i.e. MSEK 1,909 per quarter). If the total dividend would exceed the cap of MSEK 7,636, the dividend will be automatically adjusted downwards so that the total dividend corresponds to the cap of MSEK 7,636.

19 licences awarded in the Norwegian licensing round

APA 2020 licence awards

19 licences awarded in the Norwegian licensing round

19 January 2021

Lundin Energy AB announces that its wholly owned subsidiary Lundin Energy Norway AS (together Lundin Energy), has been awarded a total of 19 exploration licence interests in the 2020 Awards in Predefined Areas (APA) licensing round, in Norway.

The award includes 15 licences in the North Sea, two licences in the Norwegian Sea and two licences in the Southern Barents Sea, seven of the newly awarded licences will be operated by Lundin Energy Norway.

The awards from this licensing round continue to build on the Company’s seven core exploration areas and increases by 23 percent the number of licences held by the Company. Supporting the Company’s strategy to execute an exploration programme which targets a combination of high value, near field opportunities and high potential, frontier exploration.

 The licence interests are detailed below and maps of their location are provided in the link below.

 

LicencesBlockWorking InterestLicence Area
1089*1/5,650%North Sea
10872/2, 550%North Sea
1084*3/760%North Sea
10907/130%North Sea
1091*15/5,6,840%North Sea
1092*15/6,950%North Sea
109715/3, 24/11, 1230%North Sea
1095*16/2, 25/1150%North Sea
1094*17/2,3,5,6,8  18/760%North Sea
1045B125/415%North Sea
820SB125/840%North Sea
109925/3, 26/1, 30/12, 31/1030%North Sea
110430/340%North Sea
1102*30/3, 31/1,4,560%North Sea
110634/2,3,5,620%North Sea
11266609/5,6,7,8,9,10,11,12, 6610/2,4,5,6, 6611/4,530%Norwegian Sea
11296703/7,8,9,10,11,12, 6704/7,8,10,1130%Norwegian Sea
229G17122/8,950%Southern Barents Sea
11317122/8,9,10,11,12, 7123/7,8,920%Southern Barents Sea

*Operator Lundin Energy Norway

1 Geographical extension of the licence area.

 


 

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

13 January 2021

Lundin Energy AB (Lundin Energy) will publish its financial report for the fourth quarter 2020 and host its annual Capital Markets Day presentation on Thursday, 28 January 2021. For the fourth quarter 2020, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 58, and recognise a net foreign exchange gain of approximately MUSD 256.

Exploration costs
It is the Company’s policy to capitalize costs associated with its exploration activities and when it is determined that a commercial discovery has not been achieved, the associated exploration costs are charged to the income statement. For the fourth quarter of 2020, Lundin Energy will incur pre-tax exploration costs of approximately MUSD 58, which will be charged to the income statement and offset by a tax credit of approximately MUSD 45. The exploration costs are mainly related to the dry wells on the Polmak prospect (PL609/PL1027) and the Spissa prospect (PL960) and relinquished licenses.

Net debt and foreign exchange gain
The net debt position of Lundin Energy at 31 December 2020, amounted to USD 3.9 billion resulting in available liquidity of USD 1.1 billion, within its recently refinanced and cheaper, USD 5.0 billion credit facility. As a result of the refinancing, unamortized capitalized financing fees and loan modification gain were expensed during the fourth quarter.

Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 256 for the fourth quarter of 2020. The Norwegian Krone strengthened against the US Dollar by approximately 10 percent and the Euro strengthened by approximately 5 percent during the fourth quarter of 2020. The foreign exchange gain is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Change in inventory and under/overlift balances
Lundin Energy recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost valued at production cost, including depletion. During the fourth quarter of 2020, Lundin Energy was overlifted by 2.1 Mboepd.

Revenue from the crude oil sales from third parties
Lundin Energy markets its own crude oil production and at times markets crude oil from third parties. For the fourth quarter 2020, revenue from the sale of crude oil from third parties amounted to MUSD 24.9 offset by the purchase of crude oil from third parties of MUSD 24.5, resulting in a gross profit of MUSD 0.4 on third party activities for the fourth quarter 2020.

Fourth Quarter 2020 results and Capital Markets Day 2021
Lundin Energy’s financial report for the fourth quarter 2020, will be published on Thursday, 28 January 2021 at 07:30 CET.

Lundin Energy management team will present the financial results for the fourth quarter 2020 and Capital Markets Day presentation by webcast at 14.00 CET on the 28 January 2021. Please follow the event live at www.lundin-Energy.com or dial in using the following telephone numbers with the pin code shown below:

UK/International: +44 2071 928338
Sweden: +46 8 566 184 67
Norway: +47 21 56 30 15
USA: +1 646 741 3167

Access Pin : 6247379

Link : https://edge.media-server.com/mmc/p/oz7b59c2

 

Lundin Energy announces resource additions of 210 percent of 2020 production

Lundin Energy announces resource additions of 210 percent of 2020 production

Lundin Energy announces resource additions of 210 percent of 2020 production

12 January 2021

Lundin Energy AB (Lundin Energy) is pleased to announce that as at 31 December 2020, its proved plus probable net reserves (2P reserves) are 671 million barrels of oil equivalent (MMboe 1,2) and its proved plus probable plus possible net reserves (3P reserves) are 826 MMboe. 2P reserves plus best estimate net contingent resources (total resource) are 946 MMboe, with a total resource replacement ratio3 for 2020 of 210 percent.

Lundin Energy’s 2P reserves as at 31 December 2020 are 670.9 MMboe and reflect a positive revision of 39.3 MMboe. The 3P reserves as at 31 December 2020 are 826.0 MMboe and reflect a positive revision of 30.0 MMboe. The best estimate net contingent resources (2C resources) as at 31 December 2020 are 275.5 MMboe, which is an increase of 90.2 MMboe from year end 2019. The total resource as at 31 December 2020 are 946.4 MMboe, which reflects additions of 129.4 MMboe from year end 2019, including asset acquisitions.

 

2P Reserves3P ReservesTotal Resources
2P + 2C
End 2019693.3857.5878.6
  – Produced 4-61.6-61.6-61.6
  – Sales/+Acquisitions+78.4
  + Revisions/Discoveries+39.3+30.0+51.0
End 2020670.9826.0946.4
Reserves replacement ratio 3,564%49%210%

 

The increase in 2P reserves relates primarily to the Edvard Grieg field, along with minor reserves additions at other assets. The increase in 2C contingent resources relates to the acquisition of interests in the Wisting and Alta discoveries in the southern Barents Sea, as well as exploration success at the Iving prospect in the Norwegian North Sea. Oil accounts for approximately 90 percent of Lundin Energy’s total resource.

As announced in September 2020, gross 2P reserves at Edvard Grieg have been increased by 51 MMboe from year end 2019 (33 MMboe net to Lundin Energy), which lifts the gross 2P ultimate recovery for the field to 350 MMboe6, representing an increase of 90 percent from the original PDO estimate. Gross 2P ultimate recovery for the Greater Edvard Grieg Area has therefore grown to 410 MMboe, which includes the Solveig Phase 1 and Rolvsnes Extended Well Test (EWT) tie-back developments. These additional reserves extend the plateau production period for the Greater Edvard Grieg Area by one year to late 2023, representing a five-year extension from the original PDO. Activity in the Greater Edvard Grieg Area will continue in 2021, with the drilling of three infill wells at Edvard Grieg, first oil from the two tie-back developments and further exploration drilling.

The Johan Sverdrup field continues to exceed expectations, with excellent reservoir performance and well productivities. The Phase 1 facility capacity has been increased to 500 thousand barrels of oil per day (Mbopd), with potential for a further increase, post modifications to the water injection system, which is planned in mid-2021. When Phase 2 comes on stream, scheduled for the fourth quarter of 2022, it is expected that the production capacity will be lifted to 720 Mbopd. More production experience is required to further understand the reservoir performance prior to any potential revisions to the reserves estimate.

In March 2020, Lundin Energy announced discoveries at the Iving and Evra prospects in in the Norwegian North Sea, close to the Balder and Ringhorne fields. The discoveries are estimated to contain between 12 and 71 MMboe of gross resources and will be further appraised in 2021.

In October 2020, Lundin Energy announced the acquisition of a 10 percent working interest in the Wisting oil discovery and a further 15 percent working interest in the operated Alta discovery, both located in the Southern Barents Sea. Equinor, the operator of Wisting in the development phase, is targeting a PDO by end 2022, to benefit from the temporary tax incentives established by the Norwegian Government in June 2020. The transaction adds 2C resources of 78 MMboe.

The reserves estimates have been audited by ERCE, a third-party independent reserves auditor, and have been calculated using the 2018 Petroleum Resource Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). The contingent resource estimates associated with the Edvard Grieg, Alvheim area, Johan Sverdrup, Solveig and Rolvsnes assets have been audited by ERCE. For the other assets, the contingent resource volumes are based on management estimates.

Nick Walker, President and CEO of Lundin Energy, commented:
“Growth and value creation are the key drivers for our business, and I am pleased that in a year when our production almost doubled, we were still able to deliver total resource additions of over two times our produced barrels. Our strong track record of growing the business continues, as we have now achieved a total resource replacement of 150 percent of our production over the last five years.

“Our growth strategy is underpinned by our world class producing assets which continue to outperform, a pipeline of potential new projects that we are prioritising for development within the new tax environment and an exciting exploration portfolio. With our 2021 programme already underway, I am confident that we will deliver another year of resource growth.”

1 BOE’s may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent the value equivalency at the wellhead.
2 The reserves were calculated using a nominal Brent oil price of USD 50 per barrel in 2021, 54 in 2022, 58 in 2023, 60 in 2024, and increasing by 2 percent per year thereafter.
3 Total resource replacement ratio is the sum of 2P reserves revisions and 2C Contingent resources revisions including assets transactions divided by the yearly production.
4Reserves are measured in salable quantities (saleable oil, natural gas liquids and dry gas converted to oil equivalents), which may differ from production volumes provided in corporate reports which are given in wellhead production quantities (oil and rich gas converted to oil equivalents).
5 As per industry standards the reserves replacement ratio is defined as the ratio of reserves additions to production during the year, excluding the effect of acquisitions and dispositions.
6 2P ultimate recovery is cumulative production to date plus remaining proved plus probable (2P) reserves.

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