Update on fourth quarter 2018 financial results and Webcast details for 30 January 2019
16 January 2019
Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the fourth quarter 2018 on Wednesday 30 January 2019. For the fourth quarter 2018, Lundin Petroleum will expense pre-tax exploration costs of approximately MUSD 47 and recognise a net foreign exchange loss of approximately MUSD 164.
These items are largely non-cash and will have no impact on operating cash flow or EBITDA.
For the fourth quarter of 2018, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 47 which will be charged to the income statement and offset by a tax credit of approximately MUSD 37. The exploration costs are mainly related to the dry well on the Silfari prospect located in PL830 and the dry well on the Oppdal and Driva prospects located in PL860.
Net debt and foreign exchange loss
The net debt position of Lundin Petroleum at 31 December 2018 amounted to USD 3.4 billion resulting in available liquidity of USD 1.6 billion within its USD 5.0 billion reserve-based lending facility.
Lundin Petroleum will recognise a net foreign exchange loss of approximately MUSD 164 for the fourth quarter of 2018. Both the Norwegian Krone and the Euro weakened against the US Dollar by approximately 6 percent and 1 percent respectively during the fourth quarter of 2018. The foreign exchange loss is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.
Revenue from the crude oil sales from third parties
Lundin Petroleum markets its own crude oil production and at times markets crude oil from third parties. For the fourth quarter 2018, revenue from the sale of crude oil from third parties amounted to MUSD 117.0 offset by the purchase of crude oil from third parties of MUSD 116.6. This will result in a gross profit on third party activities of MUSD 0.4 for the fourth quarter 2018.
Release of report and webcast on 30 January 2019
Lundin Petroleum’s financial report for the fourth quarter 2018 will be published on Wednesday 30 January at 07:30 CET, followed by a live webcast at 09:00 CET where Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Petroleum.
Follow the presentation live on www.lundin-petroleum.com or dial in using the following telephone numbers:
Sweden: +46 8 519 993 55
Norway: +47 23 500 211
UK: +44 203 194 05 50
International Toll Free: +1 855 269 26 05