Update on third quarter 2020 financial results and audiocast details for presentation on 30 October 2020
14 October 2020
Lundin Energy AB (Lundin Energy), will publish its financial report for the third quarter 2020 on Friday, 30 October 2020. For the third quarter 2020, Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 143.
Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 143 for the third quarter of 2020. The Norwegian Krone strengthened against the US Dollar by approximately 3 percent and the Euro strengthened against the US Dollar by approximately 5 percent during the third 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 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 third quarter of 2020, Lundin Energy was underlifted by 11.4 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 third quarter 2020, revenue from the sale of crude oil from third parties amounted to MUSD 133 offset by the purchase of crude oil from third parties of MUSD 130, resulting in a gross profit of MUSD 3 on third party activities for the third quarter 2020.
Release of report and audiocast on 30 October 2020
Lundin Energy’s financial report for the third quarter 2020 will be published on Friday, 30 October 2020 at 07:30 CET, followed by a live audiocast 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 Energy.
Follow the presentation live on www.lundin-energy.com or dial in using the following telephone numbers:
UK/International:..+44 207 192 8338
Sweden:………………+46 8 566 184 67
Norway: ……………..+47 21 56 30 15
USA: ………………….+1 646 741 3167
Access code/pin: 8031159