Lundin Petroleum swings to loss of $229.9 million
Staff writer ▼ | May 7, 2015
Lundin Petroleum AB said it swung to a loss in the first quarter, as revenues fell significantly due to lower oil prices.Article continues below
The Swedish oil company swung to a loss of $229.9 million from a year-earlier profit of $4.4 million. Revenue dropped to $121.3 million from $235.4 million.
Lundin posted net foreign exchange losses of $226.1 million amid a revaluation of its loan balances at the end of the quarter. First-quarter oil and gas production dropped to 25,800 barrels a day from 26,600 barrels a day a year earlier.
The company said it expected the Norwegian government to state its opinion in June on a dispute over ownership stakes in the giant Johan Sverdrup field in the North Sea, which is estimated to contain about 1.9 billion barrels. ■ What to read next
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