Strong quarter, no weak spots
Lundin reported Q3 EBITDAX of USD382m, 8% above consensus and in line with our forecast. Q3 production was 5% above consensus and 5% below our forecast. Operating cash flow was strong, 10% above consensus and 3% above our forecast. Lundin upped its 2017 production, and lowered its opex and capex guidance. We expect a positive share price reaction of 3–4%, in a neutral market. The conference call starts at 09:00 CEST (www.lundin-petroleum.com)Lundin Petroleum is an oil and gas company. Co. has a global portfolio of assets with two main areas located in Norway and South East Asia. As of Dec 31 2014, Co. held close to 70 licences in Norway, with activities across exploration, appraisal, development and production. Co. also operated within several geographical areas, including France, Netherlands, Malaysia, Indonesia, Russia, Sweden and other countries.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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