Presentation

Lundin Energy is a Swedish energy company established in 2001, which has historically focused on oil and since grown into one of the largest independent oil companies in Europe. The company is listed on the Nasdaq OMX Stockholm exchange and has a market capitalization of USD 6.9bn, with net debt of USD 3.8bn as of Q2’20. Lundin Energy is a Norwegian pure play company since the spin-out of its assets in the Netherlands, France and Malaysia to International Petroleum Corporation (IPCO) in 2017. The company’s main shareholder is the Lundin family with a 33.4% stake.

With the development of the major Norwegian oil fields Edvard Grieg (first oil in 2015) and Johan Sverdrup (first oil in Q4 2019), Lundin Energy’s production is set to grow from 93,000 boepd in 2019 to over 170-180,000 boepd in 2021e and beyond as Phase 1 plateau production was reached at Sverdrup. In addition, there are further organic growth opportunities around Grieg, the Alvheim area, in the Barents Sea, and especially Sverdrup, which adds upside potential.

Lundin Energy has a strong exploration track record in Norway, most notably in the Utsira High area with the major discoveries of Grieg and Sverdrup. The company will have a new President & CEO at the helm from 1 January 2021, but we expect the strategy and approach to becoming carbon neutral from operational emissions by 2030 will likely remain unchanged.