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Lundin Petroleum AB's (LNDNF) CEO Alex Schneiter on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 3:58 PM ETOrrön Energy AB (publ) (LNDNF), LNEGY
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Lundin Petroleum AB (publ) (OTCPK:LNDNF) Q1 2020 Earnings Conference Call April 30, 2020 3:00 AM ET

Company Participants

Ed Westropp – Vice President-Investor Relations

Alex Schneiter – President and Chief Executive Officer

Teitur Poulsen – Chief Financial Officer

Conference Call Participants

James Hosie – Barclays

Yoann Charenton – Societe Generale

Alwyn Thomas – Exane BNP

Anders Holte – Kepler Cheuvreux

Robin Haworth – Stifel

Karl Schjøtt-Pedersen – ABG Sundal Collier

David Round – BMO Capital Markets

Al Stanton – RBC

Mark Wilson – Jefferies

James Thompson – JPMorgan

Michael Alsford – Citi

Ed Westropp

Thanks very much, Sarah. Welcome, everyone, to the Q1 2020 Call from Lundin Energy. It’s been an eventful morning already. And I’ll hand over to Alex Schneiter who will take you through the highlights. And after that, Teitur will take you through the financials, and then we’ll do Q&A at the end. Thanks very much.

Alex Schneiter

Thanks, Ed, and good morning, everybody, and very happy to be here for this first quarter of 2020. But let me start right away with the highlights. And on the others, of course, I will add up Point number 7, which is the news we just all received with the Norwegian cuts.

But starting with the – from the start. The – first of all, on the coronavirus, it’s important to state that we had no disruption on production. I’m very pleased at how this is – how the industry has reacted. And today, we feel very comfortable with the procedures we have in place, and as I said, we had no disruptions in our production. Our production for the first quarter has been very strong. We are actually on the upper end of the guidance with over 152,000 barrels of oil equivalent per day. And you will see later on that as a consequence of this performance, we’ve upgraded our guidance for the year. Of course, just to

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