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Lundin Energy AB (publ) (LNDNF) CEO Nick Walker on Q1 2021 Results - Earnings Call Transcript

May 02, 2021 10:43 AM ETOrrön Energy AB (publ) (LNDNF), LNEGY
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Lundin Energy AB (publ) (OTCPK:LNDNF) Q1 2021 Earnings Conference Call April 29, 2021 7:00 AM ET

Company Participants

Edward Westropp - VP, Investor Relations

Nick Walker - President and Chief Executive Officer

Teitur Poulsen - Chief Financial Officer

Conference Call Participants

Teodor Nilsen - SpareBank

Sasikanth Chilukuru - Morgan Stanley

James Carmichael - Berenberg

Yoann Charenton - Société Générale


Good afternoon or morning, wherever you are. Welcome to the Lundin Energy Q1 Results Call. I know it's a busy day. So thank you very much for joining. We'll follow the usual form. Nick Walker, the Chief Executive, will take you through the operations and Teitur Poulsen will take you through the financial section. There will be the normal Q&A function at the end. So first of all, we'll take questions from the conference call and then any questions from the web, I will moderate at the end. And if you do have a question on the web, please use the Ask a Question function in the top right-hand side of your screen. So thank you again for joining, and I will hand over to Nick.

Nick Walker

Well, good afternoon, or good morning if you're joining us from North America, and welcome to our first quarter 2021 results discussion. First, I want to run through the key highlights for the quarter, it's been about delivery on all fronts, which combined with the oil price recovery has yielded record financial results for the quarter. You can see our Q1 production 183,000 BOEs per day, that's above guidance. And as we've announced previously, Johan Sverdrup Phase 1 capacity is set to step up to 535,000 barrels of oil per day gross. And this will now happen ahead of schedule in early May. And all of our key projects are on track to provide growth to over 200,000 BOEs per day by 2023.

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