July 31, 2019 / 5:45 AM / 4 months ago

Lundin Petroleum Q2 core profit beats forecast

OSLO, July 31 (Reuters) - Swedish oil firm Lundin Petroleum reported a smaller than expected drop in quarterly core earnings on Wednesday, and cut its capital spending guidance after reducing its stake in Norway's giant Johan Sverdrup field.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $412 million in the second quarter from $512 million a year earlier, beating the mean estimate of $399 million in a Refinitiv poll.

The company cut its 2019 capital expenditure to $785 million from $930 million after agreeing to sell a 2.6% stake in Johan Sverdrup to operator Equinor for $910 million on July 7.

Lundin increased its 2019 exploration budget to $325 million from $300 million previously, it added. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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