Lundin Sees Rising Oil Prices Powering Earnings, Paper Says
By Nina Garlo and Philip Lagerkranser
Stockholm, July 21 (Bloomberg) -- Lundin Oil AB, a Swedish oil company, expects rising prices to boost earnings this year, said the newspaper Dagens Industri, citing Chairman Adolf Lundin. While Lundin sees full-year earnings before interest, taxes, depreciation and amortization rising 75 percent to 650 million kronor ($72 million) from last year, the company could see cash flow top 1 billion in 2001.
``Oil prices are at an interesting level now. For the first time, demand is bigger than production capacity,'' said Lundin, adding that ``if prices keep up, the first quarter next year could be a great one.''
The current price of Brent crude oil for September settlement is $28.27 per barrel on London's Petroleum Exchange, gaining from this years low $21.3 a barrel on April 10.
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Nordic Stocks Mixed; Ericsson, Bluemarx, Lundin Oil Lead Movers
By Robin Saponar and Philip Lagerkranser
Stockholm, July 21 (Bloomberg)
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Lundin Oil AB (LOILB SS) rose 1.2 kronor, or 6.1 percent, to 20.9. The Swedish oil company expects rising oil prices to boost cash earnings by some 75 percent this year, reported newspaper Dagens Industri, citing Chairman Adolf Lundin. |
