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Lundin delivers solid growth amidst major crisis

The Swedish oil company defies some of the lowest oil prices to date and practically doubles its post-tax result in Q2.

Photo: Lundin

"The resilience Lundin Energy has shown in the face of the sharpest downturn in the history of the oil industry is a testament to the quality of the asset base, flexibility of our financial resources and operational excellence of the business and our people," writes Lundin President and Chief Executive, Alex Schneiter, in the group's H1 interim report Wednesday, showing a surprisingly lucrative result for the second quarter.

Lundin's net Q2 result lands at USD 178.8 million against USD 96.2 million from the same period last year. This advance is even more pronounced considering that the company got off on the wrong foot early this year and presented a first-quarter post-tax deficit of USD 310 million.

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