April 30, 2020 / 5:51 AM / a month ago

Sweden's Lundin Energy to cut spending further after Q1 profit lags

OSLO, April 30 (Reuters) - Swedish oil firm Lundin Energy , a partner in Norway’s giant Johan Sverdrup oilfield, said on Thursday it would cut spending further to mitigate the market’s downturn, after its first-quarter operating profit lagged expectations.

Earnings before interest and tax (EBIT) rose to $404.2 million in the first quarter from $260.9 million a year earlier, lagging the $442 million seen in Refinitiv poll.

The company said it would cut total 2020 spending by $300 million, up from the previously announced cuts of $170 million, and consider further reductions if low oil prices persist. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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