February 1, 2018 / 6:54 AM / a year ago

Lundin Petroleum launches dividend payments

OSLO, Feb 1 (Reuters) - Sweden’s Lundin Petroleum will start paying dividends as a recovery in the price of crude oil and cost cuts led to increased cash flows, the company said on Thursday.

The board proposed paying out 4 Swedish crowns per share for the 2017 fiscal year, totalling about $175 million, and increasing the payout to at least $350 million next year.

“By maintaining very low cash operating costs we will be able to deliver increased free cash flows, be very active on the organic growth front and deliver sustainable dividends, thereby continuing to create long-term value for our shareholders,” Lundin’s Chief Executive Alex Schneiter said. ($1 = 7.8854 Swedish crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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