Swedish explorer Lundin Petroleum said Wednesday it has a strong investment agenda that stresses long-term growth over short-term consequences of low oil prices.
Lundin said its production for third quarter 2014 was 21.7 million barrels of oil equivalent per day, a 26 percent decline from third quarter 2014. Revenue of $189.2 million was 28 percent less than the same period last year.
C. Ashley Heppenstall, president and chief executive officer at Lundin, said in a statement his company was impacted by the steady slump in oil prices "like all other oil and gas companies.
"We will manage our balance sheet prudently during times of uncertainty such as we are experiencing today, but we will continue to spend money developing our discoveries as well as maintaining our exploration focus," he said. "We are in an industry which requires us to take a long-term perspective and to do that, we need to invest."
Crude oil prices have shed about 20 percent of their value since June, curbing the capital needed for energy companies to continue with a strong investment agenda.
Heppenstall said production for third quarter was lower than in the past, but in line with its expectations. Lundin is keeping its forecast for 2014 in place, despite the decline in oil prices.
Next year's exploration forecast is robust, the CEO said.
"I am confident that this will lead to further exploration success," he said.
Norwegian developments represent 72 percent of Lundin's production forecast. In April, the company said it spent roughly $127 million on exploration programs during the first quarter of the year without success.
