Swedish energy company Lundin Petroleum said Monday it would appoint new talent to lead the company as it charts a long term strategy for growth.
"I have decided to step-down from my executive position with Lundin Petroleum at a time when the company is well positioned for its next phase of growth," outgoing President and Chief Executive Officer Ashley Heppenstall said in a statement.
Lundin announced Chief Operating Officer Alex Schneiter will take over for Heppenstall, who led the company since 2002, starting Oct. 1
In January, the company joined peers struggling to navigate the weak crude oil market by announcing it would cut its 2015 spending plans by 31 percent from last year.
Heppenstall the following month said the company was "well prepared to weather the storm."
Full-year 2014 production for Lundin was down 23 percent from 2013. New fields expected onstream through 2015 should bring production to as high as 75,000 barrels of oil equivalent per day, the company said.
Lundin said that, combined, its total spending for development, appraisal and exploration for 2015 would total around $1.45 billion. The bulk of the spending, about $750 million, would target ongoing operations in Norway, where it's a partner in the giant Johan Sverdrup offshore field.
Our financial position is strong and our asset base will deliver sufficient cash flow going forward not only to develop our existing discoveries such as Johan Sverdrup and fund exploration expenditure, but also to allow us to consider a sustainable dividend policy," Schneiter said. "The continuation of the creation of shareholder value will be my key focus."
Lundin stock is up more than 1 percent in Monday trading on the Stockholm exchange following the announcement.
