OSLO: Swedish oil firm Lundin Petroleum , a partner in Norway's giant Johan Sverdrup oilfield, beat fourth-quarter core profits forecasts on Wednesday and set a higher-than-expected full-year dividend.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $448.5 million from $429.8 million a year earlier, topping the $440 million expected by analysts in a Reuters poll.
Lundin, 20 percent owned by Norway's Equinor, said it would pay a 2018 dividend of $500 million, or $1.48 per share, higher than the $1.10 per share expected by analysts.
Lundin will switch to quarterly dividend payments, with a plan of "maintaining or increasing the dividend over time in line with the company's financial performance and being sustainable below an oil price of $50 per barrel," it said.
North Sea oil currently sells at $61 per barrel.
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