EnergyWatch

Lundin increases revenue sharply

The Swedish oil company has nearly tripled its revenue of continuing operations in the third quarter. But the progress does not filter all the way down to the bottom line.

The first quarter of the year prompted a significant increase in revenue for Lundin Petroleum, but a deferred tax puts a damper on the profits.

The Swedish oil company has opted to divide its business into two, transferring the company's non-Norwegian activities into a new company named International Petroleum Corporation (IPC) on April 24. Lundin owns the spinoff company's Norwegian assets.

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