Report for the three months ended 31 March 2021

• Record quarterly revenue of USD 1.1 billion with an achieved oil price of USD 61 per barrel
  
• Strong free cash flow generation of MUSD 526, operating cost below guidance at USD 2.85 per boe and net debt reduced to below USD 3.5 billion
• Dividend of USD 1.80 per share corresponding to MUSD 512 for the financial year 2020, approved by the 2021 AGM
• Strong production performance of 183 Mboepd, above mid-point of guidance for the quarter
• Johan Sverdrup Phase 1 production set to increase to 535 Mbopd ahead of schedule in May 2021
• Key projects on track to deliver growth to over 200 Mboepd by 2023 and pipeline of new projects being matured to sustain production
• Decarbonisation Strategy on track to achieve carbon neutrality from 2025 from operational emissions
• World’s first certified carbon neutrally produced crude oil sale

Financial summary

	1 Jan 2021- 31 Mar 2021 3 months	1 Jan 2020- 31 Mar 2020 3 months	1 Jan 2020- 31 Dec 2020 12 months
Production in Mboepd	182.9	152.4	164.5
Revenue and other income in MUSD	1,111.9	695.2	2,564.4
CFFO in MUSD	750.2	638.3	1,528.0
Per share in USD	2.64	2.25	5.38
EBITDAX in MUSD	1,018.4	581.1	2,140.2
Per share in USD	3.58	2.05	7.53
Free cash flow in MUSD	526.2	406.7	448.2
Per share in USD	1.85	1.43	1.58
Net result in MUSD	68.9	-310.6	384.2
Per share in USD	0.24	-1.09	1.35
Adjusted net result in MUSD	149.8	66.0	280.0
Per share in USD	0.53	0.23	0.99
Net debt in MUSD	3,464.0	3,694.2	3,911.5

Comment from Nick Walker, President and CEO of Lundin Energy: