Tullow trims sails
Tullow Oil produced 77,000 barrels per day of oil in the first half, in line with expectations. The company posted revenue of $731 million, gross profit of $164mn and a loss after tax of $1.3bn. The loss was driven by write-offs and impairments of $1.4bn.
Net debt as of the end of June was $3bn, while the company has free cash of $500mn. Tullow’s CEO Rahul Dhir noted that, while conditions had been tough, the company had delivered reliable production and cut costs.
“We are also close to completing the important sale of our interests in Uganda. The quality of Tullow’s assets remains robust,” he said.
Click on the link below for full report