Tullow Pays Down Debt, Raises Profit In First Half Under New CEO

Reuters

LONDON, June 28 (Reuters) - Tullow Oil said on Wednesday it had further reduced debt in the first half of the year after a surprise cash call in March and made a small increase in gross profit over the period thanks to higher output and an insurance payment.

The Africa-focused company also trimmed its annual capital expenditure budget by another $100 million to $400 million as it expects to have to spend less across the business this year, it said in a trading statement.

It is expected to have cut net debt to $3.8 billion by the end of the first half, down from $4.6 billion at the end of the first quarter, after it used proceeds from a rights issue to lower the burden.

Gross profit for the period is expected at $300 million, up from $200 million a year ago, the company said.

(Reporting by Karolin Schaps; editing by Jason Neely)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles