Tullow Oil Surges to Profit on Higher Oil Prices
Tullow Oil has reported a significant improvement in its financials, swinging to a profit from continuing operations of $26.8 million in the six months ended June 30. The London-based oil and gas company cited higher revenue, driven by increased oil prices, which rose to $95 per barrel before hedging compared to $71.4 per barrel in the prior year.
The company's first-half group working interest oil and gas production rose to 43,700 barrels of oil equivalent per day from 40,600 boepd, supported by good performance from new wells and improved operational efficiency. Tullow Oil also reported a reduction in net debt at June 30 to $1.4 billion from $1.6 billion.
The company's CEO, Ian Perks, said the successful completion of its drilling campaign marks an important milestone for Tullow, with higher-than-expected production from new wells further supporting production performance and improving the outlook for the long-term potential of its Ghanaian portfolio.