LONDON (dpa-AFX) - Tullow Oil plc (TLW.L), on Wednesday, reported H1 revenue of $759 million compared to $777 million last year.
Profit after tax for the period was $196 million or 13.5 cents per share versus $70 million or 4.9 cents per share in the same period of last year. The increase in profit after tax was driven mainly by a reduction in impairments, asset revaluation gains and provision releases.
In the first six months of 2024, Group production averaged 63.7 kboepd, including 7.0 kboepd of gas. As previously disclosed, Group 2024 production is expected to be at lower end of the 62 to 68 kboepd range.
During the period, there were 51,200 boepd of liftings versus 56,900 boepd last year. The decrease is mainly due to the reduction of two liftings in Gabon offset by an increase of one lifting in Ghana with 7 in Jubilee and 2 in TEN.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, said, 'During the first half of 2024, Tullow has continued to deliver strong operational and financial performance. We are pleased to report improved results across key financial metrics compared to the first half of 2023; with higher production and oil price realisations combined with lower expenditure. The Ghana drilling programme was also completed safely, and ahead of schedule.'
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