LONDON (dpa-AFX) - Oil and gas exploration company Tullow Oil Plc (TLW.L) on Tuesday reported a surge in fiscal 2024 pre-tax profit, despite weak revenues.
In London, Tullow Oil shares were gaining around 4.7 percent to trade at 14.66 pence.
In fiscal 2024, profit from continuing activities before tax was $322 million, up from $96 million last year.
On an after tax basis, profit was $55 million, compared to loss of $110 million a year ago. Basic earnings per share were 3.7 US cents, compared to loss per share of 7.6 US cents.
Adjusted EBITDAX was $1.152 billion, compared to $1.151 billion a year ago.
Revenue for the year dropped to $1.535 billion from last year's $1.634 billion.
Group working interest oil and gas production averaged 61.2 kboepd, down from 62.7 kboepd a year ago.
Looking ahead, for fiscal 2025, the company continues to expect Group working interest production to average 50 to 55 kboepd, including c.6 kboepd of gas.
Tullow on Monday said it has signed a binding heads of terms agreement with Gabon Oil Company for the sale of Tullow Oil Gabon SA, for a cash consideration of $300 million net of tax.
The company expects to enter into the full sale and purchase agreement in the second quarter of 2025, with the deal completion expected around the middle of the year, subject to relevant governmental and regulatory approvals.
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