Rahul Dhir, Tullow Oil Plc chief, described a strong operational performance as the firm released its financial results for the first half of this year. In this period, sales revenue was a bit lower, but the oil company reported a profit after a loss in 2021.
In the London market, Tullow shares rallied 6.9% to trade at about 48.1p. Dhir mentioned that this year’s notable and effective transformational debt refinancing put the company on “a firm footing to deliver its business plan”.
Tullow produced about 61,230 barrels of oil equivalent daily in the first half of the year, compared to full-year guidance for 58,000 to 61,000 bpd. The sales revenue reached $727mln down from $731mln in the comparative period of 2021. Gross profit was marked at US$321mln versus US$164mln.
The company made a $93 million profit compared to a $1.32 billion loss in the first half of last year. Dhir said:
“Our West Africa production assets have performed well, and we are narrowing production guidance for 2021 to the upper end of the range.”
The Tullow top executive, in the meantime, highlighted the group’s ESG goals, adding:
“By targeting Net Zero by 2030 and an emphasis on responsible operations, we are ensuring that the oil and gas resources of our host countries are developed efficiently and safely, whilst minimizing our environmental impact.”
