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Tullow Oil six months revenue $0.8 billion

Staff Writer |
Tullow Oil announced its results for the six months ended 30 June 2017.

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Revenue was $0.8 billion and gross profit $0.3 billion.

Other highlights

Free cash flow of $0.2 billion. Post tax loss of $0.3 billion after impairments.

Net debt reduced by c.$1 billion since year-end to $3.8 billion at the half year following generation of free cash flow and $750 million Rights Issue in April 2017. Facility headroom and free cash now $1.2 billion.

2017 Capex guidance reduced from $0.5 to $0.4 billion. Will reduce to $0.3 billion on completion of the Uganda farm-down.

Three-year cash cost savings target revised up from $500 million to $650 million.

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