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Tullow’s profit slumps

  • SOURCE: | qwesa2big
  • lcOil and gas exploration company Tullow Oil plc recorded a substantial dip in its profit for the year ending December 31, 2013.

    The company’s profit after tax dropped from US$666 million in 2012 to US$216 million, a drop of 68 percent.

    In a statement, Tullow attributed the significant dip to the “decrease in profit on disposals of US$670mllion and a US$200 million increase in exploration write-offs.”

    The company, whose average working interest production stood at 84,200 barrels of oil equivalent per day (bopd) last year, expects a 2014 group average working interest production of between 79,000-85,000 bopd.

    Aidan Heavy, Chief Executive, said: “Tullow performed well in 2013. The business generated almost US$2billion of operating cash flow and has established a flexible and strong balance sheet. The group delivered another year of exploration and appraisal success and production growth and made significant progress in its key developments in Ghana, Kenya, and Uganda, which will deliver major increases in cash flow over the next 3-5 years.”

    “An ambitious exploration and appraisal programme is planned for 2014, which is targeting opportunities in our core plays in Africa and the Atlantic margins. As with previous years, we are aiming for resource additions of over 200 million barrels of oil equivalent, and we are well placed for an exciting year of growth in 2014 with an enviable portfolio of assets and opportunities.”

    Source: B&FT

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