Tullow Oil profit drops 72pc in 2013
Tullow Oil has reported it suffered a huge fall of 72 per cent in profit before tax in 2013, to $313m (£188m).
Basic earnings per share have also taken a hit, it said this morning, down 73 per cent for the year to 18.6 cents. The full-year dividend remains the same at 12p per share.
Tullow highlighted the major development progress it’s made across Africa, with a 13 per cent increase in sales revenue to $2.7bn in 2013.
Exploration in Ghana and offshore Norway going particularly well, the firm said, and it’s also made discoveries in Kenya. Offshore work was, however, less successful, on the whole, over the year, particularly offshore French Guiana.
Investors have been awaiting news on drilling in Mauritania. The firm has opened a new play there are after encountering up to 30 metres of net gas-condensate and oil play in multiple sands, it said this morning.
Chief executive Aidan Heavey said:
As with previous years, we are aiming for resource additions of over 200m barrels of oil equivalent (mmboe) and we are well placed for an exciting year of growth in 2014 with an enviable portfolio of assets and opportunities.