Tullow Oil reported a significant increase in profits for the first half of the year, driven by higher oil production and stronger oil prices.
Independent producer Tullow Oil reported on Wednesday more than doubled profit after tax for the first half of 2024 amid higher oil and gas production and increased crude oil realizations. Tullow Oil , which is focused on developing projects in and offshore Africa , booked a profit after tax of $196 million for the first half, up from $70 million for the same period of 2023. Revenue fell to $759 million from $777 million. However, Tullow Oil ’s realized oil price of $77.
Looking ahead, Tullow Oil said that its working interest production is expected to be at the lower end of the 62,000-68,000 barrels per day bpd range, as previously guided. The expectation of the lower end of the guidance was driven primarily by the underperformance of a single Jubilee well, which came on stream in February 2024, the company said.
Profits Oil Production Oil Prices Earnings Africa Capital Expenditure Capex Free Cash Flow Stock Price
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