09/15/2021 | Press release | Distributed by Public on 09/15/2021 00:06
Tullow Oil (Tullow) announces its Half Year results for the six months ended 30 June 2021.
Details of the presentation (virtual) and conference call are available here.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:
'Strong operational performance in the first half of the year and a transformational debt refinancing have put Tullow on a firm footing to deliver our Business Plan. Our West Africa production assets have performed well, and we are narrowing production guidance for 2021 to the upper end of the range. In Kenya, the revised development plan creates a robust project that has the potential to deliver material value to the Government of Kenya and other stakeholders. Through our operations, Tullow continues to deliver Shared Prosperity and to be an engine for economic and social change in the developing economies in which we work. Furthermore, 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 minimising our environmental impact.'
2021 FIRST HALF RESULTS SUMMARY
KEY FINANCIAL RESULTS
1H 2021 |
1H 2020 |
|
Sales revenue ($m) |
727 |
731 |
Gross profit ($m) |
321 |
164 |
Underlying cash operating cost per barrel ($/bbl) |
12.9 |
11.0 |
Profit / (loss) after tax ($m) |
93 |
(1,327) |
Free cash flow ($m) |
86 |
(213) |
Net debt ($m) |
2,290 |
3,019 |
Gearing (times) |
2.6 |
3.0 |