Tullow records $1.4bn loss in half-year

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Tullow Oil made a loss in excess of over $1billion, according to its half-year results.

Revenue was, however, estimated at $731 million.

The loss according to the firm was driven by exploration write-offs and impairments, totalling $1.4 billion pre-tax.

Group working interest production for the first half of 2020 averaged 77,700 barrels of oil per day, in line with expectations.

It also registered negative free cash flow in half-year due to weighting of cash taxes, cash capex, differentials, redundancy costs and working capital

Net debt as of the end of 30 June, 2020 stood at $3.0 billion.

Despite all this, it registered a strong operational performance in Ghana, with both FPSOs delivering in excess of 95% uptime.

Meanwhile, shareholders approved for sale of Ugandan assets for $500 million in cash on completion and US$75 million in cash.

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