Audio By Carbonatix
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.
Latest Stories
-
Photos: Mahama presents 40 armoured vehicles to Ghana Police Service
4 minutes -
KAIPTC marks Dr Ibn Chambas’ 75th birthday with peacebuilding symposium
7 minutes -
Doha Forum 2025: Mahama champions education as a pillar of justice and peace
13 minutes -
Daddy Lumba’s case: Judge anticipated every issue – Twumasi Ankrah defends quality of verdict
41 minutes -
Daddy Lumba case: Legal expert explains why co-widows can perform widowhood rites
1 hour -
Daddy Lumba’s case: Legal expert hails judge’s thorough, transparent 74-page ruling
1 hour -
Prof Lumumba blames governance failures for galamsey crisis
2 hours -
Playback: The Law discussed Daddy Lumba’s case
2 hours -
Photos: Busy Sunday Morning at Tel Aviv Beach
2 hours -
Ho Teaching Hospital unveils meditation garden and music therapy studio
2 hours -
Benin coup attempt foiled by loyalist troops, interior minister says
3 hours -
CRAG hails National Farmers’ Day, calls for accelerated action to achieve rice self-sufficiency
3 hours -
Mahama calls for transformational education at 2025 Doha Forum
3 hours -
Ghana must produce more technicians to curb youth unemployment – Mahama
3 hours -
Netflix to buy Warner Bros film and streaming businesses for $72bn
3 hours