London-listed Tullow Oil doubles its first-half profits to £ 232m and begins a search for a new CFO.
- The Irish company made a gross profit of £ 232m ($ 321m) in the six months to June 30th.
- This is compared to £ 118m ($ 164m) for the same period in 2020.
- Profit was driven by many cost-cutting measures
Irish company Tullow Oil doubled its profits in the first half of the year in the same period last year, according to transaction updates.
London-listed companies are £ 232m ($ 321m) in the six months to June 30, compared to £ 118m ($ 164m) for the same period in 2020. Made a gross profit.
He said the profits came from a number of cost-cutting measures, including reductions in outsourcing, information system costs, and non-payroll management costs such as office rents.
Irish company Tullow Oil doubled its first half profits in the same period last year, according to transaction updates.
London-listed companies operating in Africa since 1986 reported after-tax profits of $ 93 million in the six months to June 30, from a loss of $ 1.33 billion last year due to impairment costs. Said.
Going forward, we have raised the lower limit of our 2021 production target and postponed the planned outage of maintenance at our Jubilee plant in Ghana to 2022, reflecting increased production from the Simba oil field in Central Africa.
Currently, 2021 production is projected to be 58,000-61,000 barrels of oil equivalent (boepd) per day, compared to the previous forecast of 55,000-61,000 boepd.
Regarding the results, CEO Rahul Dhir said:
“West Africa’s production assets are strong and we are narrowing our 2021 production guidance to the upper limit of our scope.
“In Kenya, the revised development plan creates a powerful project that has the potential to provide significant value to the Kenyan government and other stakeholders.”
Dhir added that he promises to reach net zero by 2030 “with a focus on responsible businesses” to minimize its impact on the environment.
Along with the results, Tullow Oil announced on Wednesday that its chief financial officer, Les Wood, will resign by the end of March.
Focusing on Africa and South America, the company said the research process to find a new chief financial officer is expected to be completed in the first quarter of 2022.
Tullow Oil will double its profits to £ 232m in the first half of 2021 and begin a search for a new CFO.
Source link Tullow Oil will double its profits to £ 232m in the first half of 2021 and begin a search for a new CFO.