Tullow Oil reinstates dividend after swinging back into the black

Writer, Stock Market Wire
Wednesday, February 13, 2019 - 07:32

Tullow Oil said it swung to an annual profit and reinstated its dividend, as revenue rose and it recorded less write-downs.

Pre-tax profit for the year through December amounted to $85m, compared to a loss of $175m on-year.

The company declared a final dividend of 4.8c per share.

Revenue rose 7.9% to $1.86bn and impairments of property, plant and equipment were just $18m, compared to $539m on-year.

Tullow Oil produced 88,200 barrels of oil per day and guided for output in 2019 of 94,000-to-102,000 boe.

'Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline,' chief executive Paul McDade said.

'This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today.'

'Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years ahead.'

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