Tullow Oil reinstates dividend after swinging back into the black

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.'