London-listed Tullow Oil sees shares soar because it doubles profits to £232m and starts the hunt for new CFO
- Irish agency made a gross revenue of £232m ($321m) in the six months to 30 June
- This compares to £118m ($164m) throughout the identical interval in 2020
- It mentioned the good points had been pushed by a lot of cost-cutting measures
Irish agency Tullow Oil doubled its profits for the primary half of the yr on the identical time final yr, a buying and selling replace exhibits.
The London-listed firm made a gross revenue of £232 million ($321 million) in the six months to 30 June, in contrast to £118 million ($164 million) throughout the identical interval in 2020.
It mentioned the good points had been pushed by a lot of cost-cutting measures, with one being the discount of non-payroll administration prices together with outsourcing, data programs bills and workplace hire.
Irish agency Tullow Oil doubled its profits for the primary half of the yr on the identical time final yr, a buying and selling replace exhibits
The London-listed firm, which has been working in Africa since 1986, mentioned revenue after tax got here in at $93 million for the six months to 30 June, from a lack of $1.33 billion final yr due to impairment costs.
Looking forward, it has raised the decrease finish of its 2021 manufacturing goal to mirror elevated output from its Simba discipline in Central Africa, whereas it deferred the deliberate upkeep shutdown of the Jubilee plant in Ghana into 2022.
It now expects 2021 output of between 58,000-61,000 barrels of oil equal per day (boepd) in contrast with its earlier forecast of 55,000-61,000 boepd.
Commenting on the outcomes Chief Executive Officer Rahul Dhir mentioned: ‘Strong operational efficiency in the primary half of the yr and a transformational debt refinancing have put Tullow on a agency footing to ship our Business Plan.
‘Our West Africa manufacturing belongings have carried out effectively, and we’re narrowing manufacturing steering for 2021 to the higher finish of the vary.
‘In Kenya, the revised growth plan creates a sturdy mission that has the potential to ship materials worth to the Government of Kenya and different stakeholders.’
Dhir added that the agency is dedicated to being Net Zero by 2030 with ‘an emphasis on accountable operations’ to minimise its environmental impression.
Along with its outcomes, Tullow Oil introduced on Wednesday that it is finance chief Les Wood will step down by the tip of March.
The firm, centered in Africa and South America, mentioned the search course of to discover a new chief monetary officer is predicted to conclude in the primary quarter of 2022.