Tullow Oil Fiscal Year Pretax Loss Narrows as Impairment Charges Fall
February 08 2017 - 3:17AM
Dow Jones News
By Tapan Panchal
LONDON--Tullow Oil PLC (TLW.LN) said Wednesday that a sharp fall
in impairment charges has resulted in a narrowed pretax loss for
2016, and the company will continue to focus on capital allocation,
financial flexibility and cost reduction efforts in the new
year.
The oil explorer said its pretax loss for the year ended Dec.
31, 2016, narrowed to $908.3 million from $1.29 billion a year
earlier, despite a 21% decline in revenue to $1.27 billion.
Impairment charges fell 59% to $167.6 million.
The company's core west African operations recorded average oil
production of 65,500 barrels of oil per day, or bopd, in 2016 and
production in the new year is anticipated to average between 78,000
bopd and 85,000 bopd. Production from European operations is
expected to average between 6,000 and 7,000 barrels of oil
equivalent per day in 2017.
Tullow Oil hasn't declared a dividend for the year.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
February 08, 2017 03:02 ET (08:02 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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