Tullow Oil Swung to Net Profit in 2018
February 13 2019 - 3:13AM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) swung to a net profit in 2018 after
booking lower impairment costs while sales revenue was pushed up by
higher hydrocarbon prices, and recommended a final dividend for the
year.
The U.K. oil-and-gas company recorded a profit of $84.8 million
for the year ended Dec. 31 compared with a loss of $176.3 million
in 2017.
Sales revenue for the year rose 7.9% to $1.86 billion, Tullow
Oil said. On a pretax basis, the company recorded a profit of
$260.5 million compared with a loss of $285.9 million in the prior
year.
Tullow Oil said it had booked a net impairment charge of $18
million related to 2018 compared with a net impairment of $539
million previously.
Free cash flow fell 24% to $411 million in 2018, the company
said.
In November last year, Tullow Oil pledged to reinstate its
dividend in 2019. The company said it was recommending a final
dividend of 4.8 cents a share for 2018.
Looking ahead, Tullow Oil said it expects overall net production
in 2019 to be in the range of 94,000-102,000 barrels of oil
equivalent a day.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
February 13, 2019 02:58 ET (07:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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