Tullow Oil books full-year loss as write-downs offset price increases
Source - SMW
Tullow Oil said its annual losses narrowed on higher oil prices, though it still posted significant write-downs for the year.
The group posted a net loss for 2017 of $189m, improving from a loss in 2016 of $597m.
Revenue jumped 36% to $1.72bn.
Asset impairment charges almost tripled to $539m, though exploration write-offs fell to $143m.
Year-end net debt was $3.5bn.
'I am pleased to report that Tullow made excellent progress in 2017 as demonstrated by our substantial free cash flow generation and significantly reduced gearing,' chief executive Paul McDade said.
'Strong production and disciplined cost management has allowed us to continue to both reduce debt and invest in our high-return production assets in Ghana.'