Business
2018 Half Year Results
2018 Half Year Results.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 6506V Tullow Oil PLC 25 July 2018 \n\nTullow Oil plc - 2018 Half Year Results\n West African production delivers $0.9bn revenue; $0.5bn gross profit; $0.4bn free cash flow \nGood progress towards FIDs in East Africa; Namibia well to start multi-well exploration campaign\nAidan Heavey steps down as Chairman and retires 32 years after founding Tullow Oil \n25 July 2018 - Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, announces its half year results for the six months ended 30 June 2018. Details of a presentation in London, webcast and conference calls are available on the last page of this announcement or visit the Group's website www.tullowoil.com. \nCOMMENTING TODAY, PAUL McDADE, CHIEF EXECUTIVE OFFICER, SAID:\n\"Today's results are further evidence of the progress that Tullow has made in the first half of 2018. With this firm financial foundation, we can concentrate on growth across our three core businesses. Over the next two years, we will increase production from our current assets in West Africa, progress two large onshore developments in East Africa and step up our search for material new oil fields in Africa and South America through a multi-year exploration campaign which will initially focus on Namibia and Guyana. There is much to look forward to for Tullow's shareholders, host countries and staff.\" \nPAUL McDADE ALSO PAID A PERSONAL TRIBUTE TO AIDAN HEAVEY: \n\"Aidan has dedicated his career to the African Oil & Gas industry. He founded Tullow 32 years ago as a small gas producer in Senegal and since then Tullow has had operations in 45 countries around the world including 20 countries in Africa. He has been a pioneer and an inspiration across Africa for decades, especially in Ghana, Uganda and Kenya. Aidan has also been a mentor to me for many years and I could not have wished for a better Chairman in my first years as CEO. Everyone at Tullow will miss Aidan and wishes him and his family all the very best for the future.\" \n2018 HALF YEAR RESULTS summary\n· Revenue of $905 million1; gross profit of $521 million; post tax profit of $55 million; free cash flow of $401 million\n· Net debt and gearing reduced to $3.1 billion and 2.0x; debt maturities extended with issue of $800 million of senior notes;...