Business
2024 Half Year Results
2024 Half Year Results.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n\nTullow oil PLC - 2024 Half Year Results\nFirst half revenue of $759 million, gross profit of $460 million and profit after tax of $196 million\nGhana drilling programme completed safely and ahead of schedule\n2024 guidance reiterated\n7 August 2024 - Tullow Oil plc (\"Tullow\"), the independent oil and gas exploration and production group (\"Group\"), announces its Half Year Results for the six months ended 30 June 2024. Details of a management presentation and webcast that will be held at 9:00 BST today are available on the last page of this announcement or visit the Group's website: www.tullowoil.com\n\n\n\n\nRahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:\n\"During the first half of 2024, Tullow has continued to deliver strong operational and financial performance. We are pleased to report improved results across key financial metrics compared to the first half of 2023; with higher production and oil price realisations combined with lower expenditure. The Ghana drilling programme was also completed safely, and ahead of schedule.\n\"We were delighted to reach a major milestone by taking final investment decision (FID) of our nature-based carbon offset initiative, in partnership with the Ghana Forestry Commission. The project will deliver certified carbon offsets in line with Tullow's 2030 Net Zero target, while bringing broader positive impacts to the local community.\n\"We now progress into a period of lower capex in the second half of the year and beyond. We will continue to reduce debt through sustainable free cash flow generation, strengthening our balance sheet and providing optionality for investment, growth and future returns.\"\n\n\n\n\n \n2024 FIRST HALF RESULTS\n· First half Group working interest oil and gas production 63.7 kboepd (1H23: 60.8 kboepd).\n· Revenue of $759 million (1H23: $777 million); realised oil price of $77.7/bbl after hedging (1H23: $73.3/bbl), gross profit of $460 million (1H23: $351 million); profit after tax of $196 million (1H23: $70 million).\n· Capital expenditure of $157 million (1H23: $187 million) and decommissioning spend of $9 million (1H23: $44 million).\n· Free cash flow1 of $(126) million (1H23: $(142) million), in line with expectations based on timing of ta...