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Tullow Oil plc Unveils Revenue Of $2.6bn


The shares of Tullow Oil (LSE: TLW) added 13p to 870p during early trade this morning after the oil group provided brief details of its forthcoming annual results.

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The FTSE 100 member, which has operations located throughout Africa and the North Sea, said its 2013 figures would show total revenue up 11% to $2.6bn and gross profit up 3% to $1.4bn.

Progress was supported by production levels advancing from 79,200 to 84,200 barrels of oil a day.

The blue chip added that operating cash flow was $1.9bn, capital expenditure was $1.8bn and year-end net debt was $1.9bn. The results for 2013 will also show exploration write-offs totalling $900m before tax.

Aidan Heavey, Tullow’s chief executive, said:

“We made good progress across the business over the past year despite facing challenges within the oil and gas sector… We have an exceptional exploration portfolio and will drill over 40 wells in the next 18 months in a wide-ranging campaign.

“2014 is full of opportunities for our business and the Board is confident that Tullow will have another strong and successful year.”

Prior to today, City experts were expecting Tullow’s upcoming annual results to show earnings of 42p per share.

Following this morning’s price movement, the shares may therefore trade on a P/E of 21.

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> Maynard does not own any share mentioned in this article.

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