Tullow Oil Reports $55 Million Profit, Plans $300 Million Gabon Asset Sale

Tullow Oil reported a net profit of $55 million for the fiscal year 2024, reversing a loss of $110 million in 2023, although this figure fell short of analysts' expectations. The profit was bolstered by reduced impairments and gains from asset revaluation, particularly after the company agreed to sell its Gabonese assets for $300 million to aid in debt reduction. Group revenue slightly decreased to $1.54 billion, impacted by lower oil prices and production challenges, with production averaging 61,200 barrels of oil equivalent per day. The interim CEO, Richard Miller, emphasized the importance of Ghana's assets, which contributed significantly to production, and outlined plans to enhance operational efficiency and refinancing strategies. The company's net debt was reduced by 10% to $1.45 billion, and it aims to improve its financial position further. Tullow reaffirmed its commitment to achieving net-zero emissions by 2030 while continuing to focus on strategic partnerships and capital allocation.