Tullow Oil Narrows Net Loss by 68% in 2017
By Oliver Griffin
Tullow Oil PLC (TLW.LN) said Wednesday that it narrowed its net loss by 68% in 2017 and that it is looking to grow in the coming year.
The oil-and-gas explorer said its net loss for the year narrowed to $189 million from $597 million in the previous year, while revenue grew 36% to $1.72 billion.
Tullow said its exploration portfolio had been reset through disposals, farm-downs and the addition of significant new positions in Ivory Coast and Peru.
Multiple high-impact exploration campaigns are planned over next three years, starting with the Cormorant well in Namibia in the second half of 2018, the company said.
Capital expenditure for the coming 12 months is forecast to more than double, growing to $460 million, according to Tullow.
Tullow reported free cash flow of $543 million, swinging back to the black, but the company said it planned to focus on investments and therefore would not be paying a dividend for 2017.
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(END) Dow Jones Newswires
February 07, 2018 02:39 ET (07:39 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.