Tullow Oil FY gross profits slide on falling revenues

Exploration and production group Tullow Oil said on Wednesday that gross profits and revenues had both fallen in the twelve months ended 31 December.

Tullow said total revenues had slipped from $1.68bn to $1.39bn and gross profits had dropped to $403.0m from $759.0m.

Losses after tax, on the other hand, improved from $1.69bn to $1.22bn and net debt narrowed from $2.8m to $2.37bn.

Basic losses per share also contracted, improving to 86.6p per share from the 120.8p per share reported a year earlier.

Chief executive Rahul Dhir said: "After a year of significant change for Tullow, we are now executing a robust, cash generative business plan which is focused on our most productive assets.

"We have transformed our cost base, implemented rigorous capital discipline and are well placed to benefit from higher oil prices."

As of 0920 GMT, Tullow shares were up 0.09% at 52.01p.