Tullow Oil Plc has issued its 2012 results and according to the company they delivered another good financial performance in 2012. In summary, the reports states that, while oil price was volatile throughout the year due to economic and political uncertainty, the company averaged $108 per barrel, in line with 2011. Sales revenue grew by 2% to $2,344 million (2011: $2,304 million) due to higher sales volumes. Profit from continuing activities before tax increased by 4% to $1,116 million (2011: $1,073 million) as the $701 million pre-tax gain on the Uganda-farm down was largely offset by an increase in total exploration write-offs, which amounted to $300 million for 2012 activities coupled with a further asset write-down announced at the half year giving a total of $671 million (2011: $121 million), and higher operating costs associated with mature fields. Profit from continuing activities after tax declined 3% to $666 million (2011: $689 million) and basic earnings per ordinary share from continuing activities decreased 5% to 68.8 cents (2011: 72.5 cents).
Commenting on the report, Aidan Heavey, Chief Executive, said “2012 was a year of major progress for Tullow. We materially enhanced the business with a basin-opening oil discovery in Kenya, by adding highly prospective new licenses in Africa and the Atlantic Margins, refinancing our debt and partially monetising our Ugandan assets.”
“The Jubilee Field in Ghana is now approaching its full potential and provides the base for our production profile and operational cash flow. Our financial position underpins our highly ambitious 2013 exploration programme which has high-impact wells planned in Kenya, Ethiopia, Norway, Mauritania, Mozambique, Côte d’Ivoire and French Guiana. This focus on exploration-led growth, together with active portfolio management and Tullow’s strong balance sheet, provides an excellent platform for growth in 2013 and beyond.” He added.
View the Tullow Oil plc 2012 full year results: http://www.tullowoil.com/reports
Download Tullow Oil plc 2012 full year results: http://www.tullowoil.com/files/pdf/results/2012_full_year_results_report.pdf
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