June 28, 2017 / 6:17 AM / 25 days ago

Tullow pays down debt, raises profit in first half under new CEO

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LONDON, June 28 (Reuters) - Tullow Oil said on Wednesday it had further reduced debt in the first half of the year after a surprise cash call in March and made a small increase in gross profit over the period thanks to higher output and an insurance payment.

The Africa-focused company also trimmed its annual capital expenditure budget by another $100 million to $400 million as it expects to have to spend less across the business this year, it said in a trading statement.

It is expected to have cut net debt to $3.8 billion by the end of the first half, down from $4.6 billion at the end of the first quarter, after it used proceeds from a rights issue to lower the burden.

Gross profit for the period is expected at $300 million, up from $200 million a year ago, the company said. (Reporting by Karolin Schaps; editing by Jason Neely)

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