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6 months ago
CORRECTED-Tullow in the red for third year on further exploration write-offs
February 8, 2017 / 7:22 AM / 6 months ago

CORRECTED-Tullow in the red for third year on further exploration write-offs

1 Min Read

(Corrects to show the loss was bigger than analysts had estimated)

LONDON, Feb 8 (Reuters) - Africa-focused Tullow Oil reported a loss for a third consecutive year in 2016 after it was forced to write off further exploration costs, the company said on Wednesday.

The oil and gas producer reported a full-year operating loss of $754.7 million, down from a loss of $1.09 billion in 2015 but bigger than analyst estimates for a $639.4 million loss, mainly due to gross exploration write offs of $723 million.

Sales revenue fell around 20 percent to $1.27 billion despite its TEN oilfields offshore Ghana coming on stream, as weak oil prices ate into the value of its sales.

Reporting by Karolin Schaps, editing by Louise Heavens

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