Jam Tomorrow

Tullow Oil struggles to convince on Ghana-reliant debt-reduction plans

By David Whitehouse

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Posted on March 9, 2023 08:40

© Rahul Dhir, CEO of Tullow Oil. REUTERS/Shelley Christians — Rahul Dhir, CEO of Tullow Oil. REUTERS/Shelley Christians

Tullow Oil’s full-year earnings left analysts unconvinced that the company has turned the corner on reducing its debt.

After-tax profit came to $49m versus a year-earlier loss of $81m, the company said in its full-year earnings presentation. Net debt at the end of 2022 fell to $1.864bn from $2.131bn a year earlier.

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