Jam Tomorrow

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

By David Whitehouse

Reserved for subscribers

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.

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime

Already a a subscriber Sign In

More Business

Edward Gyambrah, the Commissioner of the Ghana Revenue Authority. Photo supplied

taking a gamble

Ghana: Betting tax stirs public anger, experts’ doubts over economic impact Controversy is brewing in the West African nation as the government’s recent introduction of a 10% withholding tax on betting and lottery winnings ign...

© Fatih Birol, Executive Director of the International Energy Agency (IEA) (Photo by SIMON MAINA / AFP)

predicted decline

IEA-OPEC clash ‘beginning of the end’ of fossil fuels? According to the International Energy Agency the decline of oil, gas, and coal is imminent. Producer cartel OPEC has hit back, calling the forecasts ‘...

© SanlamAllianz Africa CEO Heinie Werth. Photo supplied

VALUE ADD

CEO Heinie Werth: Sanlam-Allianz joint venture a long-term play in Africa SanlamAllianz Africa is a newly launched holding company domiciled in South Africa with a commitment to the whole continent, according to the CEO.

A person stacks cases of bottles containing alcohol at an informal a brewing facility that makes fake whisky, brandy, vodka and other spirits, in Harare, Zimbabwe March 23, 2023 REUTERS/Philimon Bulawayo

still traditional

Whisky or vodka? Study reveals Africans’ alcohol consumption habits Africa’s demographic growth is whetting the appetite of alcohol sector leaders Heineken, Diageo, and AB InBev.