Sunday February 16, 2020

Tullow Oil aims to cut costs further and reduce €2.8bn debt

Executive chairman looking to ‘simplify’ structure of troubled firm and focus on generating cash as search for a new chief executive gets underway

Ian Guider

Markets Editor

@ianguider
19th January, 2020
Tullow Oil

Tullow Oil is exploring further cost-cutting as it looks to recover from a profit warning last year and a $1.5 billion write down on the value of its assets.

Tullow’s executive chairman Dorothy Thompson, who assumed control of the company after the ousting of chief executive Paul McDade following the collapse of its share price, said last week that it was working on “simplifying” its structure. Most of the company’s staff are in Africa, although it...

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