Saturday October 24, 2020

Tullow Oil focuses on further cost-cutting

Deleveraging its balance sheet is the board’s main priority for the year

17th January, 2016
The Irish Head Office of Tullow Oil Plc, seen in Dublin, Ireland, Wednesday, November 23, 2005. Photographer: John Cogill/Bloomberg News

Irish oil heavyweight Tullow has committed to further extending its cost-cutting programme in the face of tumbling oil prices, with deleveraging the indebted outfit’s balance sheet the board’s main priority for the year.

“There’s cost pressures constantly and we can make reductions across the business but the main one will be within capex (capital expenditure),” said head of communications George Cazenove.

He added: “There’s decisions you can...

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