Companies

Tullow Oil ahead of cash flow targets despite fall in revenue and profits, chief exec says

The company said that the reduction in revenue was driven by a drop in realised post-hedge oil price of around 12 per cent

Rahul Dhir, chief executive of Tullow Oil, said that generating free cash flow of $170 million in spite of oil price reductions was a ‘significant achievement’. Picture: Michael Heiman

Tullow Oil has reported that it is ahead of schedule on its free cash flow targets, amid reductions in revenue, profits and net debt, according to its 2023 full year results.

The oil and gas exploration company reported a loss of $110 million for 2023, a drop of almost $160 million compared to profits of $48 million the year previously.

The company reported $1.63 billion in annual total revenue, an 8.4 per cent decrease from ...