Tullow Oil hits ‘inflection point’ as profits plummet to $70m

Rahul Dhir, the chief executive at Tullow Oil, said the company was at an “important inflection point” in the evolution of the firm’s business plan

Discussions with several interested parties were continuing on a project in Kenya, Tullow Oil said on Wednesday.

Tullow Oil’s net profits slumped to $70 million in the first half of the year, from more than $260 million over the same period a year earlier, new figures show.

The oil exploration company on Wednesday reported a drop in revenue from $859 million in the first half of 2022 to $777 million in the corresponding period this year.

Underlying operating cash flow, however, climbed slightly from $165 million at the half-way point of 2022 ...