Tullow Oil Delivered Strong Operational, Financial Performance in 2017

By Oliver GriffinFeaturesDow Jones Newswires

Tullow Oil PLC (TLW.LN) said Wednesday that it delivered a strong operational and financial performance in 2017, and that it expected to report revenue of $1.7 billion for the year.

The company said it reduced annual net debt by $1.3 billion and also expected to report gross profit of $800 million for 2017.

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Additionally, Tullow expects to report that it generated $500 million in free cash flow, significantly exceeding the forecast at the start of the year.

The company said production in West Africa surpassed yearly expectations, averaging 89,100 barrels of oil a day, while gas production in Europe averaged 5,600 barrels a day.

In 2018 Tullow expects overall group production guidance for both oil and gas to be between 86,000 and 95,000 barrels of oil a day, the company said.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

January 10, 2018 02:48 ET (07:48 GMT)