Tullow Oil FY Net Loss $80.7M

The London-listed oil-and-gas company booked a net loss of $80.7 million compared with a net loss of $1.22 billion the year before.

The company reported a swing to pretax profit of $202.7 million from a loss of $1.27 billion in 2020.

Operating profit was $514.5 million compared with an operating loss of $1.02 billion the year before.

Revenue fell to $1.27 billion from $1.4 billion the year prior.

The company said it expects to secure a gas commercialization agreement in Ghana and that this is forecast to occur before the end of the year.

Tullow said it expected 2022 production of 55,000-61,000 barrels a day, excluding an expected addition of around 5,000 barrels on completion of the Ghana transaction.

The company said its 2022 underlying operating cashflow guidance remains around $750 million, and that free cashflow for the year remained at around $100 million.

Tullow said underlying operating cash flow for the year was $711 million, up from $598 million in 2020. The company had anticipated 2021 underlying operating cash flow of around $700 million.

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