Tullow Oil Fiscal Year Pretax Loss Narrows as Impairment Charges Fall

By Tapan Panchal

LONDON--Tullow Oil PLC (TLW.LN) said Wednesday that a sharp fall in impairment charges has resulted in a narrowed pretax loss for 2016, and the company will continue to focus on capital allocation, financial flexibility and cost reduction efforts in the new year.

The oil explorer said its pretax loss for the year ended Dec. 31, 2016, narrowed to $908.3 million from $1.29 billion a year earlier, despite a 21% decline in revenue to $1.27 billion. Impairment charges fell 59% to $167.6 million.

The company's core west African operations recorded average oil production of 65,500 barrels of oil per day, or bopd, in 2016 and production in the new year is anticipated to average between 78,000 bopd and 85,000 bopd. Production from European operations is expected to average between 6,000 and 7,000 barrels of oil equivalent per day in 2017.

Tullow Oil hasn't declared a dividend for the year.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

February 08, 2017 03:02 ET (08:02 GMT)

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