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Tullow Oil Posts $55M Profit, Plans $300M Asset Sale

3/25/2025

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Summary

Story summary

Tullow Oil achieved a net profit of $55 million in fiscal 2024, rebounding from a $110 million loss in 2023.
Revenue fell to $1.54 billion, impacted by $213 million in exploration write-offs.
The company intends to sell its Gabon assets for $300 million to alleviate $1.45 billion in debt.
Average production was 61.2 kboepd, with 2025 projections between 50-55 kboepd.

History

Historical Context

Tullow Oil's recent profit rebound follows a turbulent history marked by significant exploration setbacks and debt. Since its 1985 founding, the company has faced challenges, including a $750 million rights issue in 2017 and controversies over asset sales, echoing the struggles of other oil firms during price fluctuations.

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Story summary

Tullow Oil achieved a net profit of $55 million in fiscal 2024, rebounding from a $110 million loss in 2023.
Revenue fell to $1.54 billion, impacted by $213 million in exploration write-offs.
The company intends to sell its Gabon assets for $300 million to alleviate $1.45 billion in debt.
Average production was 61.2 kboepd, with 2025 projections between 50-55 kboepd.

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