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Tullow returns to profit as cost cuts pay off

Reuters - UK Focus

LONDON, July 27 (Reuters) - Africa-focused Tullow Oil (LSE: TLW.L - news) returned to profit in the first half of the year despite weaker oil prices and lower production, as its stringent cost-cutting regime started to pay off.

The oil and gas producer swung to a pretax profit of $24 million for the first six months of the year, compared with a $10 million loss in the same period last year.

Tullow has effectively stopped spending money on exploration, typically used by oil companies to ensure growth, with capital expenditure on exploration activities in the first half down to $28 million.

Net (LSE: 0LN0.L - news) debt rose to $4.7 billion, up 31 percent from last year.

Last month, Tullow reduced its west African production target after technical issues at its key Jubilee field in Ghana.

(Reporting by Karolin Schaps; Editing by David Holmes)