Half-year pre-tax profits at Tullow jump 150% to $131m

PRE-tax profits at Tullow Oil jumped by over 150%, on a year-on-year basis, to $131 million (€103.5m), in the first half of the year.

The Irish-founded oil and gas exploration company’s first set of US dollar presented results also showed an 11% increase in revenue to $486m, a 35% rise in operating profit to $124m and a 5.4c rise in earnings per share to 9.4c.

Tullow chief executive, Aidan Heavey called the performance “solid” and “fundamentally ahead of expectations”.