Tullow double dividend on record earnings

TULLOW Oil has doubled its interim dividend per share — to 4p — this year, on the back of a record set of first half earnings.

The Irish-founded oil and gas exploration and production company yesterday reported a 312% year-on-year rise in pre-tax profits for the first six months of 2011 and a 119% increase in revenue.

While last month’s trading update accurately predicted the record first half sales of $1.06bn (€735m), up from $486m in the first half of 2010, the pre-tax profit figure of $540m, up from $131m 12 months earlier, was new yesterday.