Production gain helps Tullow to second year of record growth
As already flagged by the Irish-founded exploration company, sales revenues soared 111% — from $1.09bn (€828m) to $2.3bn — but pre-tax profit was also up massively, from $179m in 2010 to $1.07bn last year.
Tullow’s production grew from 58,100 barrels of oil equivalent per day (boepd) to 78,200 boepd and management is hopeful production, for 2012, will come in at somewhere between 78,000 and 86,000 boepd. The company has also doubled its full-year dividend per share to 12c. Basic earnings per share last year grew by 795%, from 8.1c to 72.5c.
