Tullow annual results show cash growth to €1.9bn

Annual results for Tullow Oil due next month are set to show double-digit percentage growth in revenue, to $2.6 billion (€1.9bn) and a near 4% jump in gross profit.

The Ireland-founded, Africa-focused exploration company said yesterday, via its end-of-year trading update, that gross profit for 2013 should amount to $1.4bn; with annual revenue rising by over 11%, from $2.34bn to $2.6bn. It added that working interest production levels jumped from 79,200 barrels of oil equivalent per day (boepd) to 84,200 boepd.

Tullow’s chief executive, Aidan Heavey, noted that the company is stronger now than it was 12 months ago, having made good progress during 2013 despite sectoral challenges.