Tullow to take €2bn hit from falling prices
In an end-of-year trading update yesterday, the Irish-founded firm, which is predominantly focused on Africa, said it was widening the scope of its previously announced budget cuts for exploration spend this year.
When the company reports its 2014 annual results early next month, management expects the numbers to show revenues of $2.2bn and gross profit of $600m. Respectively, these figures would be down from $2.34bn and $1.34bn from last year. Tullow reported a net loss of $95m for the first half of last year, a figure mainly driven by previous write-offs.
