Tullow hopeful despite annual loss

Tullow Oil’s management is hopeful the company will return to profit this year, after posting its first net loss for 15 years in 2014.

As well-flagged, the Irish-founded exploration and production company yesterday formally posted its first annual loss for a decade and a half; with pre-tax losses for 2014 topping $2bn and wiping out profits of $313m from a year earlier. Revenue was down by 16% to $2.21bn, with gross profit down by 27% to $1.1bn. After-tax losses amounted to $1.64bn.

With a final dividend suspended, the annual payout is down by nearly 70%, from 12p to 4p per share.