Tullow Oil chiefs anticipate return to profit this year

Tullow Oil boss Aidan Heavey has said the company should return to profit this year after reaching the end of a four-year cycle of cost write-offs.

The Irish-founded exploration company yesterday reported a post-tax loss of almost $600m (€560m) for 2016; representing its third loss-making year.

As flagged last month, the company’s 2016 revenues fell by 19% to $1.3bn. The $700m, or so, accounting charges that drove the 2016 loss brought to $4bn the amount Tullow has incurred in exploration expenses, impairments and charges in the past four years.