Tullow Oil swings to profit; chairman to step down
Tullow Oil PLC (TLW.LN) on Wednesday reported a swing to pretax profit in the first half, and said that chairman and founder Aidan Heavey will be stepping down from the company.
The independent oil-and-gas company said it made a profit of $150.5 million in the six months ended June 30 compared with a loss of $557.9 million in the year-earlier period.
Revenue for the first half of the year rose 15% to $905.1 million, Tullow said.
Mr. Heavey, who has served at Tullow for 32 years, will be replaced by Dorothy Thompson, who was appointed an independent non-executive director on April 25.
The company said its working interest production fell 4% to 79,100 barrels of oil equivalent a day.
Tullow said it is maintaining its capital expenditure guidance for the year at $460 million.
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