Tullow Oil PLC (LSE:TLW) shares slumped in Wednesday’s early deals, as the oiler reported a $61 million first-half loss.
It compares to a $196 million profit for the same period a year ago.
First-half revenue was down to $524 million, from $759 million in 2024.
Production averaged 50,000 barrels oil equivalent per day, or 40,600 boepd, excluding the Gabon assets (which were sold in the period for $300 million).
Tullow’s net debt stood at $1.6 billion at the end of June, of which some $1.2 billion comprises senior loan notes due May 2026.
"In the second half of the year, we are focused on refinancing our capital structure, production optimisation activities and continuing to optimise our cost base, which, combined with the progress in the first half of the year, will help unlock Tullow's intrinsic value,” said Richard Miller, chief financial officer and interim chief executive.
In London, Tullow shares were down 19% changing hands at 11.58p.