Tullow Oil PLC (LSE:TLW) chief Rahul Dhir described a strong operational performance as the company released financial results for the first half, in which sales revenue was slightly lower but it turned a profit after a loss last year.
In London, Tullow shares rallied 6.9% to trade at 48.1p.
Dhir highlighted that this year’s transformational debt refinancing put Tullow on “a firm footing to deliver its business plan”.
Tullow produced 61,230 barrels oil equivalent per day in the first half, versus full-year guidance for 58,000 to 61,000 boepd.
Sales revenue amounted to US$727mln, down from US$731mln in the comparative period of last year, whilst gross profit was marked at US$321mln versus US$164mln. The company made a US$93mln profit compared to a US$1.32bn loss in the first half of 2020.
“Our West Africa production assets have performed well, and we are narrowing production guidance for 2021 to the upper end of the range,” Dhir said.
The Tullow boss, meanwhile, commented on the group’s ESG goals, adding “by targeting Net Zero by 2030 and an emphasis on responsible operations, we are ensuring that the oil and gas resources of our host countries are developed efficiently and safely, whilst minimising our environmental impact".