Tullow Oil (Tullow) announces its Half Year results for the six months ended 30 June 2020. Details of the presentation (virtual) and conference call are available on the last page of this announcement and online at www.tullowoil.com.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:
“Despite the very tough conditions in the first half of this year, we have successfully delivered reliable production and major, sustainable reductions to our cost base. We are also close to completing the important sale of our interests in Uganda. The quality of Tullow’s assets remains robust. Since my arrival as CEO, we have been developing new plans for our business, with the support of our Joint Venture Partners and expert advisors. These plans will deliver enhanced value from our assets to benefit all our stakeholders including our host countries and investors. We will host a Capital Markets Day towards the end of 2020 at which we will update the market on these plans to deliver on Tullow’s true potential.”
2020 FIRST HALF RESULTS SUMMARY
2020 CAPITAL MARKETS DAY
Since December 2019, Tullow has taken significant steps to re-base its business through a major restructuring of its organisation and cost base which has led to substantial savings. This work has continued with the arrival of Rahul Dhir as CEO in July 2020 who has commissioned a comprehensive review of Tullow’s portfolio, growth prospects and capital structure. Once this review is complete, and its conclusions have been fully validated, the Group will hold a Capital Markets Day (CMD) before the end of the year. At this CMD, Rahul Dhir and other senior leaders will lay out their plans for Tullow’s business and assets and demonstrate how they will unlock material value from the portfolio.
2020 SECOND HALF OUTLOOK