Tullow profits soar
14th March 2012
Explorer Tullow Oil today reported record financial results for the year to end-December, with profit before tax over $1bn, an increase of 499%.
Tullow delivered record results in 2011. Sales revenue grew 111% to $2.3 billion (2010: $1.1 billion) as a result of a 41% increase in sales volumes and significantly higher average price realisations.
Profit before tax was up 499% to $1,073 million (2010: $179 million). Profit after tax for the year increased 670% to $689 million (2010: $90 million).
Basic earnings per share grew 795% to 72.5 cents (2010: 8.1 cents).
Full year dividend per share is doubled from 6p to 12p.
In 2011, Tullow achieved the best safety performance in its history with the lowest Lost Time Injury Frequency Rate (LTIFR) of 0.38. The Group also continues to foster the creation of shared prosperity in the countries and communities in areas of operation through localisation, local content development and social enterprise investment, which increased 346% to $11.6 million in 2011.
Aidan Heavey, CEO, said: "Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow's evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow."
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