Tullow Oil reports jump in annual profits and revenues

Oil and gas giant Tullow Oil on Wednesday posted a four per cent rise in annual profits, exceeding market expectations, on the back of strong sales and output.

Oil and gas giant Tullow Oil on Wednesday posted a four per cent rise in annual profits, exceeding market expectations, on the back of strong sales and output.

Profits before tax reached $1.11bn for the year to December 31st, up from $1.07bn the previous year - analysts from Investec were expecting a figure closer to $1.05bn.

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