Pre-tax profit at Africa-focused oil and gas giant Tullow Oil broke through the one billion dollar barrier in 2011, helped by a ramp-up in production and significantly higher commodity prices.
"2011 was a very good year for Tullow. Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Working interest production increased by 35% during the year, from 58,100 barrels of oil equivalents per day (bopped) to 78,200, while the realised oil price was 38% higher at $108 per barrel, from $78 per barrel in 2010.
Tullow said it was "another year of industry leading exploration and appraisal (E&A) performance", boasting a 74% success ratio.
The strong results prompted the group to double its full-year dividend from 6p to 12p per share.
Operating cash flow (before working capital) also surged, up 132% from $789m to $1,832.
"Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth," the group said.
BC
-
How to pay in a chequeReceiving or writing a cheque has become much less common in recent years as instant bank transfers have grown in popularity. Amid widespread bank branch closures, we explain what to do if you get a cheque, and how you can pay one into your bank account.
-
Crypto assets of seven million UK investors at risk – how to keep yours safeCryptocurrency wallet rules make it hard to track down assets after someone has died, even if they leave a will saying who they would like to inherit them
