Tullow announces decline in profits-after-tax
Tullow Oil has today announced that profit from continuing activities after tax in 2012 declined 3% to $666m (€497.6m), compared to $689m (€514.75m) in 2011.
Basic earnings per ordinary share from continuing activities decreased 5% to 68.8 cents, down from 72.5 cents in 2011.
Profit from continuing activities before tax in 2012 increased by 4% to $1.116bn (€833.77m), however, with sales revenue up by 2% to $2.344bn (€1.75bn) (up from $2.304bn/€1.72bn in 2011), due to higher sales volumes.
"The $701m (€523.72m) pre-tax gain on the Uganda-farm down was largely offset by an increase in total exploration write-offs, which amounted to $300m (€224.1m) for 2012 activities coupled with a further asset write-down announced at the half year giving a total of $671m (€501.3m), and higher operating costs associated with mature fields," said a Tullow statement.
