Tullow Oil's Profits Surge Amid Rising Crude Prices

West Africa-focused Tullow Oil reported a substantial increase in profit for the first six months of 2024, attributed to higher crude prices and increased production. The company saw a profit of $196 million, a significant rise from last year's $70 million, with oil prices reaching $77.7 per barrel.

West Africa-focused Tullow Oil posted a notable increase in profit for the first six months of 2024, propelled by a rise in crude prices.

Crude prices have seen an uptick in the first half of the year, fueled by an OPEC+ production cut extension, heightened supply concerns due to escalating Middle East tensions, and anticipated interest rate cuts from the U.S. Federal Reserve. Tullow's realised oil price after hedging for the reported period was $77.7 per barrel, up from $73.3 per barrel last year.

Total production for the first half of the year rose slightly to 63.7 thousand barrels of oil equivalent per day (kboepd), compared to around 62 kboepd last year. The company reported a profit of $196 million for the six months ending June 30, a significant leap from the $70 million recorded in the previous year.

(With inputs from agencies.)