Tullow Oil Posts HY Profit; CFO Les Wood To Step Down

Tullow Oil plc (TLW.L) reported that its profit attributable to owners of the company for six-month period ended 30th June 2021 was $92.7 million or 6.2 cents per share compared to a loss of $1.33 billion or 94.2 cents per share in the previous year.

Revenue for the period declined to $726.8 million from $731.0 million in the prior year.

Tullow is committed to becoming a Net Zero Company by 2030 on its Scope 1 and 2 emissions. Over the period, this will be achieved through a combination of decarbonising its operated assets in Ghana and pursuing a nature-based carbon removal program.

Tullow Oil plc said that its Chief Financial Officer and Executive Director, Les Wood, will step down from the company.

Les will remain CFO and an Executive Director of the company throughout the current reporting cycle and is expected to leave the Group at the end of March 2022 following the publication of the company's 2021 Full Year Results.

The company noted that it will launch a search process to find a new CFO, and expects to conclude the process in the first quarter of 2022.

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