Tullow Oil makes first loss in 15 years, scraps dividend
Africa-focused oil and gas explorer Tullow Oil has reported a $2bn pre-tax loss, its first in 15 years, and has scrapped a dividend payment as it deals with the consequences of fallen oil prices.
The London-listed FTSE 100 company will also cut operating and administrative costs on top of a slimmed down investment budget, aiming to save $500m over three years, it said.
Oil companies across the globe have been hit by a 50pc drop in crude prices in eight months, putting them under pressure to make new cost cuts.
Tullow scrapped its final dividend payment, resulting in a full-year 2014 payout to shareholders of 4 pence per share versus the 12 pence paid in each of the past three years.