Friday 19 July 2019

Dan White

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The price of Brent crude fell from $113 a barrel in June 2014 to just $26 by January 2016. Since then oil prices have been gradually recovering with Brent trading at $70 last week. Stock image

All's well again after the Tullow turnaround 

Tullow's gross revenues grew by 30pc in 2017 while its net debt fell by $1.3bn to $3.5bn (the company reports its results in dollars), according to the 2017 trading statement released last Wednesday. Both figures were ahead of analysts' forecasts. After almost $1.2bn of write-offs and an operating (pre-interest) loss of $755m in 2016, Tullow returned to profitability in 2017 with the group forecasting a gross profit of $800m and free cash flow of $500m. It's been a turbulent couple of years for Tullow. After peaking at almost £13 (its shares mostly traded in sterling in London)...