Africa-focused Irish oil firm, Tullow Oil has recorded significant progress in reducing its debt stock while growing its gross profit under its new CEO Paul McDade this year.
The London-headquartered oil company posted a 17 percent debt, a target it expected to achieve at the end of the year. Its current debt liability stands at $3.8 billion.
Tullow had been long under pressure to reduce its indebtedness, which it grew significantly while starting up TEN oilfields off Ghana in 2016, Reuters reported.
Its annual gross profit also grew by $100 million to $300 million, from $200 million during the same period last year. However, net profit continues to face threat from weak oil prices.
“Although Tullow is working hard to deliver on its potential, we continue to expect the stock to trend with the oil price,” analysts at RBC Capital Markets told Reuters.
Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom.