Ghana’s Top Crude Oil Producer in Hefty Loss After Tax - Africa’s premier report on the oil, gas and energy landscape.

Ghana’s Top Crude Oil Producer in Hefty Loss After Tax

Tullow Oil has reported a loss after tax of $110Million in 2023, after write-offs and impairments totaling $435Million.

The loss compares with a profit after tax of $49Million in 2022. Impairments and write offs in 2022 totaled $391Million.

Tullow’s gross profit of $735Million in 2023 trailed that of 2022 ($1,086Million) by a whopping $351Million.

The company’s 2023 adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization EBITDAX1 crashed by …% to $1,151Million compared with 2022 ($1,469illion).

Worse: Tullow’s free cash flow in 2023 was $170Million, almost a hundred million dollars lower than the previous year (2022: $267Million)

But it wasn’t all doom and gloom in the year under review. The UK junior reports completed major infrastructure project with Jubilee South East brought onstream, marking a material step up in production at Jubilee which surpassed 100,000Barrels of Oil Per day (BOPD) gross.

Tullow talks up its  ”strong operating, drilling and completion performance, with seven Jubilee wells brought onstream and facilities uptime of around 96% in Ghana”.

Tullow also announces that “net debt at year-end reduced to $1,608Million, from $1,864Million in 2022; with cash gearing of net debt to adjusted EBITDAX1 of 1.4 times (2022: 1.3 times); liquidity headroom of $1,000Million (2022: $1,055Million).

Tullow claims material step in refinancing strategy with new $400Million five-year Glencore debt facility, with proceeds available for liability management of the senior notes maturing in March 2025.


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