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Tullow slides to loss on weak oil price

26 July 2017 07:52

Tullow Oil (TLW), the Africa-focused oil explorer and developer, swung to a pre-tax loss of $519 million in the first half from a profit of $24 million a year earlier.

Sales revenue grew by 46% to $788 million, but it was hit by impairment costs of $642 million owing to weak oil prices.

Net debt reduced by around $1 billion to $3.8 billion.

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