Tullow Oil PLC on Wednesday lowered its production guidance as half-year profit more than halved due to a lower oil price and significantly higher costs.
The oil and gas producer said pretax profit.
Oil and gas group Tullow Oil said profits more than halved in the first six months of 2023 on the back of a significant drop in crude prices, as it disappointed the market with lower-than-expected output guidance for the full year.
Corrections & Amplifications This headline was corrected at 0618 GMT to reflect Tullow's 1H Underlying Oper Cost was $12.4/bbl, not $136/bbl By Christian.