LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) posted Wednesday a 2011 pretax profit of $1.07 million, compared to last year's $179 million. Per-share earnings were 72.0 cents in 2011 and 8.0 cents in 2010. The company noted that the 2010 results were restated to reflect a change in its inventory oil product valuation accounting policy.
Annual revenues surged to $2.30 billion from $1.09 billion in the prior-year thanks to a 35 percent jump in production and also higher commodity prices. Sales volumes increased 41 percent year-over-year, the company added.
The Board proposed a final dividend of 8.0 pence per share, compared to 2010's 4.0 pence per share, thus doubling total dividend to 12.0 pence per share from 6.0 pence per share.
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