LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) reported a loss from continuing activities before tax of $1.65 billion for the year ended 31 December 2019 compared to profit of $260.5 million, prior year. Loss per share from continuing activities in cents was 120.8 compared to profit of 5.9. Gross profit declined to $759 million from $1.08 billion, last year.
Fiscal year 2019 sales revenue declined to $1.68 billion from $1.86 billion, previous year. Group working interest production averaged 86,800 boepd in 2019. This includes production-equivalent insurance payments of 2,000 bopd from Tullow's Corporate Business Interruption insurance and 100 boepd of gas sales from TEN.
For 2020, production guidance remains unchanged. Working interest oil production is expected to average between 70,000 and 80,000 bopd and year-to-date, Group production is in line with expectations, the Group stated.
The Board of Tullow Oil plc has decided to suspend the dividend for 2019.
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