Tullow returns to profit as cost cuts pay off

Africa-focused Tullow Oil returned to profit in the first half of the year despite weaker oil prices and lower production, as its stringent cost-cutting regime started to pay off. Tullow has effectively stopped spending money on exploration, typically used by oil companies to ensure growth, with capital expenditure on exploration activities in the first half down to $28 million. Last month, Tullow reduced its west African production target after technical issues at its key Jubilee field in Ghana