Tullow Oil cuts debt amid company reshuffling

Tullow Oil cuts debt amid company reshuffling

Tullow Oil (LSE:TLW) cut its debt by US$200 million during the first quarter of 2017 as chief executive officer Aidan Heavey prepares to hand the reigns of the company over to Paul McDade.

This board reshuffling follows what Heavey called an ‘exceptionally busy’ period for the Africa-focused explorer.

“As I hand over my role as CEO to Paul McDade, I am confident that Tullow has the financial and operational flexibility to prosper in 2017 and beyond,” said Heavey.

In its latest trading update, Tullow said its oil production across West Africa during Q1 averaged 85,700 barrels per day (bpd) and maintained a guidance figure of between 78,000 and 85,000 bpd for the year.

The company added that it ended the year with $1 billion in free cash, however its full-year 2016 revenue dropped by 21% to $1.3 billion, though its losses improved considerably over 2015.

Tullow recently offered a greater stake in its operations in Uganda, and is working to further develop its production infrastructure off the coast of West Africa.