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Tullow Oil remains in red as weak oil prices drag down asset values

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Tullow Oil remains in red as weak oil prices drag down asset values

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LONDON (Reuters) – Africa-focused oil producer Tullow Oil <TLW.L> reported a deeper than expected operating loss for the first half as stubbornly weak oil prices forced it to book impairment charges on the value of its assets. Its operating loss for the first half of the year was $395 million, Tullow said on Wednesday, steeper than the $350 million loss expected by analysts. The company booked $642 million in pre-tax impairment charges due to the weak oil price, it said in its half-year results.

(Reporting by Karolin Schaps, editing by Louise Heavens)
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