Tullow Oil Reports Strong Rise In First-Half Profit, Doubles Dividend

Tullow Oil PLC

reported a strong rise in its first-half profit. Tullow Oil's profit for the period rose to $311.3 million, from $81.7 million, in the year-ago period. Its sales climbed to $1.06 billion from $485.9 million. Oil production jumped 35% to 75,100 barrels of oil equivalent per day. Tullow Oil reported that it will double its interim dividend payout to four pence per share. Tullow Oil shares rose 1.14% to close at $15.91 yesterday.