Company’s net debt peaked at $4.8 billion at end of 2016
Tullow Oil, the Irish-founded oil explorer, saw its shares slide on Thursday as the chief executive officer that had overseen a turnaround in its finances over the past four years plans to step down next year.
Rahul Dhir, who took over as CEO in July 2020, plans to “pursue other business, academic and family interests”, the Africa-focused explorer said in a statement, adding that the date of his departure has yet to be determined. Group chairman Phuthuma Nhleko has started a process to find his successor.
Asset sales and cost-cutting under its current chief executive – together with higher oil prices – had helped Tullow pull off a make-or-break $1.8 billion debt refinancing in 2021 and chip away at its debt mountain.closed its Dublin office in 2020 as part of a round of corporate restructuring and quit the Irish stock market last year. It had moved its domicile to the UK two decades ago.
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