Shares in Tullow Oil TLW 1.50 % increase; green up pointing triangle soared last month on its trading statement, then sank Wednesday as it reported much the same information in full-year results.

Tullow Oil’s debt levels remain high. Its stock price action seems to mirror concerns about weak commodity prices. Find out why TUWOY stock is a Sell.

LONDON—Tullow Oil PLC is taking a write-off of $2.7 billion before tax, another sign of the impact of plunging oil prices on exploration and production firms.

Tullow hedged 33,100 bpd of this year's output and 11,300 bpd of 2024's production at between $55 and $75 a barrel. Last year, its revenue would have been $319 million higher without hedges.

Tullow Oil Plc may shut down operations in northern Kenya in two weeks unless persistent issues with local residents, which threaten progress of the project, are resolved.

Tullow Oil plc has appointed Rahul Dhir as its new chief executive officer and an executive director of the business. Dhir will take up his appointment on July 1.

UK-listed Tullow Oil failed to find oil at yet another well offshore Guyana in what could be its final well drilled in the region where Exxon has found billions of barrels of oil in place.

Tullow has hedged 42,500 barrels per day (bpd) this year at an average floor and call prices of $51 and $78 a barrel and 33,100 bpd in 2023 and 11,300 bpd in 2024 at $55 and $75 a barrel.