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Oil company Tullow Oil posted another deep annual loss as output slipped, oil prices fell and it wrote down the value of its assets.
The company forecast a further fall in production in 2021.
Pre-tax losses for the year through December 2020 amounted to $1.22 billion, compared to losses of $1.69 billion year-on-year, as revenue fell 17% to $1.40 billion.
Tullow Oil's West African assets produced 74,900 barrels of oil per day, in line with expectations.
Tullow Oil forecast output in 2021 to fall to between 60,000 and 66,000 bopd.
The company did not declare any dividends.
'After a year of significant change for Tullow, we are now executing a robust, cash generative business plan which is focused on our most productive assets,' chief executiv Rahul Dhir said.
'We have transformed our cost base, implemented rigorous capital discipline and are well placed to benefit from higher oil prices.'
Dhir said the company would start a multi-year, multi-well drilling programme in Ghana next month 'to deliver sustainable and profitable production growth'.
At 8:00am: (LON:TLW) Tullow Oil PLC share price was 0p at 22.63p