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Tullow Oil Profits Up 660
Reuters (UK)
Tullow Oil Profits Up 660%
Sep 14, 2005

LONDON (Reuters) - Tullow Oil posted a 660 percent jump in first half profit on Wednesday on the back of higher oil prices and higher production.

First half profit was 63 million pounds, compared to 8.3 million pounds for the same period of 2004, while oil and gas production rose 106 percent to 57,350 barrels of oil equivalent per day.

Tullow's (TLW.I: Quote, Profile, Research) results were boosted by the full integration of Energy Africa, the oil firm it bought last year and which doubled the size of Tullow.

"The deals completed in recent years have been successfully integrated, our assets are showing strong organic growth," Tullow Oil Chief Executive Aidan Heavey said in a statement.

© Reuters 2005. All Rights Reserved.

I was curious if the rise in gas prices is caused by supply and demand problems or the oil industry getting super rich off of rising oil and gas prices. I'll be looking at US companies in the near future.