Tullow Oil cancels dividend payments

UK oil company Tullow Oil was suspend its dividend payments because of the falling oil price.

Tullow, an Africa-focused oil explorer, reported a $2.7 billion loss before tax, mainly because of impairments related to the lower oil price.

The company had been paying dividends for more than 10 years, increasing the payout gradually.

Last year a FY dividend of 12 pence was paid.

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