Tullow Oil has announced that its Chief Executive Officer, Rahul Dhir, will step down from his position and resign from the company’s board next year.
The announcement was made in a statement to investors on December 5, 2024. The company’s board has already initiated the search for a successor to Dhir, who has led the company since 2020.
Dhir, who took the reins at Tullow Oil in July 2020, described his time as CEO as a “privilege,” highlighting significant improvements during his tenure.
“We have achieved a step change in our operating performance, cost structure, and capital discipline,” Dhir said in his exit statement.
He noted that Tullow had generated over $1.1 billion in free cash flow and reduced its net debt from $2.8 billion to approximately $1.4 billion.
Reflecting on his tenure, Dhir also praised the company’s strong culture of ownership and commitment, expressing pride in Tullow’s operational success and positioning in Africa.
“With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth,” he added.
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Before his time at Tullow, Dhir was the CEO of Delonex Energy, a company focused on oil and gas in Africa.
Under his leadership, Tullow Oil successfully executed a strategic reset, focusing on operational and financial performance, debt reduction, and positioning the company for future growth.
Tullow’s Non-Executive Chairman expressed gratitude for Dhir’s contributions, acknowledging the positive turnaround he orchestrated since his appointment.
“Rahul has led a comprehensive turnaround of Tullow, and his dedication to the company has been invaluable,” the Chairman said.
Following the announcement, shares of Tullow Oil fell by 7% to 22.88 on the London Stock Exchange, according to UK’s Morning Star.
The market reaction reflects investor uncertainty as the company moves into a new leadership phase.
