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    TLW   GB0001500809

TULLOW OIL PLC

(TLW)
  Report
Delayed Quote. Delayed London Stock Exchange - 12/06 11:35:02 am
42.32 GBX   +2.94%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Tullow in the red for second year as weak oil prices bite

02/10/2016 | 04:25am EST
A Sembcorp employee stands near the turret of Tullow Oil's newly completed Floating Production, Storage and Offloading vessel (FPSO) Prof. John Evans Atta Mills at Sembcorp Marine's Jurong Shipyard in Singapore

LONDON (Reuters) - Africa-focused Tullow Oil reported an operating loss for the second consecutive year on Wednesday, as the sharp decline in oil prices cut revenue by 27 percent, and said it was prepared to all but cease making new investments if the low oil price persists.

The London-listed company said it could cut 2017 investments by another 72 percent to $300 million if oil prices remain weak, just a fraction of the $2.2 billion it spent in 2014.

Tullow made a full-year operating loss of $1.09 billion in 2015, a smaller loss than the $2 billion seen the previous year and in line with analysts' expectations, but still reflecting one of the worst spells in the company's history.

The shares were down 4 percent at 155.6 pence at 0921 GMT.

"Our focus is on driving costs down and making as many dollars per barrel as possible," Chief Executive Aidan Heavey told Reuters.

Oil prices have fallen around 70 percent since a peak in mid-2014, one of the worst market downturns in the past decade for producers.

Tullow Oil is banking on extra income from its 80,000 barrels-a-day TEN oil fields development project offshore Ghana, which is situated some 20 kilometres to the west of its flagship Jubilee field and is expected to come on stream in July or August.

Tullow's production costs at TEN are $9-10 a barrel, compared with a current oil price of around $30 a barrel.

"The results statement provides a robust answer to investors uncertain about Tullow's capacity to navigate the downturn," said analysts at Barclays.

However, Tullow said there was a risk, if oil prices remained low, that it might become non-compliant with its financial covenants by the end of the year.

Tullow has also begun discussions with its banks about redetermining its lending terms next month, a standard procedure in the industry.

"We recognise that with oil prices being a bit lower the banks may change the price specs a little bit," Chief Financial Officer Ian Springett told Reuters.

"Whilst we may lose a little bit of debt cpaacity, it's all within our plans and expectation."

(Editing by Greg Mahlich)

By Karolin Schaps


ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. -5.07% 1908 End-of-day quote.-45.87%
DOW JONES AFRICA TITANS 50 INDEX 1.08% 518.26 Delayed Quote.-1.99%
S&P AFRICA 40 INDEX 0.40% 167.22 Delayed Quote.-3.73%
TULLOW OIL PLC 2.94% 42.32 Delayed Quote.38.98%
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Analyst Recommendations on TULLOW OIL PLC
More recommendations
Financials (USD)
Sales 2021 1 362 M - -
Net income 2021 162 M - -
Net Debt 2021 2 325 M - -
P/E ratio 2021 5,04x
Yield 2021 -
Capitalization 779 M 778 M -
EV / Sales 2021 2,28x
EV / Sales 2022 2,09x
Nbr of Employees 730
Free-Float 76,4%
Chart TULLOW OIL PLC
Duration : Period :
Tullow Oil plc Technical Analysis Chart | TLW | GB0001500809 | MarketScreener
Technical analysis trends TULLOW OIL PLC
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Last Close Price 0,54 $
Average target price 0,78 $
Spread / Average Target 42,8%
EPS Revisions
Managers and Directors
Rahul Dhir Chief Executive Officer & Executive Director
George Leslie Wood Chief Financial Officer & Executive Director
Dorothy Carrington Thompson Chairman
Phuthuma Freedom Nhleko Chairman-Designate
Sandy Stash EVP-Safety, Operations & Engineering
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