Seeking Alpha

Tullow Oil upbeat on Mauritania while reporting 70% drop in full-year profit

  • Tullow Oil (TUWLF, TUWOY) says promising results from an offshore exploration well in Mauritania have opened up a new oil play in the region.
  • News of the exploration success came as the company reported a 70% drop in full-year net profit, in line with guidance, after taking a $697M charge related to unsuccessful exploration in 2013 and in previous years.
  • Production in 2013 averaged 84.2K boe/day vs. 79.2K boe/day in the prior year; Tullow forecasts output of 79K-85K boe/day for this year.
  • In 2014, Tullow plans to invest ~$1B in exploration and appraisal with major campaigns in Mauritania, Norway, Kenya and Ethiopia and a first well offshore Guinea.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: