Wed, Feb. 10, 6:51 AM
Feb. 11, 2015, 7:58 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) reports a $2B pretax loss for FY 2014, largely the result of $2.7B in impairments stemming mostly from the decline in oil prices, and suspends its dividend.
- The loss was Tullow's first in 15 years and worse than analyst expectations for ~$1.91B and a big swing from last year’s pretax profit of $313M, as full-year revenues fell 16% Y/Y to $2.21B.
- Tullow says it will save $180M/year by not paying the dividend, but the move is the exception among major oil producers that have pledged to maintain the dividend.
- Year-end net debt was $3.1B, with debt as a percentage of capital of 77% compared with 35% a year earlier; Tullow says it is in talks with creditors about a redetermination of its $3.5B reserves-based lending facility.
- Tullow also will cut costs by $500M over the coming three years, with half coming from capex while the rest will include job cuts; says much of its focus will be on completing the $4.9B Ghana TEN development scheduled to come onstream in mid-2016.
Jul. 30, 2014, 10:29 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says it swung to a net loss of ~$75M in H1, largely due to a sharp increase in writeoffs of exploration costs associated with exploration and appraisal activities in Norway, Mauritania and Ethiopia this year and in prior years.
- Revenue fell 6% Y/Y to $1.265B, mostly due to a 7% loss in sales volumes from the disposal last year of assets in Bangladesh and Gabon.
- Q2 production fell 12% to 78.4K boe/day from 88.6K boe/day in the year-ago quarter.
- Says its effort to sell part of its 50% stake in the $4.9B Ghana TEN oil project has slowed, reflecting weaker conditions in the market for sellers of oil assets.
- Says it is making an exit from Sierra Leone and Liberia, while also revealing an onshore discovery in Gabon.
Jul. 31, 2013, 10:22 AM
- Tullow Oil (TUWLF.PK, TUWOY.PK) reports a 47% drop in H1 net profit, due mainly to impact of the Ugandan farm-down profit on disposal last year, with production up 14%.
- Cuts its 2013 production forecast to 84K-88K boe/day from 86K-92K boe/day.
- Says it has begun a process to sell part of its 50% stake in the $4.9B Tweneboa-Enyenra-Ntomme oil project offshore Ghana, as it seeks to focus more on exploration and limit its development costs.
Currently, there's no company description for TUWLF.
Sector: Basic Materials
Industry: Electric Utilities
Country: United Kingdom
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