Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says its 2017 free cash flow likely surged to $500M, beating previous guidance for $400M and highlighting the company's recovery following a period of financial stress and operational disruption during the oil market downturn.
Tullow also expects net debt to fall by $1.3B to a year-end level of $3.5B after the completion in November of a $2.5B refinancing with lenders.
CEO Paul McDade says Tullow is now positioned for growth after strengthening its balance sheet and increasing production from its Jubilee and TEN fields in Ghana to an average 89.1K bbl/day in 2017, at the high end of previous guidance.
Additionally, Tullow says it acquired six new licenses offshore Peru and could start some exploration this year or in early 2019 if it obtains government approval.
Subscribe for full text news in your inbox