Tullow Oil sees stock fall again as drilling comes up dry February 17, 2020 Tullow Oil’s shares fell six per cent this morning as the exploratory firm said that it would abandon one of its wells in Peru after failing to find oil while drilling there. The well, of which Tullow owns a 35 per cent stake, was the first to be drilled in the offshore Tumbes basin, a [...]
Tullow Oil books $1.5bn writedown as it cuts outlook for oil prices January 15, 2020 Tullow Oil sounded the alarm on oil prices today, booking a $1.5bn (£1.15bn) writedown on its outlook after lowering its long-term oil price outlook. The energy firm slashed its prediction for oil prices by $10 to $65 a barrel, with underwhelming well exploration and a reduction in Ghanian reserves also contributing to the writedown. “Tullow [...]
Tullow Oil nightmare continues as shares fall for second week in a row December 16, 2019 Tullow Oil’s nightmare December continued today after shares dropped nearly 11 per cent, a week after the oil explorer lost over £1bn of its market value. Shares fell to 59.3p, having opened at 67.8p. Last week shares had staged a slow comeback, having initially fallen as low as 39.9p. Read more: Tullow Oil share price [...]
Tullow Oil share price plummets 70 per cent as chief executive quits December 9, 2019 Shares in Tullow Oil collapsed today after its chief executive resigned, wiping over £1.2bn off the firm’s market value as the firm cut its prediction for how much oil it will produce over the coming years. Shares fell 72 per cent as Pat McDade, along with exploration director Angus McCoss, said they had quit the [...]
Tullow Oil shares plummet as Ghana fields run into problems November 13, 2019 Shares in Tullow Oil fell over 27 per cent today as the London-listed firm reduced its production guidance for 2019 after problems with its Ghana drilling operations. Read more: Tullow Oil sees great start to Guyana drilling campaign The figures The Africa-focused firm said that total oil production for 2019 would now be 87,000 barrels [...]
Shares rise as Tullow Oil sees great start to Guyana drilling campaign August 12, 2019 Tullow Oil today hailed an “excellent start” to a South American drilling campaign as the company made a major discovery off the coast of Guyana. The discovery shows that the Jethro-1 well will likely hold over 100m barrels of oil, chief executive PaulMcDade said. The discovery is ahead of expectations. Read more: Tullow facing delays [...]
Brent crude oil prices plummet nearly five per cent after US inventories surge May 23, 2019 Brent crude prices dropped below $68 per barrel for the first time in almost two months today, putting pressure on FTSE-listed explorers, after US inventories surged to their highest point in nearly two years. The international standard lost more than $3 over the day, a 4.75 per cent drop, trading at $67.77 in the mid afternoon. [...]
Tullow Oil promises dividend as it records first profit in five years February 13, 2019 Tullow Oil reported its first net profit in five years today, as its West Africa business boosted both its top and bottom lines in 2018. The figures Revenue climbed seven per cent year on year to $1.85bn (£1.4bn) for last year Tullow revealed today, as it recorded post-tax profit of $85m – up from a $175m [...]
Tullow shares fall as delayed payments dent plans to pay off debt January 16, 2019 Tullow Oil has been hit by delayed payments from a Ugandan exploration project, but expects production to increase this year, the company revealed this morning. Production hit 88,200 barrels of oil per day last year, and should reach between 93,000 and 101,000 in 2019, Tullow told markets. Read more: Premier slips on oil spill as financing [...]
Tullow Oil profit halves as price of oil stays low July 30, 2015 Tullow Oil posted half-year results in line with expectations yesterday, despite the continuing weak oil price leading to significant drops in revenue and profit. Revenue was down by 35 per cent in the six months to 30 June, from $1.27bn (£811m) to $820m, while gross profit plummeted by 50 per cent, from $681m to [...]