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Tullow Oil

September 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TLW
  • Price:
  • 226.5p
Tullow’s news flow has been mixed since our last update. First the company announced it had lost a legal dispute with contractor Seadrill and partner Kosmos Energy and will have to pay out US$248m costs. However, recent results for the six months ended June brought news of an upgrade to production guidance for this year from 82-90,000 barrels oil equivalent per day (boepd) to 86-92,000 boepd. The other good news was that a three year cost reduction program has realized US$708m savings versus a target of US$500m.Those results showed revenues rise 15% to US$905m while it made a pretax profit of US$55m versus a loss of US$348m. Free cash flow doubled to US$401m, while net debt fell to US$3.1bn, leaving un-used borrowing headroom ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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