Tullow Oil Plc
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Stock Name Stock Symbol Market Stock Type
Tullow Oil Plc TLW London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 29.64 00:00:00
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Tullow Oil TLW Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Posted at 21/3/2023 17:38 by xxnjr
Xxjnr, Do you know if tullow are buying their debt on the bond market?

Have no idea MCS as no access to that kind of info. But from what was said yesterday; I'd say the answer is No

Maybe one day if they have a spare $100m, $200m or whatever TLW will RNS a Cash Tender Offer for one, or other, or both classes of their Bonds? On the call our CFO did suggest there are "several levers" at their disposal; but no colour on what they might be.

Posted at 19/3/2023 06:16 by bones698
Oil tipped to hit $40 a Barrell due to recession . That will hurt tlw and they should have used the profits to pay down debt a lot more agressively when they had the chance .this will continue to fall with oil prices .debt pule has always been a massive burden and the management didn't use the high oil prices to pay it down quick enough when they had the chance
Posted at 17/3/2023 11:54 by xxnjr
The Shell guy also gets bonus. That will probably bump his remuneration up to £5m for 2023. But that's ok as their profit last year was $42,874m! Yes. $43 billion.

TLW only made $49m, or 85/10000th of Shell.

Based on Shell, pro-rata Rahul should receive £5,800 per annum.
Obviously not enough. But clearly £1.5m to £3m is way too much for a business thats barely able to maintain output at the bottom of the Capital Markets Range; which was 60K to 80K bopd over 10 yrs. The targets in the Tullow Incentive Plan are set so low it means the CEO gets a 2X bonus for poor outcomes.

Posted at 16/3/2023 14:26 by bones698
Seems to be common practice atm for rewarding poor results. Another company just done similar after seeing it's shareprice crash from 160p to 23p and awarded ltip shares at 45pto it's CEO .
Great when you can reward poor performance .

Tlw won't rise until they get that debt pule down by over 50% from here as the cost of servicing is far too high with high interest rates etc causing issues . They need to reduce expenditure massively for a year or two and focus on that . Until they do this won't go up significantly .

With the risks to oil price,inflation and debt repayment all wdighing in the shares as risk it needs to reduce rapidly . They steadied the ship thanks to buoyant oil prices and steady field performance ,now the need to focus on reducing debt while oil prices remain high or face another wrecking ball if something goes wrong

Posted at 15/3/2023 10:20 by mcsean2164
Yep, I remember when I used to get a dividend 😭. Dorothy ran the company into the ground selling off assets at fire sale prices. I don't like to say it but I think Rahul should be fired. We're still suffering from his Capricorn misstep. If he was in the premier league he'd be out with this share price (points). We're back in the relegation zone and not even paying a dividend.

No offense to Rahul, he's tried and failed unlike Dorothy who tried only to protect herself.

Posted at 14/3/2023 11:24 by xxnjr
thanks for posting franky and tend to agree with you Badger. TLW don't have any cash to invest in Kenya. Africa Oil don't have any cash to invest in Kenya. Total have loads of cash BUT a lot of competing projects with superior returns; it is not exactly at the top of their development queue. Basically none of the existing partners are able to, or willing to take the project forwards. Hence the need for a 100% sale to somebody else which appears unlikely at the current time. Dunno why TLW don't just write it off and move on.
Posted at 28/2/2023 22:31 by xxnjr
Todays Africa Oil impairment was $170.6m for 25%
Remaining on their balance sheet after above; Kenya $58m

i.e AOI were carrying it at $228.6m
which would be equivalent to TLW carrying Kenya at $457.2m for their 50%

however from TLW's last Annual Report

"As described in Note 9 to the Consolidated Financial Statements, at 31 December 2021, Tullow have recognised $255 million of E&E assets relating to its interest in Kenya exploration licenses. Whilst no impairment has been recognised in 2021, in 2020 management recognised an impairment of $430 million."

i.e AOI were a little behind the curve with todays impairment.
Maybe TLW will write down further at some point?..... But downside limited by previous write down.

Posted at 09/1/2023 13:33 by xxnjr
Thanks SS.

Absent of a meaningful farm down with well cost carry included, it may make sense for TLW to exit the Orinduik block given their existing 60% equity equals a relatively high well cost for a cretaceous well (deeper than tertiary). TLW could then spend the money on a Cote d'Iviore exploration well in 2024 assuming TLW could farm down a large chunk of their CI-524 block, currently 90%. Or use the unspent money from Guyana exploration to pay down debt. The $800m 2025 bonds are trading at 62% now. Spend the exploration cash on the bonds where the COS is 100% + (100% -62%) = 132% if you get my gist. Actual COS post well for exploration typically <10% for Tullow.

Posted at 29/9/2022 21:56 by waldron
UPDATE: Tullow Oil plans to terminate agreement with Capricorn

Thu, 29th Sep 2022 19:35
Alliance News

(Alliance News) - Tullow Oil PLC on Thursday said it intends to terminate its co-operation deal with Capricorn Energy PLC, after Capricorn proposed a merger with NewMed Energy Ltd.

Capricorn also withdrew its recommendation for the previously agreed combination with Tullow in an announcement that was released earlier on Thursday.

The London-based oil and gas exploration company explained that it accepts that "without the recommendation and cooperation of Capricorn the scheme of arrangement cannot practically be implemented and become effective."

Therefore, it decided to not increase its offer for Capricorn.

Further, the company stated that it will not elect to implement its offer by way of a contractual offer.

"The board of Tullow continues to believe the terms of the combination with Capricorn would create value for Tullow shareholders. However, the successful delivery of the business plan, strong operating and financial performance and a high-quality, opportunity-rich portfolio reinforces the board's confidence in Tullow's future," Tullow said.

Earlier Thursday, Capricorn stated it will acquire all of the partnership interests in NewMed in exchange for new Capricorn shares. The exchange ratio will be 2.33 new Capricorn shares for every NewMed participation unit.

The combination will mean Capricorn shareholders hold 10.3% of group's share capital while NewMED unitholders will hold 89.7% of the share capital. The company will trade under the name NewMed Energy, and it expects to retain its premium listing on the London stock exchange.

The merger will create one of the largest upstream energy independents listed in London. Capricorn said that the new company will have a diversified portfolio of "high-quality producing assets

" in Israel and Egypt underpinned by 45% interest in Leviathan, one of the world's "most attractive" gas fields. It will also have long-term contracts which provide strong cash flow visibility.

Under the transaction, Capricorn shareholders will receive a special dividend of USD620 million equivalent to GBP1.72 per share.

Recently, Capricorn - formerly known as Cairn Energy - returned more than USD500 million to shareholders following the receipt of a long-awaited tax refund in India.

The merger exchange ratio values Capricorn, on an ex-dividend basis, at USD338 million or 99 pence per share, a 46% premium to the theoretical ex-dividend price on September 28. The ex-dividend price is the price of a stock without the value of the next dividend payment.

The expected total value of the transaction to shareholders is equivalent to 271 pence per share, a 13% premium to the closing price on September 28.

Chair Nicoletta Giadrossi said: "The board has engaged in a robust and dynamic process to evaluate options for Capricorn and considered a broad range of external factors and market conditions. The combination with NewMed and a cash special dividend represent the delivery of significant value for Capricorn shareholders. We believe this is a compelling transaction which combines near term value realisation with ongoing participation and value creation in a world class gas company."

The board unanimously supported the merger and as a consequence has removed its recommendation from the Tullow deal which it had recommended in June. Although it said it "continues to see merit in the Tullow combination", the NewMed deal offered a more "compelling opportunity to receive value from both upfront cash and via a residual interest in a MENA gas

and energy gas champion."

By Abby Amoakuh;

Posted at 15/9/2022 07:36 by xxnjr
as per webcast

mcs - listened again and debt was down to $2bn on 31/8/2021

ss - point was made that TLW's Ghana revenues are offshore. Not in an oil sense but in the sense that payment for oil as per their PSC is made externally and doesn't enter the country. It seems Ghana is an economic basket case these days and may raid oil and mining cash but since TLW's cash is offshore not at risk.

all - TLW has a lot of resource to develop but no cash to do so. CNE has a lot of cash but not a lot of resources to spend it on. Together they are stronger. TLW need CNE. CNE don't necessarily need TLW as CNE could use their cash to buy resource elsewhere, or return the cash to the hedge funds who bought in after deal announced and existing holders of course.

I thought the stand in CFO came over very well on the call.

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