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TLW Tullow Oil Plc

29.06
1.10 (3.93%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Tullow Oil Plc TLW London Ordinary Share
  Price Change Price Change % Share Price Last Trade
1.10 3.93% 29.06 16:35:21
Open Price Low Price High Price Close Price Previous Close
28.50 28.18 29.52 29.06 27.96
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Tullow Oil TLW Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
24/07/2019InterimGBP0.01887829/08/201930/08/201904/10/2019
InterimGBP0.018928/08/201930/08/201904/10/2019
13/02/2019FinalGBP0.037304/04/201905/04/201910/05/2019
InterimGBP0.037303/04/201905/04/201910/05/2019

Top Dividend Posts

Top Posts
Posted at 14/3/2024 17:07 by xxnjr
Another issue is the comparator group used to determine relative Total Shareholder Return, which is about the only meaningful metric in bonus award and makes up 50% of bonus.

So for 2023 TLW took out

Aker BP $15.9bn
APA $11.2bn
DNO $940m
Genel Energy $385m
Santos $15.4bn

and replaced them with

BW Energy $650m
Diversified Energy $1.1bn
Maurem et Prom $735m

Why BWE? Maybe because it is a newish company investing a lot in new field developments, installing FPSO's, subsea stuff and drilling lot's of wells to bring new projects to fruitions. (High cash spend relative to production)

Why Diversified Energy? Well it's mainly a gas producer (US onshore) so when it went in the comparator group US Gas Prices were incredibly high due to Ukraine War. US gas prices are much much lower now by a factor of 3X (or 5X, or whatever, its a huge drop) meaning DE's profit has slumped which would have been a fairly safe assumption when they placed DE in the comparator group. The result presumably being favourable to TLW CEO bonus calculations. Coincidence? or not?.....

Anyway what on earth is a US Shale Gas 'Stripper Well" operation doing in the comparator group? Makes absolutely no sense whatsoever.
Posted at 14/3/2024 17:06 by up just a little bit
There are nine analysts covering TLW and the concensus is that the company remains a buy with the target of 71p.
Posted at 14/3/2024 16:31 by xxnjr
The trouble with the new scheme "LTIP" as far as I can see is that it actually benefits the CEO to keep the share price low now. I'm not an expert but this seems to be how the new scheme works. (See page 76 onwards of 2022 Annual Report)

For illustrative purposes, assume

Base Salary: £600K.

TLW LTIP Bonus: 400% of base = £2.4m (split 150% cash/250% stock options)

250% of £600K = £1.5m in share options granted at todays SP

£1.5m/£0.275p = 5,454,545 options.

(Rahul was actually awarded 5,549,057 meaning the nominal face value was £0.2703p)

Had the share price been 75p today, the CEO would only have received

£1.5m/£0.75 = 2m options.

So by keeping the share price low, it appears the CEO gains more shares?

Todays rns then describes the award as "NIL" cost?

Anyway let's assume the share price gets to £1.

Todays CEO options grant would then be worth £5.5m

Had the share price been 75P today and reached £1 the 2m award options have been only worth £2m.

So afaics it's actually better for the CEO to keep the share price low now!!!!

I've already complained about the appallingly awful presentation our CEO gave at results.The result being share price fell and guess what? CEO appears to gain even more shares?

As I said I'm not an expert. Maybe I have this wrong. What do you guys think?.....
Posted at 14/3/2024 14:48 by xxnjr
This is an absolute disgrace. In the 1,352 days since joining the company Rahul has only destroyed value. I don't understand how he can be in the old TLW Incentive plan which was deemed to be out of alignment with best practise and also in the new scheme that replaced it. How can he be in two schemes at the same time. Seems unusual? Can anyone explain?.....

6.6m shares awarded for 2023 underperforming on production and continual failure to deliver that which he promised. Total disrespect for existing shareholders who have lost a fortune!

All these options need cancelling and Rahul should be fired. He hasn't delivered anything other than feathering his own nest.
Posted at 08/3/2024 13:36 by xxnjr
Also doing well (from assets sold by Rahul). Panoro



We have yet to receive any of the envisaged bonus from the sale. Sadly this new production on our ex-block doesn't count towards our potential bonus contingent payments as even though this is on the block we sold them the deal Rahul negotiated excluded new discoveries! Brilliant deal for Panoro as they keep finding new oil. Not a good deal for TLW but suppose at the time we were in a weak negotiating position when Rahul sold part of Gabon and all of our interest in Ceiba+Okume in EG.
Posted at 08/3/2024 12:03 by xxnjr
Another concern (at least for me) is the JUB w/inj issue. Whilst useful TLW slide 17 results pres didn't get to the nub of the matter. There was no explanation of what went wrong and any corrective actions carried out. So we have no facts available to judge whether the issue is fixed once and for all, or may reoccur. Since TLW failed to provide this crucial info one can only assume there might be some aspect the company don't wish to shed light on.

I also note Slide 11 of 2020 CMD Pres

• Water injection remains a key area of focus on Jubilee
• Greater water injection volumes to sustain reservoir pressure and improve sweep efficiency
• Three water injection pumps operational on Jubilee with injection capacity building up to >300kbw/d

with a graphic on w/inj rates (kbw/d)

2017/19 Actual: 130
2020/21 Forecast: 180
2022F: 270
2023YE: 300

But a recent Kosmos Pres shows that in 2023 peak rates (before the 'issue') were only 220K bw/d. 50K to 80K bw/d (at peak) below what Rahul indicated 3 yrs ago.

i.e there are 2 concerns

the issue could re-occur
why are we still 50 to 80 Kbw/d short?

Noting that according to KOS 100% Jubilee voidage replacement at the moment
Posted at 06/3/2024 14:11 by hojjat
Paying out debt and cost of development is not loss. That's why TLW is producing higher oil volume.

Production is 100k recently at the time oil price is higher than last year ($83.5 as I type).
Posted at 06/3/2024 08:22 by hojjat
I won't be surprised to see share price above 60p.

TLW share price was over 120 when debt was over $4bln.
Posted at 07/2/2024 12:16 by xxnjr
According to Patrick P (he would know) Uganda still on track to deliver first oil by end of 2025. This will introduce a new revenue stream for TLW starting 2026. Probably at least $50m/yr which will drop straight through to bottom line?

Globally Total produce about 2.5m boepd. Breakeven price <$30/bbl. Net debt about $5bn.
Puts TLW's metrics into perspective.
Posted at 24/1/2024 11:40 by xxnjr
We were all wrong on expected oil production guidance for 2024!

xxnjr: 61K-66K = 63.5K
SS: 64K-69K = 66.5K
alfiex: 68K
ctc1: 70K

TLW Guidance: 55K to 61K = 58K bopd

Bootycall suggested Jubilee @ 106K. TLW guidance 100K

Maybe TLW have under promised to over deliver ;-)

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