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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tullow Oil Plc | TLW | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.50 | 1.45% | 35.10 | 16:35:16 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 34.12 | 34.12 | 35.14 | 35.10 | 34.60 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 23/4/2024 15:12 by mcsean2164 Agree. Wonder who down voted you. Possibly a recent investor who didn't pay into the last fundraising 🫣 |
Posted at 15/4/2024 10:37 by badger36 I thought the Mullahs would do us a favour but even as it touches 90 this mgt team has not got the confidence of investors |
Posted at 28/3/2024 07:44 by up just a little bit https://oilprice.com |
Posted at 08/3/2024 12:42 by subsurface The look on the faces and Tone when they talk about investor returns makes me feel its begrudged. |
Posted at 08/3/2024 12:36 by xxnjr Who knows! One can only speculate SS.Sadly a missed opportunity to be open and transparent with investors. We deserve more. |
Posted at 06/3/2024 07:22 by misca2 OutlookAfter reaching an important inflection point in our business plan in 2023, Tullow has a strong and unique foundation to create material value for our investors, host nations and wider stakeholders and we look to the future with confidence. We will continue to run our business with the same rigorous financial discipline, prioritising the highest returns and focusing on value-accretive investments. Our balance sheet will continue to strengthen as we further reduce our debt and optimise our capital structure. We have made good progress toward delivering our target of $800 million of free cash flow between 2023 and 2025 and given the quality of our resource base, the opportunity set ahead of us and a reducing cost outlook, we expect to maintain these levels of free cash flow generation in subsequent years. With a strong balance sheet and this sustainable free cash flow outlook, our business will be well placed to deliver value to our shareholders through organic and inorganic growth and capital returns. I thank our shareholders for their continued support as we realise value across the portfolio in 2024 and beyond. |
Posted at 11/1/2024 10:13 by bootycall Around 75p if the oil price stays north of $75. The years of high capex, abandonment costs and paying down debt are almost behind us. Existing investors are too beaten up to realise IMO.Let’s face it, two broken injectors knocked production back temporarily and sentiment has been caned. The caveat to this speculative figure is if Rahul bottles it in negotiations with the Ghanians on taxes, to let them save face. I dont see branch profits tax as a concern but they may squeeze the odd $50m out of us on some technicality. Booty |
Posted at 09/1/2024 23:29 by xxnjr Xx...What would you have done in Rahul’s position?Heck I'm not qualified to run the company. I have no training whatsoever in oil and gas. Yet despite that it's probably fair to say my production commentary (so far) is generally more reliable than the company provide. And I haven't benefitted from being issued 9m share options to join the company, nor received £4m in remuneration including bonus's for my first 2.5yrs (2020/21/22) plus another 4.6m LTIP(?) shares as Rahul has! (see rns at bottom) One of the things I wouldn't have done is exit our position in Namibia in the middle of a high profile 90 day well on a giant prospect on the block next door! One thing I would do is be more open with communications so investors don't unwittingly get the wrong impression. for example this recent rns on the '26 bonds said “Deploying cash from our balance sheet to buy back the 2026 Notes demonstrates our confidence in the business and our ongoing cash flow generation. Through this transaction we are reducing gross debt by $114.8 million and we will be saving $28.9 million on coupon payments. Together with the $100 million annual repayment of 2026 Notes in May and the purchase of $166.5 million of 2025 Notes in June this brings our total debt reduction this year to $381.3 million and marks the next step in our objective to be a low-debt business by 2025.” A few weeks later the '25 bonds rns said “2023 has been a transformative year for our balance sheet. Following the start-up of the Jubilee South East project earlier this year, we are now in a period of material free cash flow, with approximately $800 million expected to be generated between 2023 to 2025. This free cash flow, together with cash on balance sheet and the $400 million notes facility commitment from Glencore, will allow us to fully address all outstanding 2025 Notes and puts us in a strong position to successfully refinance the remaining 2026 Notes. We have reduced gross debt by almost $400 million this year and we remain on track to becoming a low-debt business with a sustainable capital structure.” Sounds good but analyse these rns's and you'll see Tullow have borrowed about $120m to repay the 2025 bonds at an interest rate of SOFR + 10% = 15.31% p/annum = $18.3m interest on an annualised basis to cover that loan amount if not repaid. Maybe it will function like a bridging facility and be repaid sooner when cash is available but even so none of this was spelt out in their second rns. And if it's not repaid within one year the extra interest on that loan cancels out pro-rata 12 months of the coupon saving highlighted in the first rns. One thing I would try not do is set the bar so high that you miss the lower range of your production forecast or future year projections (easier said than done!). And if there is a problem with the water injection tell us about it when it happens not slip it out months later lacking the detail to enable investors to judge how serious/long lasting the issue is. And on the TIP/LTIP as CEO I'd lead by example and migrate to the latter scheme on inception considering the original TIP was deemed out of sync with current good practise and not aligned to shareholders interests. Incidentally does anyone know why Rahul received these as afaics he's not entering the LTIP scheme until 2025? Does this mean he's getting 4.6m shares for 2023 LTIP and will also get 2023 TIP award as well? Seems odd but I'm not familiar with the new scheme yet. |
Posted at 09/1/2024 22:13 by subsurface Phillis,Rahul and Investors need toSharpen up on the Foresight as opposed to the Hindsite as BOOTY said look forwards improve on news flow would also help. |
Posted at 12/12/2023 07:20 by xxnjr Tullow Oil Downgraded To 'SD' On Distressed Debt Repurchase; Senior Secured Notes Downgraded To 'D'On Nov. 30, 2023, oil producer Tullow Oil PLC announced the results of its tender offer to repurchase a portion of its senior secured notes due 2026 for a total cash consideration of $102.5 million. We view the transaction as distressed and tantamount to a default, based on the final terms and our methodology. Therefore, we lowered our long-term issuer credit rating on Tullow Oil to 'SD' (selective default) and our issue rating on the senior secured notes due 2026 to 'D' (default). We affirmed the rating on the unsecured notes due 2025 at 'C', pending the results of a separate tender offer that is still ongoing. We aim to reassess the ratings on Tullow Oil and its debt shortly after the completion of both tender offers. LONDON (S&P Global Ratings) Dec. 5, 2023--S&P Global Ratings today took the rating actions listed above. The downgrade reflects Tullow Oil's repurchase of its senior secured notes below par. The company will buy approximately $114.8 million of its $1.6 billion of senior secured notes due 2026 for $102.5 million, which represents a weighted average purchase price of 89.3 cents on the dollar. We see this transaction as distressed and tantamount to a default due to its below-par price, which means that the investors will receive less than they had been promised originally. We view this transaction as a continuation of Tullow Oil's liability management, which started with the first buyback of senior unsecured notes at a weighted average price of 60 cents on the dollar in June 2023, bringing the total amount bought back below par to about $281 million. Combined with the early tender amount of about $130 million under the ongoing tender offer for the portion of the unsecured notes due 2025, we estimate that the total amount of notes that the company will have bought back below par may be close to 17% of the $2.4 billion outstanding before the buybacks. The buybacks come at a time when capital market access for lower-rated oil companies is becoming more challenging, due to the prevailing high interest rates and investors' views on the environmental footprint of the oil and gas sector. We will reassess the ratings on Tullow Oil and its debt shortly after it completes the tender offers for its notes.The rating on the senior unsecured notes due 2025 remains unchanged at 'C' pending the completion of the tender offer, the deadline for which is Dec. 14, 2023 (unless amended). Given the announced terms, we will likely see this transaction as tantamount to a default under our methodology, and lower the rating to 'D' on completion. We expect to reassess our ratings on Tullow Oil and its notes once we have visibility on the revised capital structure. The future ratings will balance a lower debt burden, improved maturity profile, and slightly better credit metrics against the risk of further debt transactions that we might see as distressed under our methodology and the uncertainties relating to the Ghanaian sovereign debt restructuring. |
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