Tullow Oil Share Discussion Threads

[topazfrenzy] 12/3/2020 08:12

I'll get a few more later if it keeps sliding

[volsung] 12/3/2020 08:10

Yep prob a good time for a top up

[topazfrenzy] 12/3/2020 08:09

A little top up for me ... these results and financial position not that bad

BUY

[leoneobull] 12/3/2020 08:08

-- 60% of 2020 sales revenue hedged with a floor of $57/bbl; 40% of 2021 sales revenue hedged with a floor of $53/bbl

[mariopeter] 12/3/2020 08:08

Raising $1b from Ghana or the portfolio would undoubtedly save the Company bringing net debt down close to the bond level indebtedness. Review of short term lending before the 31st March. Foolish to pull the short term lending. Oil price down again today. Production guidance unchanged. Balance sheet utterly hammered again reflecting poor historical cap-ex or an over-prudent Dorothy.

[florenceorbis] 12/3/2020 08:04

Tullow Oil cuts investment budget by a third
Updated / Thursday, 12 Mar 2020 07:14
Tullow said it aims to cut its general and administrative budget by around $200m over the next three years
Tullow said it aims to cut its general and administrative budget by around $200m over the next three years

Africa-focused Tullow Oil said it expects its free cash flow this year to reach $50m to $75m at an oil price of $50 a barrel, and to break even at prices of $45 a barrel.

Tullow said it would slash its investment budget by about a third to $350m this year and cut its spending on exploration, historically the focus of the group, by almost half to $75m.

The group, whose shares have shed around 90% of their value in the past six months, said it aims to cut its general and administrative budget by around $200m over the next three years.

[costax1654x] 12/3/2020 07:58

Is hedged to 52

[the stinger] 12/3/2020 07:57

bb8, 22p today here you idiot

[waldron] 12/3/2020 07:55

BUSINESS REVIEW

-- Business Review undertaken covering all aspects of Tullow's operations and cost base

-- Group being restructured to create an effective and efficient organisation; 35% headcount reduction

-- Dividend suspended and 2020 capex lowered to c.$350 million; c.$200 million of G&A cash cost savings targeted over 3 years

-- Greater Group control of operations and production forecasting through appointment of Mark MacFarlane as COO

-- Ghana production and sub-surface management centralised in London; new Asset Director hired

-- Areas of potential investment to maintain long-term production and reserve recovery identified at both Jubilee and TEN

-- New Head of Exploration hired; c.45% reduction in exploration budget; disciplined exploration strategy

-- Portfolio management planned to raise in excess of $1 billion of proceeds, further streamline the business and reduce gearing

2020 outlook

-- Group production year-to-date in line with expectations; full year guidance of 70,000 - 80,000 bopd

-- Jubilee performing well after gas processing facility upgraded, increased gas offtake agreed, and sea-water injection capacity optimised; Nt-09 production well at TEN on-stream in Q2; non-operated West African production in line with expectations

-- Capex of c.$350 million, down c.30% from 2019; exploring options to reduce further if required

-- 2020 free cash flow forecast of $50-$75 million at $50/bbl; free cash flow breakeven of c.$45/bbl

-- 60% of 2020 sales revenue hedged with a floor of $57/bbl; 40% of 2021 sales revenue hedged with a floor of $53/bbl

-- RBL redetermination ongoing; expected c.$1.9 billion debt capacity at the end of March; liquidity of c.$700 million

[heialex1] 12/3/2020 07:55

Great hedging positions. Should be able to survive a long downturn in oil prices.

[costax1654x] 12/3/2020 07:54

More like up over 20

[idoflykathy] 12/3/2020 07:52

DOWN!!!!! Sub 10p

[idoflykathy] 12/3/2020 07:52

DOWN!!!!! Sub 10p

[big brother8] 12/3/2020 07:51

BANKRUPTCY LOOMS NOW.

COVENANT BREACHES...

LOOK AT THE LEVERAGE.

[ekuuleus] 12/3/2020 07:51

up or down idofly?

2019:

====================================================== ==========
Equity attributable to equity holders of the Comp 983.6
Total equity 983.6


2018:

====================================================== ==========
Equity attributable to equity holders of the Comp 2,893.2
Total equity 2,893.2

[idoflykathy] 12/3/2020 07:51

Looks like suspension?

[mcsean2164] 12/3/2020 07:51

Have to admit, I can't understand where all the money goes. Will be interesting to do a proper read of results after work.

I guess management is very well remunerated?

[gwr7] 12/3/2020 07:50

Dyor but I think you need to get out of this asap.
Therefore, we have concluded that there is a material uncertainty, that may cast significant doubt, that the Group will be able to operate as a going concern.

[iamgreat1] 12/3/2020 07:50

10p today then

[big brother8] 12/3/2020 07:50

I MAY CLOSE MY SHORT AT 1.6P

BB8
IN BB8 WE TRUST

[idoflykathy] 12/3/2020 07:47

Canadian, you won’t enjoy your breakfast when you see the opening share price. You were warned by me but didn’t listen. Now you must pay the piper!