Tullow Oil Expects Lower-Than-Guided Oil Production in 2019; Shares Fall
13 Novembre 2019 - 9:54AM
Dow Jones News
By Adriano Marchese
Shares in Tullow Oil PLC (TLW.LN) fell in early trade Wednesday
after the company said that average group oil production is
expected to be below guidance for the full year, blaming its Ghana
production performance.
At 0821 GMT, shares were down 38.90 pence, or 19%, at 167.0
pence.
The energy company said that it expects average oil production
for the group to be around 87,000 barrels of oil per day, a figure
which includes production-equivalent insurance payments.
The company forecasts full-year free-cash flow of around $350
million, which it said has been adversely affected by lower
production and lower oil prices for much of the second half of the
year.
Tullow Oil said capital expenditure for the year is expected to
be approximately $540 million, with net debt at the end of 2019
expected to be around $2.8 billion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 13, 2019 03:39 ET (08:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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