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Tullow's (TUWOY) 2023 revenues increase 25% from the previous year's level. Free cash flows also exceed the prior-year figure. The company shows exceptionally well drilling performance despite setbacks in the Jubilee field.
The London-listed oil and gas explorer said the start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations, adding that the year-end net debt was reduced by about $250 million to $1.6 billion. The energy firm said its 2023 working interest production averaged about 63 thousand barrels of oil equivalent per day (kboepd). Jefferies analysts wrote in a note that Tullow's production forecast was in line with their estimates, and the focus would likely turn to Ghana output expectations once a drilling break occurs after this year's five-well Jubilee programme.