|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.1585 - 0.1800|
|52 Week Range||0.0400 - 1.5000|
|Beta (5Y Monthly)||2.63|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.02 (16.59%)|
|Ex-Dividend Date||Aug. 29, 2019|
|1y Target Est||N/A|
Independent international oil producers can cope with plunging oil prices better than higher-cost U.S. shale firms but persistent low prices may still leave them struggling to repay debts and renew hedging facilities needed to protect revenues. The drop in Brent crude to $20 a barrel and less, or the even deeper slide of U.S. crude into negative territory, has hammered U.S. shale producers, which typically need more than $40 to break even, forcing shut-ins and threatening insolvencies as the coronavirus crisis has thumped oil demand. Independent producers such as Tullow <TLW.L>, Kosmos <KOS.N>, Genel <GENL.L>, Premier <PMO.L> and EnQuest <ENQ.L> put their 2020 cash flow breakeven at $35 a barrel or less after cutting budgets, while hedging has further protected income for now.
Total <TOTF.PA> has agreed to buy Tullow Oil's <TLW.L> entire stake in jointly-held onshore oil fields in Uganda for $575 million (465.10 million pounds), Tullow said on Thursday as it strives to raise $1 billion this year to reduce its $2.8 billion of debt. Tullow, founded in the 1980s to tap into African oil and gas, suffered a series of technical difficulties and missed production targets, leading its chief executive to step down late last year. Tullow's shares have shed around 90% over the last 12 months and its market capitalisation had shrunk to around $285 million on Wednesday.
Tullow Oil <TLW.L> said on Tuesday it had appointed Rahul Dhir, who currently leads smaller Africa-focused oil and gas producer Delonex, as chief executive. Rahul will take the helm at Tullow at a time when it is slashing its headcount by a third and trying to raise $1 billion from selling at least part of its East African assets amid a pandemic that has slashed oil demand and prices. Tullow shares listed on the London Stock Exchange's main market have plunged about 93% since April 2019, shrinking its market capitalisation to around 250 million pounds while its debt stands at $2.8 billion.
Tullow Oil's <TLW.L> lenders have approved the size of its reserves-based lending facility at $1.9 billion (1.53 billion pounds), giving the group $700 million of undrawn loans and cash at the start of the second quarter, it said on Friday. Tullow, which had a market capitalisation of about $204 million before markets opened on Friday, is due to pay back a $300 million convertible bond in July 2021. Tullow said it expects its hedging to result in a $30 million receipt for March.
One of the biggest stories of last week was how Tullow Oil plc (LON:TLW) shares plunged 53% in the week since its...
Tullow, which has operations in more than 15 countries, counts its operations in the South American nation as one of its new ventures. "The well tested the La Cruz and Mal Pelo formations, where minor gas shows were encountered," Tullow said in a statement. "Tullow is building an extensive exploration position in Peru and, while this result is not what we had hoped for, we remain positive about Peru's wider offshore exploration potential," Tullow's Chief Operating Officer Mark MacFarlane said.
Total <TOTF.PA> Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil <TLW.L>, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation. Total is a partner in all growth markets for Tullow Oil whose market capitalisation shrank to around 633 million pounds as of Wednesday from 3.28 billion pounds in September. Amid industry speculation about a potential Tullow takeover target, Pouyanne told Reuters when asked whether Total might buy Tullow: "Stop dreaming... No".
Tullow Oil <TLW.L> plans to cut a third of its staff to save about $20 million (15.33 million pounds), a source with direct knowledge of the matter said, after the firm was hit by weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana. The latest savings initiative would reduce administration costs by about a fifth to $80 million, shrinking Tullow's workforce to about 650 people, and would be accompanied by hiring freezes, the source said. Tullow's annual net administration costs including costs to its partners equate to $100 million, less administration spending, the source said.
Dividend paying stocks like Tullow Oil plc (LON:TLW) tend to be popular with investors, and for good reason - some...
LONDON/ PARIS (Reuters) - Total <TOTF.PA> and Tullow Oil <TLW.L> aim to reduce their stakes in Kenya's first oil development with a joint sale that could see Tullow exit completely amid uncertainty over the project's launch, banking and industry sources said. The two oil and gas producers have hired French bank Natixis to run the joint sale process for Blocks 10 BA, 10 BB and 13T in the South Lokichar Basin, the sources said. London-listed Tullow, which operates the project, last year indicated it intended to sell up to 20% of its 50% stake in the blocks.
Tullow Oil <TLW.L> is to take a $1.5 billion (1.15 billion pounds) writedown after cutting its long-term oil price assumptions by $10 to $65 a barrel, a downgrade to reserves in Ghana and disappointing exploration wells, the company said on Wednesday. The writedown at Africa-focused Tullow comes after the exit of CEO Paul McDade in December and the scrapping of the group's dividend after the group failed to meet production targets due to a weak performance at its assets in Ghana. Tullow's shares fell 70% in the fourth quarter of 2019.
Global markets retreat following the killing of Iranian general Soleimani. Oil prices spike as Mideast tensions rise and the threat of all-out war increases.
The FTSE 100 <.FTSE> jumped after two straight sessions of losses to rise 0.8% after China cut the reserve requirement ratio (RRR) for banks and Trump said a Phase 1 trade deal with Beijing would be signed on Jan. 15. Mining shares <.FTNMX1770> and oil majors were among the top gainers, with Antofagasta <ANTO.L>, Glencore <GLEN.L> and BP <BP.L> advancing between 2%-3.1%.
Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content and is indicated to be 27 degrees API, a reading which measures oil density versus water and pointed to medium sour crude. Guyana, a global exploration hotbed, has become an increasingly important region for Tullow after a series of missteps at its flagship fields in Ghana and projects in Kenya and Uganda have also run into delays. Tullow's recent ventures in Guyana have yielded heavy oil, which contained a lot of sulphur.
Chevron (CVX) set its investment budget for 2020 at $20 billion. Meanwhile, Transocean (RIG) announced that it has been awarded a one-year contract worth $91 million.
The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its Jubilee field in the country and a delay in completing a well at the TEN offshore field. Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya where it is yet to reach final investment decisions, as well as to its plans to develop oil fields in Guyana, one of the world's hotbeds for exploration, where oil it discovered was of a lesser quality than hoped. "Although we understand that it (Tullow) plans to use its financial flexibility to offset the lower profitability and maintain positive free cash flow, we see a less robust business that has weaker credit metrics," S&P said in a statement.
Failed drilling of the Resolution well and disappointing results from its partners' Ghana fields induce Kosmos' (KOS) share price fall, thereby hurting investor confidence.
The FTSE 250 midcap index <.FTMC> was also down by the same level, with Tullow Oil <TLW.L> recording its steepest one-day fall since early 2004 after the oil and gas explorer scrapped dividend and announced the exit of its CEO. Rival Premier Oil <PMO.L> also fell 8%.
More than half of the value of Africa-focused Tullow Oil <TLW.L> was wiped out on Monday as Chief Executive Officer Paul McDade stepped down and the oil producer scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana. The London-listed company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field. Tullow, which had already cut its output estimates by 14 percent this year to 87,000 barrels per day (bpd), said on Monday its 2020 output would shrink further to a maximum of 80,000 bpd and fall again to around 70,000 bpd in 2021-2023.
Uganda said on Monday it had settled a tax dispute with international oil firms, clearing the way for Britain's Tullow Oil <TLW.L> to revive plans to sell a stake in its assets and allow the firms to move to a final decision on development. The government has been locked in a dispute with the firms, including France's Total <TOTF.PA> and China's CNOOC <0883.HK>, over the taxes assessed on Tullow's plans to sell part of its stakes in the country's oil fields. Uganda's previous oil tax disputes have been around capital gains tax on proceeds from asset sales.
Shares in some London-listed oil and gas producers including Tullow Oil <TLW.L>, Premier Oil <PMO.L> and Cairn Energy <CNE.L> fell on Thursday after the main opposition Labour Party pledged to raise taxes on the sector if it wins a Dec. 12 election. It added it would safeguard jobs and skills that depend on the offshore oil and gas industry. Tullow shares were down 1.4%, falling to their lowest since 2016, Premier shares fell 1.9% and Cairn shares 1.3% by 1219 GMT.