Tullow Oil (TLW)

Sector:

Energy Producers

Index:

FTSE Small Cap

52.04p
   
  • Change Today:
      0.22p
  • 52 Week High: 64.94
  • 52 Week Low: 15.90
  • Currency: UK Pounds
  • Shares Issued: 1,430.31m
  • Volume: 13,353,034
  • Market Cap: £744.33m
  • RiskGrade: 365
  • Beta: 0.03

Tullow Oil back in the black in H1, boosts free cash flow and cuts debt

By Alexander Bueso

Date: Wednesday 15 Sep 2021

LONDON (ShareCast) - (Sharecast News) - Tullow Oil moved back into the black, boosted its free cash flow and significantly cut debt during the front half of its financial year.
Key to all of the above, the oil explorer refinanced its liabilities during the period, successfully issued $1.8bn of medium-term debt and clinched a new $500m revolving credit facility.

Group working interest production averaged 61,230 barrels per day, in line with expectations, for roughly steady sales over the six months to June of $727m.

Tullow also pocketed $133m from the sale of its permits in Equatorial Guinea and for Dussagy Marin.

Combined, the company managed to turn a profit after tax of $93m as opposed to the $1.33bn of red ink seen one year before.

In parallel, Tullow also turned free cash flow positive to the tune of $86m, against an outflow of $213m in the year earlier period.

The debt pile meanwhile reduced from $3.02bn to $2.3bn.

Net debt was cut to 2.6 times the company's earnings before interest, taxes, depreciation and amortisation from 3.0 times one year before.

Looking ahead, Tullow narrowed its full-year production guidance to 58,000-61,000 b/d, helped by the decision to defer the shutdown of its Jubilee field and higher production at Simba.

Capital investment and decomissioning spend was pegged at approximately $260m and $90m, respectively.

At $60 a barrel of oil for the remainder of the year, the company projected a full-year underlying operating cashflow of roughly $600m.

Free cash flow for the 12 months meanwhile was seen at about $100m, rising by $50m should the oil price average $70 a barrel over the second half.

That guidance also incorporated expectations that a $75m payment from Total would be triggered if a Final Investment Decision for the Lake Albert development in Uganda occurred before the end of 2021.

If not, then Tullow anticipated a $75m payment in 2022.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tullow Oil Market Data

Currency UK Pounds
Share Price 52.04p
Change Today 0.22p
% Change 0.42 %
52 Week High 64.94
52 Week Low 15.90
Volume 13,353,034
Shares Issued 1,430.31m
Market Cap £744.33m
Beta 0.03
RiskGrade 365

Tullow Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
2.73% above the market average2.73% above the market average2.73% above the market average2.73% above the market average2.73% above the market average
76% below the sector average76% below the sector average76% below the sector average76% below the sector average76% below the sector average
Price Trend
22.42% above the market average22.42% above the market average22.42% above the market average22.42% above the market average22.42% above the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average
Income Not Available
Growth
31.9% below the market average31.9% below the market average31.9% below the market average31.9% below the market average31.9% below the market average
20.75% below the sector average20.75% below the sector average20.75% below the sector average20.75% below the sector average20.75% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 6
Sell 1
Strong Sell 3
Total 13
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Tullow Oil Dividends

  Latest Previous
  Interim Final
Ex-Div 29-Aug-19 04-Apr-19
Paid 04-Oct-19 10-May-19
Amount 2.35¢ 4.80¢

Trades for 15-Oct-2021

Time Volume / Share Price
17:06 25,000 @ 52.04p
16:35 2,061,359 @ 52.04p
16:29 710 @ 51.98p
16:29 4,000 @ 52.00p
16:29 203 @ 52.00p

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