Tullow Oil (TLWL)

  • Change Today:
  • 52 Week High: 65.18
  • 52 Week Low: 14.12
  • Currency: UK Pounds
  • Shares Issued: 911.66m
  • Volume: 593,693
  • Market Cap: £408.88m

Weak oil price, impairments see Tullow swing to $395m H1 loss

By Ikaba Koyi

Date: Wednesday 26 Jul 2017

LONDON (ShareCast) - (ShareCast News) - A massive impairment charge on Ghanaian operations saw oil producer Tullow on Wednesday report a deeper-than-forecast first half operating loss of $395m (£303m).
Pre-tax impairment charges came in at $642m (£493m) due to the weak oil price and a $572m hit on the TEN oilfields off Ghana.

The Africa-focused group reported a pre-tax loss of $519m (£398m) despite a 46% rise in revenues to $788m.

Chief executive Paul McDade said the company had performed well despite "continued challenging market conditions" that saw a 6% fall in the realised oil price to $57.3 a barrel.

Net debt was cut by $1bn since the year end to $3.8bn while Tullow revised its cash savings target up to $650m from $500m over three years.

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Tullow Oil Market Data

Currency UK Pounds
Share Price 44.85p
Change Today 0.005p
% Change 1.13 %
52 Week High 65.18
52 Week Low 14.12
Volume 593,693
Shares Issued 911.66m
Market Cap £408.88m

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