Tullow Oil (TLW)

Sector:

Energy Producers

Index:

FTSE Small Cap

23.74p
   
  • Change Today:
    -0.52p
  • 52 Week High: 39.48p
  • 52 Week Low: 21.38p
  • Currency: UK Pounds
  • Shares Issued: 1,458.26m
  • Volume: 4,482,943
  • Market Cap: £346.19m
  • RiskGrade: 365

Tullow Oil boss quits as production cut, dividend cancelled

By Duncan Ferris

Date: Monday 09 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Tullow Oil chief executive Paul McDade quit on Monday as the company slashed production forecasts and suspended its dividend.
Shares in the company almost halved in value in early trade as exploration director Angus McCross also resigned and the company cut its 2020 production forecast to 70,000 - 80,000 barrels of oil per day (bopd) on the back of continuing problems at its Ghana operations.

Tullow also warned production for the next three years was now expected to average out at around 70,000 bopd due to its main production assets performing "significantly below expectations", reduced demand from Ghana National Gas Company and mechanical issues on two new wells.

Guidance for the current year remains at 87,000 bopd, as forecast in a November trading update.

Dorothy Thompson has been temporarily installed as executive chair as the hunt begins for replacements, Tullow said in a statement.

However, the company explained it has opted to cancel the dividend in order to allocate appropriate funds to its core production assets, development projects and continued exploration.

Thompson said the board had been "disappointed" by Tullow's recent performance and would provide a full financial and operational update with the company's full year results on 12 February 2020.

"Despite today's announcement, the board strongly believes that Tullow has good assets and excellent people capable of delivering value for shareholders. We are taking decisive action to restore performance, reduce our cost base and deliver sustainable free cash flow," added Thompson.

(Writing by Frank Prenesti; Editing by Michele Maatouk and Josh White)

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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 23.74p
Change Today -0.52p
% Change -2.14 %
52 Week High 39.48p
52 Week Low 21.38p
Volume 4,482,943
Shares Issued 1,458.26m
Market Cap £346.19m
RiskGrade 365

Tullow Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
13.13% above the market average13.13% above the market average13.13% above the market average13.13% above the market average13.13% above the market average
63.89% below the sector average63.89% below the sector average63.89% below the sector average63.89% below the sector average63.89% below the sector average
Price Trend
70.04% below the market average70.04% below the market average70.04% below the market average70.04% below the market average70.04% below the market average
28.21% below the sector average28.21% below the sector average28.21% below the sector average28.21% below the sector average28.21% below the sector average
Income Not Available
Growth
94.70% above the market average94.70% above the market average94.70% above the market average94.70% above the market average94.70% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 4
Buy 4
Neutral 1
Sell 1
Strong Sell 1
Total 11
buy
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 31-Oct-2024

Time Volume / Share Price
16:35 865,900 @ 23.74p
16:35 1,667 @ 23.74p
16:35 3,484 @ 23.74p
16:35 643 @ 23.74p
16:35 2,613 @ 23.74p

Tullow Oil Key Personnel

CFO Richard Miller

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