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 profits jump in first half, capex scaled back

By Benjamin Chiou

Date: Wednesday 07 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Tullow Oil was able to grew profits in the first half of 2024 despite a weaker top line, as the Irish oil and gas group reduced its capital expenditure budget for the full year.
The Ghana-focused producer reported revenues of $759 for the six months to 30 June, down from $777m the year before.

Sales volumes dipped to 51,200 barrels of oil equivalents per day (boepd) from 56,900 boepd last year, due to the reduction of two liftings in Gabon.

Nevertheless, lower volumes were slightly offset by the realised oil price rising to $77 a barrel from $73.30 previously.

Pre-tax profit totalled $368m, up from $217m the year before, as capex fell 16% to $157m and decommissioning spend dropped 80% to just $9m.

"During the first half of 2024, Tullow has continued to deliver strong operational and financial performance. We are pleased to report improved results across key financial metrics compared to the first half of 2023; with higher production and oil price realisations combined with lower expenditure," said chief executive Rahul Dhir.

Dhir said the company now entered a period of lower capex in the second half of the year and beyond, as the company scaled back its full-year capex target by $20m to $230m.

"We will continue to reduce debt through sustainable free cash flow generation, strengthening our balance sheet and providing optionality for investment, growth and future returns," he said.

Tullow said it remains on track for working interest production to be at the lower end of the 62,000-68,000 boepd range as previously guided.

The stock was down 0.2% at 27.39p by 0903 BST.

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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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