Tullow Oil (TLW)

Sector:

Energy Producers

Index:

FTSE Small Cap

35.88p
   
  • Change Today:
    -0.080p
  • 52 Week High: 39.00
  • 52 Week Low: 24.40
  • Currency: UK Pounds
  • Shares Issued: 1,456.71m
  • Volume: 1,318,703
  • Market Cap: £522.67m
  • RiskGrade: 365

Tullow shares gush as Jubilee startup provides cash flow boost

By Frank Prenesti

Date: Wednesday 24 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Shares in Tullow Oil soared on Wednesday after the independent oil and gas explorer said the start-up of the Jubilee South East operation off Ghana helped to drive production and lifted 2023 cash flow ahead of expectations.
The company on Wednesday said it was on track to deliver around $600m in free cash flow over the next two years to achieve its stated target of $800m from 2023 to 2025.

Five Jubilee wells were expected to come onstream in 2024, concluding the activity planned at the start of the drilling programme approximately six months ahead of schedule with excellent drilling performance.

Year-end net debt was reduced by about $250m to $1.6 bn.

"Having invested heavily into their fields in recent years, the group is now reaping the benefit of the cash flows created by rising production," said Steve Clayton, head of equity funds at Hargreaves Lansdown.

"Problems with field engineering encountered earlier in 2023 have now been resolved and the Jubilee field is now producing over 100,000 barrels per day, underpinning the group's cash flows."

"Having arranged a borrowing facility with Glencore, the group now has no further debt maturities this side of 2026, giving Tullow the headroom to bring borrowings sharply lower. It's a much more secure position for the group than just a year or two ago when they were beset by operational and financial challenges. "

Reporting by Frank Prenesti for Sharecast.com

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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 35.88p
Change Today -0.080p
% Change -0.22 %
52 Week High 39.00
52 Week Low 24.40
Volume 1,318,703
Shares Issued 1,456.71m
Market Cap £522.67m
RiskGrade 365

Tullow Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
43.73% above the market average43.73% above the market average43.73% above the market average43.73% above the market average43.73% above the market average
36.00% above the sector average36.00% above the sector average36.00% above the sector average36.00% above the sector average36.00% above the sector average
Price Trend
7.47% below the market average7.47% below the market average7.47% below the market average7.47% below the market average7.47% below the market average
40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average
Income Not Available
Growth
59.40% above the market average59.40% above the market average59.40% above the market average59.40% above the market average59.40% above the market average
72.55% above the sector average72.55% above the sector average72.55% above the sector average72.55% above the sector average72.55% 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 24-May-2024

Time Volume / Share Price
16:35 653,816 @ 35.88p
16:35 9,802 @ 35.88p
16:35 6,927 @ 35.88p
16:35 1,107 @ 35.88p
16:35 2,370 @ 35.88p

Tullow Oil Key Personnel

CFO Richard Miller

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