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Tullow Oil

6 Posts
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  1. forum rang 10 DeZwarteRidder 1 juli 2015 17:28
    Tullow Oil share price surges as group hikes production guidance

    Company upbeat on prospects despite expected slump in H1 profits

    by Kate Smith Wednesday, 01 Jul 2015, 09:28 BST
    Tullow Oil share price surges as group hikes production guidance

    Shares in Tullow Oil Plc (LON:TLW) have jumped in morning trade in London after the Africa-focused explorer hiked its full-year production guidance. The company, however, signalled that its first-half profits were set for a sharp fall with the company continuing to feel the pressure of the global drop in oil prices.

    As of 08:32 BST, Tullow Oil’s share price had gained 2.30 percent to 347.50p, outperforming the mid-cap FTSE 250 index which currently stands 0.72 percent higher at 17,657.14 points. The company’s shares have lost just under 60 percent over the past year, resulting in Tullow’s demotion from the blue-chip FTSE 100 index earlier this year.

    Tullow Oil announced in a statement today that it had seen strong oil production in West Africa in the first half of the year, prompting the company to raise its production guidance for the region from between 63,000 and 68,000 barrels of oil per day (bopd) to between 66,000 and 70,000 bopd. Tullow’s oil fields in West Africa, including Ghana, Gabon and Ivory Coast, account for the majority of the company’s output.

    “Our major oil producing assets in West Africa have performed strongly and we have upgraded our 2015 full year production forecast accordingly,” Tullow’s chief executive Aidan Heavey said in the statement, adding that the company had “taken a number of important steps to ensure that Tullow remains on a firm financial footing”.

    The oil explorer also updated investors on its financial performance, forecasting first-half revenue of $800 million (£509 million), down from $1.3 billion (£827 million) a year ago. Tullow’s gross profit is expected to have declined to $300 million from $700 million in the first half of 2014, pressured by the ongoing oil price weakness. The mid-cap explorer will publish its first-half results on July 29.

    As of 09:31 BST, Wednesday, 01 July, Tullow Oil plc share price is 346.35p.
  2. forum rang 10 DeZwarteRidder 6 juli 2017 21:37
    Tullow Pays Down Debt, Raises Profit In First Half Under New CEO
    by Reuters
    |
    Wednesday, June 28, 2017

    Reuters

    LONDON, June 28 (Reuters) - Tullow Oil said on Wednesday it had further reduced debt in the first half of the year after a surprise cash call in March and made a small increase in gross profit over the period thanks to higher output and an insurance payment.

    The Africa-focused company also trimmed its annual capital expenditure budget by another $100 million to $400 million as it expects to have to spend less across the business this year, it said in a trading statement.

    It is expected to have cut net debt to $3.8 billion by the end of the first half, down from $4.6 billion at the end of the first quarter, after it used proceeds from a rights issue to lower the burden.

    Gross profit for the period is expected at $300 million, up from $200 million a year ago, the company said.

    (Reporting by Karolin Schaps; editing by Jason Neely)

    Copyright 2017 Thomson Reuters. Click for Restrictions.
  3. forum rang 10 DeZwarteRidder 10 juli 2017 13:01
    'Oliebedrijven verloren $1 biljoen'
    1 uur geleden DFT

    Saudi Aramco, de grootste olieproducent ter wereld, verwacht in de nabije toekomst door een gebrek aan investeringen een tekort aan olie.

    Sinds de daling van de olieprijs zijn oliebedrijven volgens Aramco rond $1 biljoen aan inkomsten kwijtgeraakt. Dat leidde tot minder investeringen, die afgelopen jaren bij een lage olieprijs van onder de $50 per vat al waren teruggelopen.

    Groen te weinig

    Topman Amin Nasser van Aramco meldde maandag dat de wereld naar een tekort aan olie gaat. Het komt niet meer tot grote nieuwe ontwikkelingen van olievelden. De productie van schalie en alternatieve energie zijn onvoldoende om het wegvallen van de olieproductie op te vangen, aldus Nasser.

    Volg financieel nieuws live met deze gratis app van DFT
  4. forum rang 10 DeZwarteRidder 22 augustus 2017 17:54
    Tullow Oil boasts of “strong performance” as it releases first half results
    13:40 26 Jul 2017
    New Tullow boss Paul McDade struck a positive note and the oiler's figures undoubtedly show signs of improvement, though market conditions were still described as 'challenging' and debts, albeit reduced, amounted to US$3.8bn

    Tullow offshore oil operations
    Production averaged 81,400 bopd

    New Tullow Oil Plc (LON:TLW) chief executive Paul McDade lauded a strong performance despite challenging markets as the producer released results for the first half of the year.

    Specifically, McDade emphasised the group’s revenue performance with Tullow generating some US$788mln versus US$541mln in the corresponding six months last year.

    It came as production volumes averaged 81,400 barrels of oil per day in the first six months of 2017, and the company is still maintaining its current guidance range of 78,000 to 85,000 bopd for the full year.

    Dramatically improved free-cashflow was also highlighted by McDade, as the company brining in US$205mln this year, after a US$697mln outflow in the corresponding period of 2016.

    Tullow reported a US$300mln gross profit, though after impairments - mainly against properties and equipment – the oil firm chalked up a US$300mln post-tax loss for the first half.

    A US$750mln rights issue substantially boosted the group’s balance sheet, supporting a debt reduction of US$1bn, to US$3.8bn, and a farm-out deal in Uganda significantly reduced the group’s exposure to new capital spending obligations.

    McDade, who took the hot seat in April, in a statement, said: “Despite continued challenging market conditions, Tullow performed well in the first half of 2017 delivering strong revenues and organic free cash flow.”

    He added: “Since taking over as CEO, I have appointed a new and highly experienced executive team who are focused on returning Tullow to growth through financial discipline, efficient use of capital and by delivering on the potential of our diverse portfolio of low-cost production, development and exploration assets."
    Remediation, production growth and exploration

    Operationally, the company highlighted that the remedial work on the Jubilee Field’s turret is “making good progress” and that the work continues to be funded via insurance.

    Meanwhile, it also said it is on-track to submit the development plan for the Greater Jubilee Full Field to the Ghanaian authorities.

    At the same time, the company noted that production volumes at the TEN fields remain in line with expectations and additional drilling is anticipated later this year.

    In terms of exploration, the group has had continued success in Kenya, with positive appraisal and exploration results. A further three wells are slated for the second half of this year, and alongside its partners the company is advancing the project towards a final investment decision.

    Elsewhere, a high impact exploration well is planned in Suriname towards the end of this year.
  5. forum rang 10 DeZwarteRidder 26 september 2017 08:11
    Why Tullow Oil plc could be a millionaire-maker stock

    G A Chester | Monday, 25th September, 2017 | More on: GENL TLW

    There was a time when Tullow Oil (LSE: TLW) shares were trading at over 1,500p and rumours of a bid by one of the oil majors were rife. While the oil price was around $100 a barrel back then, compared with around $50 today, the company still owns valuable and covetable assets and its shares are currently trading at 288p.

    I believe Tullow’s improving prospects as a standalone business, as well as the potential for renewed takeover interest, could mean that the shares are primed for take-off from their depressed level.
    Significant positive

    News at the weekend, which has pushed the shares up about 5% today, represents a further brightening of the outlook for investors. On Saturday, the Special Chamber of the International Tribunal of the Law of the Sea in Hamburg delivered its judgment on a dispute over the maritime boundary between Ghana and Côte d’Ivoire.

    The dispute had seen a drilling moratorium at Tullow’s TEN fields but the company said that after Saturday’s determination it “expects to resume drilling around the end of the year, which will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd [barrels of oil per day].”

    To put this into context, the TEN fields averaged 48,000 (22,500 net to Tullow) bopd in the first half of this year, while full-year guidance across all the group’s assets is 78,000 to 85,000 bopd. As such, Tullow’s ability to progress the TEN fields’ plan of development towards their full potential is a significant positive for the future.

    Increasingly attractive for investors

    Its first-half free cash flow and a rights issue in April allowed it to reduce net debt to $3.8bn from $4.8bn. With a new chief executive focused on financial discipline and efficient use of capital, and a balance sheet that should further strengthen from rising free cash flow, I believe Tullow is looking an increasingly attractive proposition for investors.

    Before the weekend’s news, the City consensus earnings forecast for 2018 was 9p a share, giving a price-to-earnings (P/E) ratio of near to 21. While the consensus isn’t going to move up as far as the most bullish forecast of over 19p a share (P/E of less than 10), I’m expecting to see plenty of upgrades. In view of this and Tullow’s longer-term potential, I rate the stock a ‘buy’.

    Scope for shares to rise

    Also benefitting from improved clarity from a recent resolution to a dispute is Genel Energy (LSE: GENL). The company announced last month that it had reached an agreement with the Kurdistan Regional Government relating to unpaid entitlements for past oil sales from its Taq Taq and Tawke fields.

    In return for cancelling and waiving its rights to outstanding receivables, Genel will enjoy a range of benefits. The company said the net effect would be that “cash flow is expected to be materially enhanced over the course of the agreement, delivering significant value creation for all stakeholders.”

    The shares have advanced over 10% since the announcement to 147p today. With earnings forecast to increase 70% from 6.9p a share this year to 11.7p next year, the price-to-earnings growth (PEG) ratio of 0.2 — well below the fair-value marker of one — suggests there’s scope for the shares to rise a good deal higher yet. As such, they look very buyable to me at their current level.

    Could you make a million?

    Tullow and Genel could deliver life-changing profits for investors with a high tolerance for geo-political risk, but it may surprise you to know that the experts at the Motley Fool have figured out that a seven-figure-sum stock portfolio is within the reach of many ordinary investors. And they've published their findings in a FREE report called 10 Steps To Making A Million In The Market.

    To enhance your wealth-making prospects, I urge you to read their straightforward step-by-step guide. There are no strings attached, simply CLICK HERE for your free copy.

    G A Chester has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

    www.fool.co.uk/investing/2017/09/25/w...
  6. forum rang 10 DeZwarteRidder 27 september 2017 14:00
    Tullow Oil upgraded as it prepares to restart TEN development
    11:01 26 Sep 2017
    A new price target of 260p sees some 33% upside to Tullow's current price of 195p.

    RBC analyst Al Stanton has moved to ‘outperform’

    Tullow Oil plc (LON:TLW) shares rose almost 3% in morning deals after it saw a big upgrade from broker RBC Capital Markets.

    RBC analyst Al Stanton has moved to ‘outperform’ and set a new target price of 260p, up from 200p, as he looked ahead to the resumption of development work at the TEN project, offshore Ghana.
    READ: Tullow Oil boasts of “strong performance” as it releases first half results

    Stanton highlighted that Tullow is now gaining momentum and he pointed to a number of positives – including the restart of work at TEN, resolution to Jubilee turret problems, and the benefits of the recent refinancing.

    “With debt under control and a tight rein on spending, exploration and development campaigns should now drive sustainable growth,” Stanton added.

    “Having been shunned by many investors, the stock has some catching up to do, and given its oil price leverage we expect Tullow to outperform many of its peers in the current, rising oil price environment.”

    Tullow on Monday told investors that it could now continue development at TEN after an international offshore territory between Ghana and Cote d’Ivoire was concluded without any impact to the TEN area.
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