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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL

(TLW)
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Delayed Quote. Delayed London Stock Exchange - 01/17 11:35:22 am
53.36 GBp   -3.68%
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Britain's Tullow Oil shares plunge over 50% as CEO resigns

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12/09/2019 | 04:25am EST
Worker walks at a Tullow Oil explorational drilling site in Lokichar

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month.

Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana.

The shares were down 53% by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday.

Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues.

In a conference call, the company said it was open to receiving offers to acquire the company at the proper value.

The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations.

"The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said.

Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive.

Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking".

"Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

By Ron Bousso and Shadia Nasralla

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.01% 539.67 Delayed Quote.0.45%
S&P AFRICA 40 INDEX -0.42% 168.38 Delayed Quote.-2.12%
TULLOW OIL -3.68% 53.36 Delayed Quote.-16.63%
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Financials (USD)
Sales 2019 1 837 M
EBIT 2019 690 M
Net income 2019 197 M
Debt 2019 2 878 M
Yield 2019 5,02%
P/E ratio 2019 5,11x
P/E ratio 2020 8,29x
EV / Sales2019 2,10x
EV / Sales2020 2,25x
Capitalization 977 M
Chart TULLOW OIL
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Tullow Oil Technical Analysis Chart | MarketScreener
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Technical analysis trends TULLOW OIL
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 1,27  $
Last Close Price 0,69  $
Spread / Highest target 434%
Spread / Average Target 82,3%
Spread / Lowest Target -17,2%
EPS Revisions
Managers
NameTitle
Dorothy Carrington Thompson Executive Chairman
Mark Stuart MacFarlane Chief Operating Officer
George Leslie Wood Chief Financial Officer & Executive Director
Sandy Stash EVP-Safety, Operations & Engineering
Stephen Charles Burrard Lucas Independent Non-Executive Director
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