Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

TULLOW OIL

(TLW)
  Report
Delayed Quote. Delayed London Stock Exchange - 02/21 11:35:01 am
40.57 GBp   -4.41%
02/18TULLOW OIL : Marina-1 well result
AQ
02/18TULLOW OIL : shares slip as Peru well looks a little dry
AQ
02/17LONDON STOCK EXCHANGE : FTSE climbs after recording weekly loss
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Total Chief dismisses Tullow Oil takeover idea

share with twitter share with LinkedIn share with facebook
share via e-mail
02/11/2020 | 10:22am EST
FILE PHOTO: Total CEO Patrick Pouyanne

ABERDEEN, Scotland (Reuters) - Total Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation.

Total is a partner in all growth markets for Tullow Oil whose market capitalisation shrank to around 633 million pounds as of Wednesday from 3.28 billion pounds in September. It is slashing its workforce and restructuring its portfolio.

Amid industry speculation about a potential Tullow takeover target, Pouyanne told Reuters when asked whether Total might buy Tullow: "Stop dreaming... No".

As of late 2019, Tullow was saddled with $2.8 billion in debt, a hangover from the last oil price crash which saw Brent crude futures plummet to below $30 a barrel in 2016.

High debts can make buying assets a more attractive option than a corporate sale.

Offshore Guyana, Tullow owns 60% and Total 25% of the Orinduik block, estimated to hold around 5.1 billion barrels of oil equivalent. Total also holds 25% in the Kanuku block, adjacent to Orinduik, in which Tullow holds 37.5%.

While two of Tullow's previous wells in Orinduik produced heavy oil, calling into question the quality of the reservoir, other wells targeting deeper layers have produced lighter oil - reviving hopes for the commerciability of wells targeting the so-called Upper Cretaceous.

Pouyanne said he expected two or three wells to be drilled offshore Guyana this year. Total, Tullow and their Orinduik partner Eco are due to meet this month and discuss next steps for their drilling off Guyana.

In Uganda and Kenya, Total and Tullow have partnered to bring the countries' first oil projects onstream, but both projects have hit snags.

Onshore Uganda, a deal for Tullow to sell a chunk of its stake to Total, fell through in August due to tax disputes with the government.

Uganda's government said in December it had settled the dispute with the companies, but they have not yet confirmed any such deal.

Pouyanne told Reuters discussions were still ongoing, but that Tullow's "financial issues" must also be dealt with.

In Kenya, Tullow and Total aim to reduce their stakes with a joint sale that could see Tullow exit completely amid uncertainty over the project's launch, banking and industry sources said.

Tullow declined to comment.

(Writing by Shadia Nasralla)

By Ron Bousso and Bate Felix

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.64% 528.2 Delayed Quote.-1.65%
ECO (ATLANTIC) OIL & GAS LTD. 3.28% 0.63 Delayed Quote.-35.71%
LONDON BRENT OIL -1.13% 58.45 Delayed Quote.-12.65%
S&P AFRICA 40 INDEX 0.21% 166.22 Delayed Quote.-3.99%
TOTAL -1.02% 44.295 Real-time Quote.-9.97%
TULLOW OIL -4.41% 40.57 Delayed Quote.-36.61%
WTI -0.28% 53.31 Delayed Quote.-15.34%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on TULLOW OIL
02/18TULLOW OIL : Marina-1 well result
AQ
02/18TULLOW OIL : shares slip as Peru well looks a little dry
AQ
02/17LONDON STOCK EXCHANGE : FTSE climbs after recording weekly loss
RE
02/17Tullow Oil shares slip as empty offshore Peru well adds to woes
RE
02/17TULLOW OIL : Marina-1 well result
PU
02/17TULLOW OIL : Marina-1 Well Update
PU
02/11Total Chief dismisses Tullow Oil takeover idea
RE
02/06TULLOW OIL : To cut third of its workforce
AQ
02/05Tullow Oil to cut a third of staff after shares pummelled
RE
02/05IMF lowers Uganda growth projection, cites oil investment delays
RE
More news
Financials (USD)
Sales 2019 1 826 M
EBIT 2019 678 M
Net income 2019 -1 007 M
Debt 2019 2 876 M
Yield 2019 6,33%
P/E ratio 2019 -0,74x
P/E ratio 2020 7,23x
EV / Sales2019 1,98x
EV / Sales2020 2,15x
Capitalization 741 M
Chart TULLOW OIL
Duration : Period :
Tullow Oil Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TULLOW OIL
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 1,10  $
Last Close Price 0,53  $
Spread / Highest target 548%
Spread / Average Target 109%
Spread / Lowest Target 9,23%
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
Sector and Competitors
1st jan.Capitalization (M$)
TULLOW OIL-36.61%741
CNOOC LIMITED-0.97%69 829
CONOCOPHILLIPS-10.13%63 181
EOG RESOURCES INC.-11.40%43 173
OCCIDENTAL PETROLEUM CORPORATION4.27%37 627
CANADIAN NATURAL RESOURCES LIMITED-5.21%35 763