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 - 09/18 11:35:13 am
16.92 GBX   -8.17%
09/13Uganda, Tanzania sign agreement for construction of crude oil pipeline
RE
09/11NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
09/10NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Tullow Oil : fending off potential cash crunch, reports $1.3 billion loss

share with twitter share with LinkedIn share with facebook
09/09/2020 | 05:04am EDT
FILE PHOTO: Worker walks at a Tullow Oil explorational drilling site in Lokichar

Tullow Oil is exploring ways to fend off a potential cash crunch as the London-listed group reported a $1.3 billion loss after it was forced to write down $1.4 bln due to collapsing demand for oil.

Tullow, with a market cap of $361 million as of Tuesday and $3 billion in debt, said it was looking at "various refinancing alternatives" and plans to hold a capital markets day later this year.

It warned that the process carried uncertainties that could risk its going concern status.

"Cash flow projections forecast a potential liquidity shortfall during the 18-month period relevant to the Liquidity Forecast Test in respect of the January 2021 RBL re-determination due to the maturity of the $650 million Senior Notes due in April 2022," it said.

Tullow, which is slashing jobs and selling assets, said it is looking to refinance convertible bonds due next year or the senior notes due in 2022, amend its reserve-based lending (RBL) facility or raise cash from banks or other investors by January.

Like other oil producers, Tullow has already received debt covenant waivers this year, but Finance Chief Les Wood said Tullow did not take continued waivers for granted.

Tullow reported a half-year loss of $1.3 billion on Wednesday, compared with a $103 million profit last year, as it took an expected $1.4 billion writedown after it lowered its oil price outlook. Tullow has untapped liquidity and around $500 million in available cash.

It plans to spend around $365 million on investments and decomissioning this year. Tullow said it expects its 2020 cash flow to break even at current oil futures prices. It has hedged 60% of its sales this year at a floor price of $57 a barrel and 48% of next year's at a floor of $51 a barrel.

Tullow said it halted the sale of a portion of its Kenyan onshore oilfields pending a review, but is confident it will close the sale of its Ugandan assets for around $500 million this year to France's Total

Its shares were down around 8% at 18 pence at 0818 GMT.

Tullow, founded in the 1980s to tap into African oil and gas, suffered a series of technical difficulties and missed production targets, leading its chief executive to step down late last year.

($1 = 0.7724 pounds)

By Shadia Nasralla

share with twitter share with LinkedIn share with facebook
All news about TULLOW OIL
09/13Uganda, Tanzania sign agreement for construction of crude oil pipeline
RE
09/11NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
09/10NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
09/10TULLOW OIL : 2020 Half Year Results Fact book
PU
09/09GLOBAL MARKETS LIVE : LVMH, Lululemon, Apple, Boeing…
09/09TULLOW OIL : fending off potential cash crunch, reports $1.3 billion loss
RE
09/09TULLOW OIL : 2020 Half Year Results
PU
09/09TULLOW OIL : 2020 Half Year Results Presentation
PU
09/09TULLOW OIL : Appointment of Mitchell Ingram as a Non-executive Director of Tullo..
PU
09/09TULLOW OIL : 2020 Half Year Results
PU
More news
Financials (USD)
Sales 2020 1 281 M - -
Net income 2020 -1 348 M - -
Net Debt 2020 2 366 M - -
P/E ratio 2020 -0,23x
Yield 2020 -
Capitalization 308 M 309 M -
EV / Sales 2020 2,09x
EV / Sales 2021 2,23x
Nbr of Employees 879
Free-Float 79,7%
Chart TULLOW OIL
Duration : Period :
Tullow Oil Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TULLOW OIL
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 0,45 $
Last Close Price 0,22 $
Spread / Highest target 990%
Spread / Average Target 108%
Spread / Lowest Target -94,0%
EPS Revisions
Managers
NameTitle
Rahul Dhir Chief Executive Officer & Executive Director
Dorothy Carrington Thompson Non-Executive Chairman
Mark Stuart MacFarlane Chief Operating Officer
George Leslie Wood Chief Financial Officer & Executive Director
Sandy Stash EVP-Safety, Operations & Engineering
Sector and Competitors
1st jan.Capitalization (M$)
TULLOW OIL-73.56%309
CNOOC LIMITED-36.03%47 758
CONOCOPHILLIPS-44.84%38 473
EOG RESOURCES, INC.-51.40%23 703
ECOPETROL S.A.-36.20%23 327
CANADIAN NATURAL RESOURCES LIMITED-44.86%20 768