- Rahul Dhir, CEO of Tullow Oil Plc, made a statement regarding their business plan evolution, indicating a focus on capital discipline, operational performance and appropriate investment in assets over the last two and a half years.
- They are now shifting to a ‘harvesting’ mode where the business is predicted to generate around $800 million of free cash flow between 2023 and 2025 while maintaining the current business discipline.
- The company has seen success in the first half of the year with working interest production of 53.5k boepd, start-up of the Jubilee South East project, commercialisation of Ghana gas as a new revenue stream, and further optimisation strategies.
- They also achieved a strong financial performance with revenue of $777 million and a gross profit of $351 million, though the free cash flow was negative at $(142) million.
- The Year-end net debt is expected to be around $1.7 billion with unchanged full year capex guidance of around $400 million.
About Tullow Oil Plc (TLW.gh)
Tullow Oil Plc is the largest independent oil and gas exploration and production company with operations in Africa, Europe, South Asia and South America. The company has a portfolio of over 120 licenses spanning 22 countries; including multi-well operations in Ghana and Uganda. Tullow Oil Plc was founded by Aidan Heavey in 1985 in Ireland as a gas exploration business operating in Senegal. Acquisitions of BP’s North Sea Gas Fields in 2000, Energy Africa in 2004 and Hardman Resources in 2007 greatly enhanced the Group’s operations in Africa and Mauritania and added high-impact exploration licenses in South America. The company head office is in London, United Kingdom. Tullow Oil Plc is listed on the Ghana Stock Exchange
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