Tullow Oil Loss Narrows; FY Guidance Remains at 66-70Kbopd
2015-07-29 06:02:59.767 GMT
By James Cone
(Bloomberg) -- 1H op. profit $97m vs $36m y/y, says mainly
due to lower exploration write-off of $88m
* Loss after tax $68m vs $95m loss y/y
* 1H capex $783m; FY forecast remains $1.9b
* Net debt at end 1H $3.6b, with facility headroom, free cash
of $2.3b
* Says restructuring incl. job cuts and other cost savings
will save $500m over 3 years starting from 2H
* 1H West Africa oil production avg. 66.5kbopd with Jubilee
avg. 105kbopd
* Maintains FY guidance for 66-70kbopd, although gross Jubilee
avg. production now seen reverting to previous guidance of
100kbopd after S/T production constraints
* Avg. realized oil price after hedging for 1H $70.6/bbl vs
$106.7/bbl y/y
* Says TEN project on target, on budget for first oil in
mid-2016; ~65% complete
* 2H exploration campaign focused on Suriname (Spari), Norway
(Salander), Kenya (Cheptuket)
* Statement: NSN NS8JG03HHEDC<GO>
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To contact the reporter on this story:
James Cone in London at +44-20-3525-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
2015-07-29 06:02:59.767 GMT
By James Cone
(Bloomberg) -- 1H op. profit $97m vs $36m y/y, says mainly
due to lower exploration write-off of $88m
* Loss after tax $68m vs $95m loss y/y
* 1H capex $783m; FY forecast remains $1.9b
* Net debt at end 1H $3.6b, with facility headroom, free cash
of $2.3b
* Says restructuring incl. job cuts and other cost savings
will save $500m over 3 years starting from 2H
* 1H West Africa oil production avg. 66.5kbopd with Jubilee
avg. 105kbopd
* Maintains FY guidance for 66-70kbopd, although gross Jubilee
avg. production now seen reverting to previous guidance of
100kbopd after S/T production constraints
* Avg. realized oil price after hedging for 1H $70.6/bbl vs
$106.7/bbl y/y
* Says TEN project on target, on budget for first oil in
mid-2016; ~65% complete
* 2H exploration campaign focused on Suriname (Spari), Norway
(Salander), Kenya (Cheptuket)
* Statement: NSN NS8JG03HHEDC<GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Cone in London at +44-20-3525-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net