Tullow Oil share price: what to expect from its half-year results
The British oil and gas company released a trading update which saw it leave its full-year production guidance unchanged ahead of its half-year results next month, with progress made at its Kenyan projects.
When is Tullow Oil’s results date?
Tullow Oil will unveil its half-year results on July 24.
Tullow Oil’s results preview: what does the City expect?
In trading update on Wednesday, Tullow Oil said that it expects to record first half revenue of $900 million and profit of around $500 million.
Based on its performance so far, the oil and gas company has kept its full-year production guidance unchanged. However, due to minor operational issues at both its Ghanaian fields production over the first six months of trading is forecast lower than previously expected.
‘Oil production from our West African portfolio is currently running at 95,000 bopd after a short-term production issue in the first quarter and is due to grow in the second half of the year and beyond,’ Tullow Oil CEO Paul McDade said.
‘In South America, our exploration team is busy preparing for our exciting exploration campaign in Guyana,’ he added.
Tullow Oil continues lobby the Kenyan government for a final investment decision by the end of the year, which it admits is an ambitious target, but possible now that terms have been signed by joint venture partners.
‘Discussions with Government regarding key commercial agreements are making steady progress,’ the company said.
Meanwhile, in Guyana, Tullow plans to drill two wildcat wells on the Orinduik licence from June 2019 onwards using the Stena Forth drillship, with both wells targeting prospects of 100 to 200 million barrels of oil.
Tullow Oil looks to approve first dividend since 2014 at AGM
Tullow Oil is scheduled to hold its annual general meeting (AGM) at 12:00 GMT on Wednesday, where its management will ask shareholders to approve its first dividend since 2014.
‘This 2018 final dividend and our new dividend policy, which is expected to deliver at least $100 million per year to shareholders, reflect the financial and operational progress that Tullow has made over the past few years,’ McDade said.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Be ready to act on ECB opportunities
Learn how the ECB’s monetary policy announcements affect interest rates and price stability ahead of its next meeting in 22 April 2021.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets