Tullow Oil share price: what’s the latest as the stock falls 10%?

The UK-based oil and gas explorer continues to see its shares tumble in December, with its share price falling more than 10% on Monday, compounding losses sustained a week prior.

Tullow Oil continues to see its fortunes go from bad to worse in December, with the company seeing its share price fall by more than 10% on Monday to close at 60p a share.

The oil and gas explorer’s latest decline comes just a week after the company saw its share price fall by more than 70% - wiping over £1 billion off its market value.

Looking to trade Tullow Oil? Open a live or demo account with IG.

Tullow Oil shares tumble after CEO quits

The latest share price decline that Tullow Oil suffered came after its CEO Pat McDade announced his resignation, with the company’s exploration director Angus McCoss also stepping down.

The decision by both senior members of the firm came after the company was forced to cut its production guidance earlier this year.

Full-year 2019 oil production is forecast to average around 87,000 barrels of oil per day. This is slightly below previous guidance primarily due to weaker-than-expected production performance at its operations in Ghana, with drilling suspended at its TEN fields site in July.

Not only did the company have to downgrade its full-year production guidance, but Tullow Oil also announced that recent discoveries in Guyana contained low quality, heavy, sour oil which have significantly less commercial value.

The oil and gas company remains optimistic about the larger basin in Guyana and its potential to become a driver of profit and source of future cash flows, but even if the site does eventually bear fruit it will take some time for new wells to come online.

Analysts downgrade outlook for Tullow Oil share price

Analysts at HSBC and RBC both downgraded the stock in December.

HSBC offered the bleakest outlook for Tullow Oil, with its analysts offering a target price of 50p, representing a potential downside for the stock of -16.6%.

RBC, however, still believes the oil and gas explorer can claw back some of the gains its lost, issuing a target price of 100p, representing a potential upside of 66.6%.

You can go long or short Tullow Oil with IG using derivatives like CFDs.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.