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.
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