Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

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 and spread bets.

This information has been prepared by IG, a trading name of IG Markets 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. See full non-independent research disclaimer and quarterly summary.

Act on share opportunities today

Go long or short on thousands of international stocks with spread bets and CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets 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 spread betting and CFDs.

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