Tullow Oil will release its full-year earnings on 10 February, and traders are anticipating revenue of $1.62 billion with an adjusted net loss of $101 million, which compares with last year’s revenue and adjusted net loss of $2.21 billion and $1.47 billion respectively. The company will also announce its second-half numbers of the same date, and investors are expecting revenue of $806 million and an adjusted net loss of $629 million, which stacks up against last year’s revenue of $819 million and a net loss of $29 million.
Tullow Oil’s share price has been trounced by the collapse in the oil market. The company posted an annual loss last year as asset write-downs took their toll on the bottom line. Capital expenditure has been curtailed and costs have been cut, but it wasn’t enough to assure investors, and the stock was dragged lower by the falling energy market. Between free cash flow and lending arrangements, the company is well funded. The so-called TEN project is more than half-way completed, and the firm hopes to be able to begin production in July or August. Tullow is at the mercy of the oil market, and while the energy markets outlook stays bleak so does Tullow Oil’s.