Tullow Oil expects full-year cashflow of US$600 million at US$60/bbl oil price
Tullow, which has a market capitalisation of US$1 billion, is guiding for output to stay steady at around 60,000 barrels per day
Africa-focused Tullow Oil expects a full-year operating cashflow of $600 million, steady from last year, if the oil price averages $60 a barrel for the rest of the year, it said on Wednesday.
If oil prices, currently at around US$76 a barrel, average US$70 for the remainder of the year, operating cashflow would go up by US$50 million, it added.
Tullow, which refinanced it US$2.3 billion debt pile this year to extend maturities, expects to invest US$250 million, mainly on drilling in Ghana, and financing costs of US$290 million.
Tullow, which has a market capitalisation of US$1 billion, is guiding for output to stay steady at around 60,000 barrels per day.
It has hedged most of its output for the rest of the year at an average price of US$67 a barrel and about half of its output at US$72 next year with smaller amounts hedged into 2024.
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