Tullow Oil shares cut in half after production guidance reduction, CEO exit
Tullow Oil PLC said Monday that it has cut its production forecast for the near term after 2019 output fell significantly below expectations and Chief Executive Paul McDade has resigned with immediate effect.
Going forward, Tullow said that it expects 2020 group production to average between 70,000 barrels a day and 80,000 barrels a day, and for an average rate of around 70,000 barrels a day for the following three years. For 2020, the board expects the group to generate underlying free cash flow of at least $150 million at $60 a barrel after a capital investment of $350 million.For 2019, the group expects to deliver free cash flow of around $350 million with liquidity headroom in excess of $1.0 billion, it said.
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