An update from Tullow Oil ( (GB:TLW) ) is now available.
Tullow Oil has announced its full-year results for 2024, highlighting a mix of successes and challenges. The company is focusing on production optimization and reserves maturation in Ghana, and has resolved a significant tax arbitration in Ghana, removing a $320 million liability. Tullow also plans to sell its Gabonese assets for $300 million, which will aid in debt reduction. The company is advancing its refinancing plan and aims to maintain financial discipline while optimizing production and driving reserve growth. Despite a slight decrease in production and revenue, Tullow has reduced its net debt and achieved significant operational milestones, including the completion of five new Jubilee wells ahead of schedule.
More about Tullow Oil
Tullow Oil plc is an independent energy company focused on responsible oil and gas development in Africa. The company primarily operates in West Africa, with significant producing assets in Ghana, Gabon, and Côte d’Ivoire, and a discovered resource base in Kenya. Tullow is committed to achieving Net Zero on its Scope 1 and 2 emissions by 2030 and aims to deliver socio-economic benefits to its host nations. It is listed on the London and Ghana stock exchanges.
YTD Price Performance: -34.70%
Average Trading Volume: 6,535,039
Technical Sentiment Signal: Buy
Current Market Cap: £202.4M
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