Tullow Oil reinstates dividend after swinging back into the black

Writer, Stock Market Wire
Wednesday, February 13, 2019 - 07:32

Tullow Oil said it swung to an annual profit and reinstated its dividend, as revenue rose and it recorded less write-downs.

Pre-tax profit for the year through December amounted to $85m, compared to a loss of $175m on-year.

The company declared a final dividend of 4.8c per share.

Revenue rose 7.9% to $1.86bn and impairments of property, plant and equipment were just $18m, compared to $539m on-year.

Tullow Oil produced 88,200 barrels of oil per day and guided for output in 2019 of 94,000-to-102,000 boe.

'Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline,' chief executive Paul McDade said.

'This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today.'

'Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years ahead.'


Related content

Broker Forecast - JP Morgan Cazenove issues a broker note on Tullow Oil PLC

JP Morgan Cazenove today reaffirms its overweight investment rating on Tullow Oil PLC (LON:TLW) and cut its price target to 288p (from 292p).

Broker Forecasts...

Wed, 17/04/2019 - 08:50


What Norway’s oil investment U-turn means for UK investors

Author: 

The decision by Norway’s $1trn sovereign wealth fund to sell its positions in pure play oil and gas companies has caused shockwaves across the natural...

Thu, 14/03/2019 - 00:00


Broker Forecast - Barclays Capital issues a broker note on Tullow Oil PLC

Barclays Capital today upgrades its investment rating on Tullow Oil PLC (LON:TLW) to overweight (from equal weight) and raised its price target to 310p (from...

Wed, 06/03/2019 - 12:00


Broker Forecast - UBS issues a broker note on Tullow Oil PLC

UBS today reaffirms its neutral investment rating on Tullow Oil PLC (LON:TLW) and raised its price target to 220p (from 200p).

Broker Forecasts data provided...

Mon, 18/02/2019 - 09:10


Tullow Oil sees annual revenue rising around 4%; output lift in 2019

Tullow Oil said it expected to post an around 4% rise in annual revenue after meeting the top end of its production guidance.

Revenue for...

Wed, 16/01/2019 - 07:28