Tullow Oil 2018 Production was 90,000 BOE/D
16 Janeiro 2019 - 5:49AM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) said Wednesday that total group net
production in 2018 hit 90,000 barrels of oil equivalent a day,
citing the solid performance of its operations in west Africa.
The oil-and-gas company said it produced an average of 88,200
barrels of oil a day throughout the year, as well as 1,800 barrels
of oil equivalent from its working interest gas production.
In January last year, Tullow reported total group production of
94,700 barrels of oil equivalent a day for 2017. It forecast 2018
production in a range of 86,000-95,000 barrels of oil equivalent a
day.
Revenue for the year is expected in the region of $1.8 billion,
Tullow said, while end of year net debt was around $3.1 billion,
down from $3.5 billion at the beginning of 2018.
Tullow said it expects production to grow to a range of
94,000-102,000 barrels of oil equivalent a day in 2019.
The company plans to increase oil production in west Africa and
is targeting final investment decisions at operations in east
Africa. The company will also drill its first wells at an
exploration campaign in Guyana, in South America.
Chief Executive Paul McDade said: "Despite a volatile oil price,
Tullow's improved balance sheet, low cost production and strong
cash flow generation, even at lower oil prices, will allow us to
both invest for growth and pay a sustainable dividend."
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
January 16, 2019 02:34 ET (07:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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