Tullow Oil PLC (LSE: TLW)

Tullow Oil PLC (LSE: TLW) is a FTSE 250 listed entity, engaged in oil & gas exploration and production. The company has business across 15 countries. The company manages production activities and developments across Africa, South America, Europe, and Kenya.

FY23 Annual General Meeting (Released on 24 May 2023)

• Increased Production & Liquidity: The group reported an increase of 6% in net production at 61,120 bpd on a year-on-year basis during FY22 which helped the company to generate free cash flows of USD 267 mn for the reported period.
• Reduced Debt: The company worked to deliver its balance sheet, resulting in reducing its net debt to USD 1.9 bn during FY22 which is almost close to meeting the gearing target of 1.5x, 3 years before the planned timeline.
• Progress on the ESG front: The management is striving hard to reach the aspirational target of achieving Net Zero by 2030. Also, continuous developments are being made across the project going in Ghana to eliminate the routine flaring by 2025 and a letter of intent is already signed with the Ghana Forestry Commission for the nature-based carbon offset project.
• Outlook: The group is optimistic about the Jubilee Southeast (JSE) project and expects to increase average production from 95,000 bpd in FY23 to more than 100,000 bpd gross in H2 FY23. Further, the net production in Q1 FY23 was close to 53,700 bpd whereas the full-year guidance remains at 58,000 bpd to 64,000 bpd in FY23.

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Tullow Oil PLC was trading at the closing market price at GBX 28.08 (as of 23 June 2023).

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 23 June 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.’

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