TransAtlantic (TAT) reported mixed Q215 results on 7 August, which reflected the decline in oil prices. With no wells completed in Q2, production started to slide from its Q1 peak and fell 4% q-o-q to 5.9mboe/d. Cost reductions were slightly below our expectations and operating cash flow of $8.0m was below capex of $10.2m, leaving TAT to draw from its cash pile to cover debt repayments. The dip in oil prices back to $50/bbl Brent may lead TAT to conserve cash and further trim capex until the
23 Sep 2015
Slower progress, but moving in right direction
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Slower progress, but moving in right direction
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23 Sep 2015 - Author:
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TransAtlantic (TAT) reported mixed Q215 results on 7 August, which reflected the decline in oil prices. With no wells completed in Q2, production started to slide from its Q1 peak and fell 4% q-o-q to 5.9mboe/d. Cost reductions were slightly below our expectations and operating cash flow of $8.0m was below capex of $10.2m, leaving TAT to draw from its cash pile to cover debt repayments. The dip in oil prices back to $50/bbl Brent may lead TAT to conserve cash and further trim capex until the