A slightly disappointing trading update which shows FY21 production within guidance at 59.2kbpd, while FY22 is guided at 55-61kbpd. This is a tad below our estimates (63kbpd, when excluding the pre-emption for the Ghanaian rights), as the TEN fields are guided for a c.3kbpd decline yoy. Furthermore, capex is forecasted to be $350m and above our expectations ($300m) and decommissioning at $100m.
26 Jan 2022
Q4 update: managing the TEN Fields decline
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Q4 update: managing the TEN Fields decline
Tullow Oil plc (TLW:LON) | 31.0 -0.2 (-1.7%) | Mkt Cap: 451.5m
- Published:
26 Jan 2022 -
Author:
Kevin VO -
Pages:
3
A slightly disappointing trading update which shows FY21 production within guidance at 59.2kbpd, while FY22 is guided at 55-61kbpd. This is a tad below our estimates (63kbpd, when excluding the pre-emption for the Ghanaian rights), as the TEN fields are guided for a c.3kbpd decline yoy. Furthermore, capex is forecasted to be $350m and above our expectations ($300m) and decommissioning at $100m.