Management understands that it needs to deliver its adjusted targets to regain confidence. It aims at divesting $1bn of assets (i.e. Kenya, Uganda) and will reduce the headcount by 35% (expected restructuring cost of $50m), to save $200m of g&a over the next three years. Surely the $35 oil price will not help in divesting upstream assets, which only adds to the list of Tullow’s concerns.
12 Mar 2020
Q4: tricky environment to divest in upstream
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Q4: tricky environment to divest in upstream
Tullow Oil plc (TLW:LON) | 31.1 -0.1 (-1.1%) | Mkt Cap: 452.5m
- Published:
12 Mar 2020 -
Author:
Kevin VO -
Pages:
2
Management understands that it needs to deliver its adjusted targets to regain confidence. It aims at divesting $1bn of assets (i.e. Kenya, Uganda) and will reduce the headcount by 35% (expected restructuring cost of $50m), to save $200m of g&a over the next three years. Surely the $35 oil price will not help in divesting upstream assets, which only adds to the list of Tullow’s concerns.