Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Tullow Oil PLC on Wednesday announced it expected its oil equivalent production to rise in 2022 compared to 2021 but to stay below 2020 output.
The London-based oil and gas exploration company said it expects a production of 61,000 to 62,000 barrels of oil equivalent per day for all of 2022, narrowed from a previous estimate of 60,000 to 64,000. In 2021, Tullow Oil produced at 59,200 boepd, down 21% from 74,900 in 2020.
Tullow guided free cash flow of around $250 million, up 2.0% from the $245 million it reported for 2021 but down 42% from $432 million in 2020. For its 2022 free cash flow guidance, it assumes an average oil price of $95 per barrel for November and December.
A barrel of Brent crude fetched $94.66 on Wednesday at around 1045 GMT, rising from $92.60 a barrel at the same time on Tuesday.
Further, Tullow anticipates capital investment expenditure of around $360 million this year, up 37% from $263 million in 2021 and up 25% from $288 million in 2020.
Tullow Oil shares were 1.0% lower at 47.04 pence each in London on Wednesday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.