Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Tullow Oil slumps to $1.3 billion loss as potential cash shortfall looms

Published 09/09/2020, 07:19
Updated 09/09/2020, 07:20
© Reuters. FILE PHOTO: Worker walks at a Tullow Oil explorational drilling site in Lokichar
TLW
-

LONDON (Reuters) - Tullow Oil (L:TLW) reported a half-year loss of $1.3 billion on Wednesday, compared with a $103 million (79.49 million pounds) profit last year, on the back of a previously flagged $1.4 billion impairment due to the group lowering its oil price outlook.

Tullow, with a market cap of $361 as of Wednesday and $3 billion in debt, said it was evaluating "various refinancing alternatives with respect to the Group's capital structure" and expected to hold to a capital markets day before year-end.

"Cash flow projections forecast a potential liquidity shortfall during the 18-month period relevant to the Liquidity Forecast Test in respect of the January 2021 (reserve-based lending) re-determination due to the maturity of the $650 million Senior Notes due in April 2022," it said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.