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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Shell Plc | LSE:SHEL | London | Ordinary Share | GB00BP6MXD84 | ORD EUR0.07 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -55.00 | -1.90% | 2,834.50 | 2,830.50 | 2,831.00 | 2,874.00 | 2,822.00 | 2,860.00 | 10,533,677 | 16:35:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 316.62B | 19.36B | 2.9802 | 9.50 | 183.86B |
From Apr 2019 to Apr 2024
By Selina Williams
LONDON-- Tullow Oil PLC Thursday said it is making its largest ever write off of $2.7 billion before tax, mostly resulting from unsuccessful exploration programs and the drop in value of licenses, discoveries and assets resulting from the plunge in oil prices.
The write offs include a decrease in value of $600 million across all of Tullow's assets, including producing oil fields, oil in the ground and equipment. They also include $1.2 billion related to discoveries in previous years that now have no prospect of commercialization amid the weaker oil prices and unsuccessful exploration drilling.
The price of oil has more than halved in the past six months, hitting the exploration and production sector hard. Unlike the major oil companies BP PLC and Royal Dutch Shell PLC, explorers don't have other parts of their business to fall back on when oil prices are low, such as refining and marketing.
The Africa-focused explorer also said in a statement that it was further cutting its 2015 exploration budget by 30% to $200 million. Last year it slashed its budget as part of cost cuts.
Tullow said it expects 2014 revenue to be $2.2 billion and pretax operating cash flow of $1.5 billion, underpinned by strong performance of its West Africa oil production.
"These results versus the prior year, have been impacted by the oil price decline and lower gas production following asset sales in Europe and Asia," the company said in a statement.
Write to Selina Williams at selina.williams@wsj.com<mailto:selina.williams@wsj.com>
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