Tullow Oil Lowers Upper Limit of Production Guidance in 2018
November 15 2018 - 4:19AM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) on Thursday lowered the upper limit of
its total production guidance for 2018 after narrowing its forecast
oil production range but said strong oil prices have helped boost
its free cash flow.
The oil and gas company said it expects average daily production
for the year to be between 89,300-93,300 barrels of oil equivalent
a day, down from its previous guidance of 89,000-95,000 barrels a
day.
Tullow said all of its fields were producing in line with
expectations and narrowed its oil production guidance to a range of
87,000-91,000 barrels a day, compared with previous forecasts of
86,000-92,000 barrels.
The company cut its working-interest gas production forecast to
an average of 2,300 barrels of oil equivalent a day, compared with
3,000 barrels a day previously.
Tullow said it expects free cash flow in 2018 of around $700
million, subject to year-end working capital movements, and said
net debt at the end of the year is expected to fall to around $2.8
billion, from $3.5 billion at the start of the year.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
November 15, 2018 04:04 ET (09:04 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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