By Christian Moess Laursen
Tullow Oil said it expects to miss its full-year oil output target due to a scheduled delay at an oil field in Ghana, while it improved its free cash-flow and net debt guidance.
The oil-and-gas company said Wednesday that it expects oil production to marginally miss the targeted range of 58,000-60,000 daily oil barrels, mainly due to the delays at the Jubilee South East field offshore Ghana as well as reduced water injection.
The low water injection rate is expected to be solved by year end, it said.
Production from its Ten fields in Ghana and its nonoperated portfolio performed broadly in line with expectations.
Following Tuesday’s announcement of a $400 million debt facility deal with mining giant Glencore, the London-based company said it improved its free cash flow and debt guidance for the year, as well as lowered its anticipated capital spend.
Full-year free cash flow is now seen at around $150 million, up from $100 million, while expected net debt is reduced by $100 million to $1.6 billion and capital spend to $370 million from $400 million.
Write to Christian Moess Laursen at [email protected]
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