LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) Wednesday said it expects to report revenue of around $900 million and gross profit of around $500 million for the first half.
In its trading update, the company said its underlying free cash flow is expected to be around $100 million for the first half of the year and around $450 million for the full year. Following completion of the Uganda farm-down, this would increase to around $650 million.
As said earlier, Tullow expects its revenue and free cash flow to be heavily weighted to the second half of the year due to its liftings schedule and the phasing of both tax payments and rebates.
Capital expenditure guidance for 2019 remains unchanged at $570 million.
The half year results are scheduled for release on Wednesday July 24.
Paul Mcdade, Chief Executive Officer, said, 'Tullow has made steady progress overall across the business in the first half of the year. Our balance sheet remains strong and we expect another year of solid free cash flow generation.'
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