LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) Wednesday reported that its fiscal 2019 group working interest oil production averaged 86,700 bopd, in line with expectations.
For the year, total revenue is expected to be about $1.7 billion, and gross profit is expected to be about $0.7 billion. Capital expenditure in 2019 was about $490 million.
In fiscal 2018, revenue was $1.86 billion.
Tullow said it expects to report pre-tax impairments and exploration write-offs of about $1.5 billion or about $1.3 billion post tax. This is primarily due to a $10/bbl reduction in its long-term accounting oil price assumption to $65/bbl and a reduction in TEN 2P reserves.
The company is slated to release its fiscal 2019 results on March 12.
Further, for fiscal 2020, the company noted that operations across the Group's production assets have started the year in line with expectations. 2020 Group average production guidance remains unchanged at 70,000 to 80,000 bopd.
Capital expenditure is expected to be about $350 million, with an additional c.$100 million expected to be spent on decommissioning.
Tullow expects to generate underlying free cash flow of at least $150 million from 75,000 bopd at $60/bbl.
Copyright RTT News/dpa-AFX