Tullow Oil to Report Higher Revenue, Free Cash Flow Ahead of Guidance for 2022


By Anthony O. Goriainoff

Tullow Oil PLC said Wednesday that it expects to report a rise in revenue for 2022, and that free cash flow for the year will be around $267 million and ahead of guidance.

The London-listed oil-and-gas company said revenue will be around $1.7 billion compared with a reported revenue of $1.27 billion for 2021.

The company said group working interest oil production guidance for 2023 is 58,000 to 64,000 barrels of oil per day.

Capital expenditure for the current year will be around $400 million, and that around $300 million of this will be in Ghana, with around $90 million in decommissioning spend in the U.K. and Mauritania, it said.

Its capital investment in Ghana is expected to support production growth through to 2025 and free cash flow generation of $700 million to $800 million for 2024 and 2025, the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com



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