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Wednesday, January 20, 2016
Tullow Oil is dropping its capital expenditure (capex) in 2016, this can mainly be attributed to trying market conditions. The company will drop its capex from the $1.7 billion seen in 2015 to $1.1 billion for 2016.
While Tullow expects its final numbers for 2015 to come in at about $1.6 billion in revenue, a gross profit of $0.6 billion, and operating cash flow of $1.0 billion, it still will be looking for ways to reduce its 2016 capex further.
At the beginning of 2016, Tullow had a mark-to-market hedge value of over $600 million and financial headroom of $1.9 billion, according to CEO Aidan Heavey.
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