Petroleum Africa
Find us on: 
Thursday, February 12, 2015
For those shareholders of Tullow Oil Corp. looking for a dividend, forget it as the company reported its first pretax loss in 15 years. While other companies are busy cutting employees by the 1,000s all the meanwhile handing out dividends, Tullow is one of the few who has chosen to forgo dividends in an attempt to deal with the sharp drop in oil prices.
“We think that is the sensible thing to do to create financial flexibility. We will look at the dividend again as market conditions allow,”TullowCFO Ian Springett told Reuters. He added the company will save around $180 million a year by not paying the final dividend.
Tullow saw a $2 billion pretax loss and will begin $500 million in cost cutting measures over the next three years. Half of Tullow’s cost cuts will come from its capex, although job cuts may also be part of the plan.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
