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Home » Stock Market News » Tullow Oil forecasts $600 million full-year cash flow at $60 a barrel oil price

Tullow Oil forecasts $600 million full-year cash flow at $60 a barrel oil price

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated:

Africa-focused Tullow Oil PLC (TLW) said on Wednesday that it forecast $600 million in full-year operating cash flow, or unchanged compared to 2020, in case the price of oil remains at $60 per barrel on average during the remainder of the year.

The company added that its full-year operating cash flow would be $50 million higher, in case oil prices remain at $70 a barrel on average for the remainder of 2021.

Tullow Oil also said it planned to invest $250 million, primarily in drilling operations in Ghana, and that it expected its oil output to remain stable at nearly 60,000 barrels per day.

As of 7:09 GMT on Thursday the shares of Tullow Oil PLC were retreating 4.05% (GBP 2.11) on the day to trade at GBP 50.05 in London. Yesterday the stock closed 1.84% higher at GBP 52.16, while marking its third gain in the past ten trading sessions.

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