TUWOY Tullow Oil Plc (PK)

By Oliver Griffin

Tullow Oil PLC (TLW.LN) said Wednesday that total group net production in 2018 hit 90,000 barrels of oil equivalent a day, citing the solid performance of its operations in west Africa.

The oil-and-gas company said it produced an average of 88,200 barrels of oil a day throughout the year, as well as 1,800 barrels of oil equivalent from its working interest gas production.

In January last year, Tullow reported total group production of 94,700 barrels of oil equivalent a day for 2017. It forecast 2018 production in a range of 86,000-95,000 barrels of oil equivalent a day.

Revenue for the year is expected in the region of $1.8 billion, Tullow said, while end of year net debt was around $3.1 billion, down from $3.5 billion at the beginning of 2018.

Tullow said it expects production to grow to a range of 94,000-102,000 barrels of oil equivalent a day in 2019.

The company plans to increase oil production in west Africa and is targeting final investment decisions at operations in east Africa. The company will also drill its first wells at an exploration campaign in Guyana, in South America.

Chief Executive Paul McDade said: "Despite a volatile oil price, Tullow's improved balance sheet, low cost production and strong cash flow generation, even at lower oil prices, will allow us to both invest for growth and pay a sustainable dividend."

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

January 16, 2019 02:34 ET (07:34 GMT)

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