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Tullow Oil (TLW) is one of the world’s largest oil and gas exploration and production companies. Primarily focused on finding oil in Africa and South America, the company holds an interest in around 90 production and exploration licences throughout 16 countries and has 34 producing fields. Tullow Oil operates through three Business Delivery Teams: West Africa, East Africa and New Ventures. It employs around 1,150 people.
Aidan Heavey, the founder of Tullow Oil, was Chief Executive Officer for 31 years until 2017, when he was appointed as non-executive Chairman for a transitional period not exceeding two years. His successor as CEO is Paul McDade, who has been with the company since 2001 and was appointed Chief Operating Officer in 2004. Two other key figures at Tullow are Angus McCoss (Exploration Director) and Les Wood (Chief Financial Officer).
Tullow Oil was founded in Ireland in 1986 to develop some small gas fields in Senegal. In 1989, the firm was awarded its first onshore U.K. licence and listed its shares on the London and Irish Stock Exchanges. International expansion came in the 1990s, and in 2000 Tullow bought gas fields in the U.K. North Sea from BP for £201m.
The company doubled in size through the 2004 acquisition of Energy Africa, and in 2006 it acquired Hardman Resources for $1.1 billion. In 2010 Tullow executed an equity placing, whose proceeds were used to pay for the purchase of Heritage Oil’s Ugandan assets.In 2012 Tullow completed a $2.9bn farm-down to Total and CNOOC in Uganda and used the proceeds to become debt-free. But Tullow struggled in the low oil price environment of the mid-2010s, and there were disappointments in its African ventures.
In its financial results for the full year 2017, Tullow Oil reported total revenue of $1.72 billion (up from $1.27 billion the previous year). Gross profit was $815 million (up from $547 million in 2016), and the company made a post-tax loss of $189 million, against a loss of $597 million the year before.Tullow’s West Africa oil production exceeded expectations for the year, and in Europe working interest gas production performed in line with expectations.
The Tullow Oil share price has seen some huge fluctuations over the past 15 years or so, climbing from 80p in July 2003 to over £15 in February 2012. The shares then plunged, and by January 2016 they were back at just 130p. In early April 2018 the shares stood at around 200p, giving the company a market capitalisation of about £3 billion. To find out how Tullow Oil shares are doing right now, follow Capital.com. Our TLW chart puts all the information at your fingertips.
Tullow Oil is headquartered in London. Its West Africa operations are currently conducted in Equatorial Guinea, Ivory Coast, Gabon and Ghana. Its East Africa operations are focused on realising value from oil discoveries made in Uganda and Kenya. Tullow Oil’s New Ventures operation is responsible for exploration and appraisal activity in a total of nine countries across Africa and South America (Guyana, Jamaica, Mauritania, Namibia, Pakistan, Peru, Suriname, Uruguay and Zambia).
Tullow Oil is listed on the London Stock Exchange (LSE), the Irish Stock Exchange (ISE) and the Ghana Stock Exchange (GSE). The shares are a constituent of the FTSE 250 index. Check out Capital.com for the latest TLW chart. We’ll keep you up to date and in the picture.
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