10th Feb 2016 15:42
LONDON (Alliance News) - Tullow Oil PLC said a non-executive board member bought shares as the oil company reported a pretax loss and decline in revenue on Wednesday.
The company said Jeremy Wilson bought 30,000 shares at a GBP1.4547 each on Wednesday, taking his holding to 45,000 shares.
Earlier Wednesday, Tullow Oil reported a narrower pretax loss in 2015 despite reporting a steep drop in revenue due to the fall in oil prices, as the company said it remains focused on reducing costs and getting the TEN development in Ghana producing. Tullow had already guided last month that its earnings would be considerably lower year-on-year after lower oil prices hampered results, as a fall in net production from Europe offset a rise from its flagship operations in West Africa.
The oil company reported a USD1.29 billion pretax loss from continuing activities in 2015 compared to a USD2.04 billion loss in 2014. Tullow stuck to its guidance to have a USD1.10 billion capital expenditure budget in 2016, but said this could fall to USD900.0 million. Importantly, with TEN almost finished, the company believes capital expenditure could be as low as USD300.0 million per year from 2017 onwards.
The stock was down 12% at 142.11p Wednesday, the worst performer in the FTSE 250.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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