Tullow Oil narrowed its annual production forecast range and cut capital investment expenditure estimate on Wednesday, as the west Africa-focused oil producer attempts to bring down costs after two strategic wells returned disappointing results.
The company now expects its full-year production to be between 61,000 and 62,000 barrels of oil equivalent per day.
Its forecast for 2022 capital investment was reduced to about $360 million, while free cash flow forecast was raised to $250 million.
Tullow, whose plans to merger with Capricorn Energy were foiled in September when Israel’s NewMed swooped, said a number of “strategic and operational initiatives” were going on and they were expected to evolve in the coming months.
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The company decided to push back its capital markets update to 2023 until it has an update on its strategy and outlook for investors, it said. – Reuters
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