Tullow in $1.5B Writedown On Oil Price Outlook, Exploration

Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday.

“Tullow expects to report pretax impairments and exploration write-offs of (around) $1.5 billion (c. $1.3 billion post-tax),” it said.

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