Tullow 2022 Cashflow at $267M, Keeps 2023 Outlook

(Reuters)  West-Africa focused Tullow Oil  reported a 2022 free-cash flow of $267 million on Wednesday, up from $245 million the previous year and in line with forecasts, supported by increased equity in its Ghana operations and higher oil prices.

It plans to invest $400 million this year, mainly on its flagship fields in Ghana, expecting free cash flow to come in at $100 million at an oil price of $80 a barrel, or twice that at $100 a barrel, unchanged from previous guidance.

Tullow hedged 33,100 barrels per day (bpd) of this year’s output and 11,300 bpd of 2024’s production at between $55 and $75 a barrel.

This year it expects to produce between 58,000 and 64,000 bpd, broadly in line with 2022.

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