Tullow Cuts Deeper as Banks Agree to Amend Loan Terms

Source: Reuters 4/28/2016, Location: Africa

Oil and gas producer Tullow Oil has reduced its annual capital expenditure budget by another $100 million to $1 billion and may cut spending further as it adjusts its balance sheet to weak oil prices. The Africa-focused company also said its lenders had agreed to amend terms on its $3.5 billion Reserve Based Lending (RBL), showing banks were willing to continue to support oil companies during the market downturn.

Tullow reiterated that it would have to reduce its annual production forecast, without a material impact on cash flow, due to an ongoing technical issue that has shut its flagship Jubilee oil field in Ghana. It said the field would resume production in the coming days.


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