8,468 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Tullow Oil CEO Quits After Continued Poor Results in Ghana

Published in Oil Industry News on Tuesday, 10 December 2019


Graphic for News Item: Tullow Oil CEO Quits After Continued Poor Results in Ghana

Tullow Oil’s CEO and exploration director quit after the company cut its production outlook and suspended the dividend. The shares tumbled, deepening their loss for the year to more than 60%.

CEO Paul McDade and exploration chief Angus McCoss resigned with immediate effect, marking the exit of Tullow’s old guard after founder Aidan Heavey departed last year. Both had been stalwarts at the company for over a decade, presiding over discoveries from West Africa to Guyana, but also a slew of recent operational setbacks.

“Whilst financial performance has been solid, production performance has been significantly below expectations from the group’s main producing assets, the TEN and Jubilee fields in Ghana,” London-based Tullow said Monday. Group output next year is forecast at 70,000 to 80,000 bpd -- down from the 87,000 bpd expected for this year -- and production for the following three years will hover around the bottom of that range.

Hot Tip

Other job sites dump your CV into a database and let recruiters sift through thousands of candidates to find out who is available. With Oil and Gas People you just update your profile every 60 days to stay visible and at the top of recruiter searches.

“This is likely to have a negative impact on the valuations of Tullow’s key assets,” Al Stanton, an analyst at RBC Europe Ltd., said in a note. “We expect the pace of exploration activity, and therefore news flow, to be reined in.”

The executive departures come after a year of disappointments at Tullow, where technical difficulties have hampered output in Ghana, projects in Uganda and Kenya have faced delays, and results from wells in Guyana missed expectations. The company reduced its 2019 production forecast several times as the glitches in Ghana dragged on.

The shares sank 57% to 60.64 pence as of 10:28 a.m. London time, the biggest decline since they started trading in the city 30 years ago. The stock has dropped 66% this year and more than 90% since 2012. Tullow’s dollar notes due 2025 declined the most since they were issued in March 2018.

“There is a risk that the market will lose sight of the true value of our underlying assets,” interim Chairman Dorothy Thompson said by phone, insisting that the Jubilee development and Uganda reserves remain world-class oil fields. The company is conducting a review “to create a sustainable business, which we believe we can do,” she said.

Thompson declined to comment on whether Tullow is actively seeking buyers, but reiterated the standard position that the company would always be open to any offers that were attractive to shareholders.

The surprise CEO resignation, dividend suspension and revision of production guidance cast a “dark shadow over the company’s outlook,” while the start of a strategic review “increases the likelihood of an eventual sale of the company,” said Bloomberg global energy analyst Will Hares.

Mark MacFarlane, executive vice president of East Africa and non-operated, has been appointed chief operating officer in a non-board role, according to a Tullow statement. Les Wood continues as chief financial officer. The board has started a process to find a new CEO and is talking to internal and external candidates, Thompson said.

Source: www.worldoil.com

Please leave comments and feedback below





Tags

Ghana Oil and Gas, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com