trending Market Intelligence /marketintelligence/en/news-insights/trending/lqkArBYyjVS8GCGKZ5bM9A2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Tullow Oil to write down $1.5B on expected lower oil prices

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Tullow Oil to write down $1.5B on expected lower oil prices

Tullow Oil PLC will report $1.5 billion worth of write-offs mainly related to the company's lowered oil price assumption and reduced reserves at its exploration projects offshore Ghana.

Of the total pretax impairments and exploration write-offs, $700 million falls under Tullow's impairments of property, plant and equipment, while the remaining $800 million is for the company's exploration costs due to a write-down of the value of its Kenya and Uganda assets, according to a Jan. 15 news release. The write-offs also include well costs in three of the producer's wells in Guyana and other project license costs.

The write-downs came after Tullow decreased its long-term accounting oil price assumption to $65 per barrel, from $75/bbl. Tullow also reported a reduction in proved and probable reserves at the Tweneboa, Enyenra and Ntomme fields offshore Ghana.

Tullow recently said the volume of its latest oil discovery in Guyana was lower than forecast, causing the company's shares to plunge at the beginning of the year.

Tullow in December 2019 also slashed its 2020 average production guidance to a range of 70,000 barrels of oil per day to 80,000 bbl/d amid some changes to its board and executive leadership, including the resignation of CEO Paul McDade. The producer also said it will reduce capital expenditures, operating costs and corporate overhead to help deliver sustainable free cash flow.