Tullow Oil shares fell by almost 14% yesterday after the West Africa-focused group trimmed its 2023 production forecast.
The London-listed firm reduced the upper end of its production guidance for this year to 58,000 to 60,000 barrels per day (bpd), from 58,000 to 64,000 bpd.
Tullow Oil shares were down 13.59% or 5.12p to 32.56p yesterday morning, having fallen over 34% in the last year.
Lower production guidance emerged amid lower than expected production from its Jubilee field in the first half of the year, we well the timing of the start-up of the Jubilee South East extension in the second half, the company said.
Tullow said adjusted earnings before interest, tax, depreciation, amortisation and exploration expenses stood at $1.17billion, or around £938million, down from $1.28billion, or around £962million, a year earlier.
The group's directors intend to recommend that no 2023 interim dividend is paid to shareholders.
Rahul Dhir, Tullow Oil's boss, said: "We are at an important inflection point in the evolution of our business plan.
"For the last two and a half years we have relentlessly focused on capital discipline, operational performance and appropriate investment in our assets.
"This has resulted in a much-improved business, material debt reduction and most recently, the delivery of Jubilee South East which has substantially increased production."
FTSE 100
The UK's top share index, the FTSE 100, was 18-points at 7,544 shortly after opening this morning, following yesterday's one-point drop.
Brent crude futures were up 0.60% at $92.43 a barrel.
Companies reporting today
- Foresight Solar Fund (Half year results)
- IG Group Holdings (Q1 trading statement)
- Renishaw (Full year results)
- Spire Healthcare (Half year results)
- Trainline (Trading statement)