Member Info for Garydav2

Crude prices logged their worst day since the financial crisis after two of the world’s biggest oil producers failed to agree on whether to reduce global supply in the face of the coronavirus’s devastating effect on demand.

On Friday, Brent crude, the global benchmark, notched its largest one-day percentage decline since December of 2008, falling 9.4% to $45.27. U.S. crude futures declined 10.1% to $41.28 a barrel, their largest one-day percentage decline since November of 2014.

“It’s a disaster,” said Robert Yawger, director of the futures division at Mizuho Securities USA. “What happened was really a worst-case scenario situation.”

Saudi Arabia was unable to persuade Russia to join its plan for deeper crude production cuts at a gathering of the Organization of the Petroleum Exporting Countries and its allies in Vienna. The failure signaled the end of a four-year collaboration between OPEC’s member-nations and 10 nonmembers led by Russia, which collectively was known as OPEC+.

“Today will be a regretful day,” Saudi energy minister Abdulaziz bin Salman told the gathering, according to people who were present, after Russian delegates insisted they wouldn’t debate further action before the group’s next scheduled meeting in June.

    Tullow expects to report pre-tax impairments and exploration write-offs of c.$1.5 billion (c.$1.3 billion post tax) primarily due to a $10/bbl reduction in the Group's long-term accounting oil price assumption to $65/bbl and a reduction in TEN 2P reserves.

2020 outlook

·    In 2020, capital expenditure is expected to be c.$350 million, with an additional c.$100 million expected to be spent on decommissioning. Tullow expects to generate underlying free cash flow of at least $150 million from 75,000 bopd at $60/bbl.

From most recent trading statement.....

BTF you have been ramping this ever since you got here in the 40's thinking you had got yourself a bargain.
I am bitter yes. Lost in the initial 1.47 to 39p drop so yes I know the company is crap. And all these fantasy figures you are talking is just not true. Have a read of the last report.
Taking one of your points they wrote back their production and price per barrel meaning FCF for this year is £150M not £350M......

Yuri read on the ADVFN board there were 2 large sells here today at 4M and 2M. If they disappoint on results here then it will be dropping into the teens or 10's. To think this was £2.60 not that long ago.....
Companies finished.

I think because it's so fragile easy target. The big fall in Oil prices is scary stuff. Think this will halve again if no OPEC deal. Oil will continue falling

Cant quite believe I bought some today at 1.29p!
Never thought they would get that low

BTFath no ones gonna take this on with $40 oil. Why would they. Lots of debt, Uganda problems, poor drilling results. Oh remember the massive discovery they had that turned out to be heavy sour? That's when the rot set in.
Good luck but I think the banks will be controlling things here....

Velo i normally follow your posts with interest and appreciate your Technical insight. However when it's a market sell off like this I dont think you can apply your dark arts chart stuff.
For my view with the Dow more positive I bought in today and am expecting a blue Monday

Smart move scarlet. Best to wait until after results....

Well said Colonel.
Need to be very selective with picks / sectors.
Travel, Oil, Airlines most risk

4M and 2M sells today. Huge debt here and how long will this Corona last?

BP and shell they can ride it out. Small Oilers like this will fall by the wayside unfortunately. Be eaten up by the bondholders and banks

Matt I know. Like most a few grand down here and there unless very lucky. But dont think this stock is an investment. May as well go down to Ladbrokes and put it on a 20/1 shot

If this keeps on halving then suspension or bust next stop. Incompetent, bloated, complacent management.

Oil down by 7.88% . Floor gone....

Blue moon they cut it back massively to 70000 barrels and reduced the value of reserves at last profit warning when the chief exec left. Think there will be more right downs and problems to come.
Could drop alot lower from here

All about sentiment Mr D. Oil price will keep dropping and its been all bad news here for months

This will open at 18p on Monday

I'm sure Dorothy said they didnt hedge.....

What's does this mean for SP then do you think? I'm surprised. They have good hedges in place though.
What's happening with possible Zama sale too as this would help matters?