RE: some bad news after close - Moody's downgrade17 Dec 2019 20:26
So how much did pay in dividend this year? From my calculation they paid $33 million with the rest to be paid later which they cancelled. Then how the hell do such a big ratings company get it wrong! "2019, Moody's expects Tullow to report Moody's-adjusted EBITDA of around $1.45 billion, down 13% v. $1.67 billion in 2018. After capex of $665 million (including FPSO lease payments) and dividends of $101 million, Tullow should generate free cash flow (FCF) of around $250 million in 2019. Following the termination of the Uganda farm-down to Total S.A (Aa3 stable) and CNOOC Limited (A1 stable) in August, for which Tullow was due to receive a $100 million cash consideration along with re-imbursement of 2017 and 2018 capex of c.$108 million, this will prevent further deleveraging in 2019. Moody's now forecasts Moody's-adjusted total debt to EBITDA to be close to 3x at year-end compared to 2.8x in 2018.