RE: £18 Oct 2020 09:57
Tullow has revised its long term oil price value down from $65 a barrel to $60. As a result Tullow recorded $1.4bn in impairment charges and exploration write-offs. This drove Tullow to a $1.3bn loss after tax, compared with a $103m profit last year, while the group also reported negative free cash flow, rising net debt and a decline in liquidity.