Tullow Oil aims to reduce net debt to under $1.4bn and expects $600m free cash flow over 2024-2025, capitalizing on higher oil prices.
Tullow Oil is on track to reduce net debt to under $1.4bn, after it surged to over $3bn in 2020. The Africa-focused producer has increased its exposure to global oil prices as a drop in debt allowed for more risk-taking. The company expects to deliver around $600m of free cash flow over 2024-2025 and is well-placed to capitalize on a higher oil price environment. A $10 increase in oil price to $90 per barrel would generate an additional $100m of free cash flow.
May 16, 2024
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