West Africa-focused Tullow Oil said on Wednesday it was on track to deliver about $600 million free cash flow over the next two years to achieve its stated target of $800 million from 2023 to 2025.
The London-listed oil and gas explorer said the start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations, adding that the year-end net debt was reduced by about $250 million to $1.6 billion.
“Continued delivery of our business plan in 2023 resulted in a major inflection point as we moved from a period of investment focus to delivery of free cash flow growth,” chief executive Rahul Dhir.
“We are on track to deliver $600 million free cash flow over the next two years to achieve our stated target of $800 million of free cash flow from 2023 to 2025 at $80/bbl,” he said.
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“The debt facility agreed with Glencore is a strong endorsement of our business plan and we have no material uncovered debt maturities until May 2026. At the same time our assets are expected to deliver production growth, while we continue to maintain our laser focus on operational excellence and capital discipline,” he said.
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