TUWLF - Tullow Oil In 2018: Lower Costs Lower Debt
In 2018 London-based Tullow Oil (TUWOY, TUWLF) succeeded on a few fronts: It brought net debt-to-adjusted EBITDAX multiple to 1.9x (in 2016 ratio equaled disastrous 5.1x), became profitable, and generated free cash flow, though less than promised. The contraction of gearing was achieved both by growing of adjusted EBITDAX and debt reduction. Unfortunately, the farm-down in Uganda has not been completed yet (see p. 1 of the report). So in 2019 the progress on that matter will be essential for investor sentiment. The second pillar of investor confidence is successful 2019