Tullow Oil PLC on Wednesday posted a narrowed loss for 2020, and committed to achieve net-zero emissions by 2030.
The London-listed oil-and-gas company booked a net loss of $1.22 billion for last year, compared with a loss of $1.69 billion in 2019. The bottom-line result was mainly driven by impairments and write-offs totaling $1.24 billion before tax.
The market consensus had forecast a net loss of $1.02 billion, taken from FactSet and based on the estimates of 10 analysts.
As for 2021, Tullow reaffirmed production guidance of 60,000-66,000 barrels of oil per day, generating underlying operating cash flow of around $500 million and pre-financing cash flow of around $200 million, assuming $50 per barrel. This is as oil output year-to-date has been in line with expectations.
Finally, Tullow has committed to become a net-zero business on its Scope 1 and 2 emissions by 2030. This is to be achieved through a combination of decarbonizing operated assets in Ghana and pursuing a nature-based carbon removal program.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT