March 12, 2020 / 7:08 AM / 3 months ago

Tullow Oil expects 2020 cash flow of up to $75 mln at $50 a barrel

LONDON, March 12 (Reuters) - Africa-focused Tullow Oil expects its free cash flow this year to reach $50 million to $75 million at an oil price of $50 a barrel, and to break even at prices of $45 a barrel, it said on Thursday.

Tullow said it would slash its investment budget by about a third to $350 million this year and cut its spending on exploration, historically the focus of the group, by almost half to $75 million.

The group, whose shares have shed around 90% of their value in the past six months, said it aims to cut its general and administrative budget by around $200 million over the next three years.

Reporting by Shadia Nasralla; Editing by Jan Harvey

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