Tullow Oil remains a recovery play

A heavy debt load means this oil and gas producer is lowly rated, but its assets are producing consistently

March 8, 2023

Earnings constrained by impairment and hedging
Borrowings down just 4 per cent on 2021

Tullow Oil (TLW) had a wild ride in 2022, finding a solution to its debt load through a merger with Capricorn Energy (CNE) that fell through after investor protest. Despite that drama, Tullow is back where it started, in debt terms, with borrowings down just 4 per cent from the end of 2021 to $2.37bn (£2bn).

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