Tullow shares fall despite improved production guidance

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Tullow shares fall despite improved production guidance

FTSE 250 hydrocarbon outfit Tullow Oil (LON:TLW) has upgraded its full year production guidance for its working interests to 86,000-92,000 barrels of oil equivalent per day and said that it expects to report revenues of $0.9 billion (£0.69 billion) for the first six months.

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Chief Executive Paul McDade said that:”Tullow has performed strongly so far in 2018. With substantially reduced gearing and financial discipline embedded across the Group, we are now able to focus on the growth of the business“. Shares in the business fell by 3% to 242.90p (as at 16:00 BST).

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