Things are Straight-shot Upside‑Down at Tullow Oil
Picture this: a once‑glorious oil name, Tullow, slumped like a stone in a shallow pond, and the stock price took a dive that even a shark would be proud of—just over 57% down on Monday.
What Makes a Sharefall Feel Like a Freefall?
- Production numbers hit the floor: the company now expects 70,000‑80,000 barrels per day, a hard‑to‑unite drop from the lofty 87,000 they aimed for back in 2019.
- The CEO’s exit: Paul McDade, the man who called the shots, gave up dividends and walked out with a “quit” stamp that left everyone scrambling.
- Board drama: Dorothy Thompson’s new role as executive chair comes with a heartfelt nod to the past, followed by a hint of “we’re still trying to sort out why we’re losing money.”
Company’s Response: A Quick‑Set Wipe‑off
“Thank you, Paul and Angus, for all the nights you put on the oil rigs,” Thompson said. “However, we’re disappointed and we need a serious review.” She added that despite the thrills, Tullow’s assets are still solid—“good people, good prospects, just need a new plan.”
Market Reaction: Biting Reality Check
Russ Mould of AJ Bell mused, “This is a classic story—rising fast to the FTSE 100 and now falling fast! The immediate exit of top management, combined with a production downgrade, paints a grim picture.”
In short, Tullow Oil’s fans are watching a rollercoaster that’s tilted more toward the dropping side. Time will tell if the company can straighten out the mountain path or if the shares will keep sliding to the bottom of the chart. Stay tuned for the next twist in this oil‑shark saga.
