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Tullow Oil

FY2023 results

Tullow’s FY2023 results follow the trading statement provided on January 24th. The company retains its forecast of achieving $800m of free cashflow during 2023-2025. Net debt was...

Kenmare

New forecasts and revisiting the outlook

We update our Kenmare forecasts following the Q4 production report last week. Changes reflect a softer pricing backdrop in 2023 and latest volume and capex guidance. Current capex...

Tullow Oil

The investment case is shifting

Tullow Oil has made huge strides in dealing with its debt. Most recently, this includes the Glencore loan facility and tender offers – leading to a rally in its bond price despite weakness...

Tullow Oil

Tender offer results provide pause for thought

Tullow has announced the final results of its recent tender offer for its 7% March 2025 notes. $141m was validly tendered at a price of 92%, with Tullow previously offering to buy back...

Tullow Oil

Positive update on bond tender offers

Tullow has released updates on progress with its bond tender offers. The 2026 tender offer has been completed and was slightly increased. The 2025 tender offer is ongoing. So far,...

REITS

Hard assets positioned for outperformance

Yield curves have clearly broken out of their 40-year downtrend. This could signify a secular change in the investment landscape. Commodity-related assets are currently trading close...

Kenmare

Q3 production report

Kenmare’s production in Q3 is in line with our forecasts. The timing of some shipments slipped into Q4 and were also impacted by customer delays. Prices softened in Q3 as expected, and...

Kenmare

Refreshing forecasts

We have updated our Kenmare forecasts following the interim results. Due to the impact of the lightning strike in H1, we have lowered 2023 volume forecasts – which has impacted...

Kenmare

H1 results

Kenmare has reported H1 2023 results that were impacted by a lightning strike. Despite this, EBITDA of $110.4m leaves the company positioned to achieve our full year forecast. Kenmare...

Kenmare

Q2 production update

Kenmare has announced that production in Q2 was impacted by a range of factors including the lingering effects of the lightning strike that occurred in Q1. It has also announced a...