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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Tullow defers payment of dividends to shareholders

bycitibusinessnews
February 14, 2017
in Business, Local Economy, News, Oil And Gas, Top Stories
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Oil giant Tullow has announced it will not be paying its shareholders dividends.

According to Tullow, it took the decision following current financial constraints it is facing.

Tullow which is listed on three stock exchanges including the Ghana Stock Exchange, in its 2016 financial report recorded a drop in its profits as compared to the previous year 2015.

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Tullow’s profits declined by eight percent between 2015 and 2016.

The figure dropped from 591 million dollars to 546 million dollars between the one year period.

Consequently, the oil giant recorded a loss after tax of about 600 million dollars at the end of 2016.

Though Tullow admits that its operations in Ghana provided a positive cash flow, it has cut down its 2017 projection from Ghana’s Jubilee oilfields  from 73,700 barrels of oil per day to 68, 500 barrels of oil per day.

The review has largely been influenced by the works to be carried out on the faulty turret bearing on the FPSO Kwame Nkrumah which will lead to a twelve week shut down of the vessel, in the second half of 2017.

Tullow’s board in its 2016 financial report recommended that no dividend is paid to shareholerds and rather the money is invested back into the company.

It stated that “ At a time when Tullow is focusing on capital allocation, financial flexibility and cost reductions, the Board believes that Tullow and its shareholders are better served by retaining funds in the business”.

Tullow’s share price as at 10 : 48 GMT on Tuesday 14th February, 2017 on the Ghana Stock Exchange, was  at 24cedis 83 pesewas.

–

By:  Vivian Kai Lokko/citibusinessnews.com/Ghana

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