Britain’s Tullow Oil chief to exit as group loses half its value

LONDON — More than half of the value of Africa-focused Tullow Oil was wiped out on Monday as Chief Executive Officer Paul McDade stepped down and the oil producer scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya where it is yet to reach final investment decisions, as well as to its plans to develop oil fields in Guyana, one of the world’s hotbeds for exploration, where oil it discovered was of a lesser quality than hoped.

The Africa-focused oil firm also suspended its dividend, which it only reinstated this year after a hiatus since 2015, as it still focuses on reducing its debt pile. Free cash flow is expected to come in at a minimum of $150 million next year at an oil price of $60 a barrel, less than half of this year’s expected $350 million. The group also slashed its capital expenditure program and cut costs at its operating fields.

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