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Tullow says profits have been hit by falling oil prices

BBC -- Exploration and production firm Tullow oil says profits for 2009 were down 93% but it has made oil discoveries and upgraded prospects in Ghana and Uganda.

Pre-tax profits for the year ending in December 2009 were £20m ($30m), against £299m the year before.

Tullow said it was hit by lower oil and gas prices, and sterling's weakness.

Chief executive Aidan Heavey said the results "reflect a period of financial transition", and that Tullow was planning up to 30 new wells in 2010.

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Submitted Mar 10, 2010 By: stpetebp

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jimraehl Champion Author Utah Posts:2,192 Points:671,590 Joined:Sep 2008	Message Posted: Mar 10, 2010 6:22:27 AM Ignore jimraehl Report Abuse What falling oil prices?
turbosaab Champion Author Cleveland Posts:9,139 Points:1,438,665 Joined:Sep 2006	Message Posted: Mar 10, 2010 6:22:02 AM Ignore turbosaab Report Abuse Where have oil prices been falling? This sounds like mismanagement to me.
afghaned Champion Author Hamilton Posts:4,390 Points:313,750 Joined:May 2004	Message Posted: Mar 10, 2010 6:18:15 AM Ignore afghaned Report Abuse Inflated prices before the bottom fell out are why the profit is down.
TerryLee Champion Author Ohio Posts:11,397 Points:2,145,915 Joined:Mar 2004	Message Posted: Mar 10, 2010 6:17:08 AM Ignore TerryLee Report Abuse Falling Oil Prices,, What???????? Where???????????????????
BobD2009 Champion Author Long Island Posts:1,927 Points:267,585 Joined:Apr 2009	Message Posted: Mar 10, 2010 6:16:39 AM Ignore BobD2009 Report Abuse An oil company not making money. It's hard to believe. They must be really doing something wrong if is true. Maybe they are taking advice from our Congress.
Beau2140 Champion Author New York Posts:3,365 Points:682,510 Joined:Oct 2008	Message Posted: Mar 10, 2010 6:14:25 AM Ignore Beau2140 Report Abuse I'm so sympathetic.
9C1 Champion Author Chicago Posts:17,705 Points:3,281,620 Joined:Jul 2001	Message Posted: Mar 10, 2010 6:13:58 AM Ignore 9C1 Report Abuse It is tough to get sympathy for there robber barons.
TheSnowstorm Champion Author Montreal Posts:4,468 Points:1,006,605 Joined:June 2005	Message Posted: Mar 10, 2010 6:13:51 AM Ignore TheSnowstorm Report Abuse They still made a profit. They are also not operating in the North American markets, but in the Eurpoean (specifically London) markets and conducting oil exploration in African countries.
danno27 All-Star Author Miami Posts:805 Points:426,275 Joined:Jun 2006	Message Posted: Mar 10, 2010 6:13:47 AM Ignore danno27 Report Abuse Bottom line though is they were in the black for the year. With the new finds, they'll do okay in 2010.
Masercal Champion Author Michigan Posts:3,610 Points:780,740 Joined:Oct 2007	Message Posted: Mar 10, 2010 6:13:38 AM Ignore Masercal Report Abuse I'm crying in my Wheaties for the oil companies....NOT!!!!!!!!!!!!!!
dabayer All-Star Author New Hampshire Posts:715 Points:227,710 Joined:Oct 2005	Message Posted: Mar 10, 2010 6:13:17 AM Ignore dabayer Report Abuse A drop of 93% in profits? They didn't file for bankruptcy? Oh yeah, they still made a profit, $30 million.
PurduePete86 All-Star Author Indiana Posts:910 Points:639,540 Joined:Apr 2007	Message Posted: Mar 10, 2010 6:12:34 AM Ignore PurduePete86 Report Abuse Gee poor Oil companies...their inflated profits are shrinking to normal.
Fitwit Champion Author Stockton Posts:2,086 Points:455,155 Joined:May 2009	Message Posted: Mar 10, 2010 6:08:53 AM Ignore Fitwit Report Abuse Oh? What profits, whose profits?
rocket_ron Champion Author Grand Rapids Posts:1,423 Points:1,042,915 Joined:Jul 2006	Message Posted: Mar 10, 2010 6:05:57 AM Ignore rocket_ron Report Abuse It is a sad, sad day for Tullow. They only made $30M.
CSharpGuy Champion Author Colorado Springs Posts:4,574 Points:928,585 Joined:Jan 2008	Message Posted: Mar 10, 2010 6:05:39 AM Ignore CSharpGuy Report Abuse What world are they living in, where there is falling oil prices?
rtw777 Champion Author Florida Posts:4,424 Points:866,900 Joined:Jan 2008	Message Posted: Mar 10, 2010 6:02:01 AM Ignore rtw777 Report Abuse At least they found some oil.
ironbox_sara Champion Author Albany Posts:4,721 Points:1,297,925 Joined:Mar 2006	Message Posted: Mar 10, 2010 5:58:51 AM Ignore ironbox_sara Report Abuse Profits down 93%? Poooooor.
Conan1 Sophomore Author Kentucky Posts:143 Points:269,400 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:57:34 AM Ignore Conan1 Report Abuse lord, help them, and the poor starving pygmies in New Guinea.
abuck Champion Author Pittsburgh Posts:3,302 Points:592,120 Joined:Jul 2008	Message Posted: Mar 10, 2010 5:55:53 AM Ignore abuck Report Abuse Where are they falling?
moody4u Champion Author Cincinnati Posts:2,994 Points:578,050 Joined:Oct 2008	Message Posted: Mar 10, 2010 5:53:59 AM Ignore moody4u Report Abuse GREED!
NJColt Champion Author New Jersey Posts:7,860 Points:1,675,505 Joined:Aug 2005	Message Posted: Mar 10, 2010 5:52:19 AM Ignore NJColt Report Abuse y'know, when most everyone is hurting, its hard to feel sorry for their "falling profits"
weenerdog Champion Author Detroit Posts:4,938 Points:943,020 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:52:06 AM Ignore weenerdog Report Abuse they still made profits
lucky69 Champion Author Austin Posts:1,781 Points:630,435 Joined:May 2008	Message Posted: Mar 10, 2010 5:51:37 AM Ignore lucky69 Report Abuse Falling oil prices though gas is at its highest of the year.
bumpygas Champion Author Nebraska Posts:3,525 Points:962,425 Joined:Oct 2007	Message Posted: Mar 10, 2010 5:50:40 AM Ignore bumpygas Report Abuse My heart bleeds for them. They only made $30 million. If they would get out of Ghana and Uganda and get back here in the US with their drilling, they would find their profits would be alot more and yet the consumer prices would be a lot less.
curlypooh Champion Author New Jersey Posts:4,952 Points:1,037,165 Joined:Apr 2007	Message Posted: Mar 10, 2010 5:49:27 AM Ignore curlypooh Report Abuse Everyone else would be happy with that 'pocket change'.
tomok Champion Author Portland Posts:18,336 Points:1,370,060 Joined:Aug 2006	Message Posted: Mar 10, 2010 5:49:19 AM Ignore tomok Report Abuse profits for 2009 were down 93% but it was still a profit. So my income has stayed the same for the last 5 years – no up and no down. …they have identified over 800 million barrels of oil, and highlighted a major 300 million barrel discovery… It just goes to show you that there is oil all over this world, just have to find the oil and get it out of the ground.
speedys Champion Author Utah Posts:2,108 Points:1,585,935 Joined:Nov 2005	Message Posted: Mar 10, 2010 5:49:09 AM Ignore speedys Report Abuse I do not believe this at all.
gabbygusIN Champion Author Indiana Posts:2,380 Points:598,075 Joined:Oct 2008	Message Posted: Mar 10, 2010 5:47:21 AM Ignore gabbygusIN Report Abuse Complaining about only $30m in profit!!! Give me a break!
ttwiw Champion Author Austin Posts:1,999 Points:919,195 Joined:Sep 2005	Message Posted: Mar 10, 2010 5:46:08 AM Ignore ttwiw Report Abuse What is 93% less than "absurbly unjustified profits"?
ThatHunt Champion Author Dallas Posts:2,620 Points:1,228,655 Joined:Jul 2006	Message Posted: Mar 10, 2010 5:42:52 AM Ignore ThatHunt Report Abuse profits down? Well, let's pay more for the oil companies.
tankneverfull Champion Author Charlotte Posts:4,247 Points:831,445 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:42:46 AM Ignore tankneverfull Report Abuse Can you hear it... the smallest fiddle in the world playing "my heart bleeds for you."
dhawk24 Champion Author Maine Posts:3,073 Points:676,355 Joined:Jul 2008	Message Posted: Mar 10, 2010 5:42:26 AM Ignore dhawk24 Report Abuse Profits down, but still making plenty..
silverfox63 Champion Author Michigan Posts:3,359 Points:671,695 Joined:Oct 2008	Message Posted: Mar 10, 2010 5:42:07 AM Ignore silverfox63 Report Abuse I do not believe this one bit!!!
cv Champion Author Raleigh Posts:10,269 Points:2,293,080 Joined:Oct 2003	Message Posted: Mar 10, 2010 5:41:15 AM Ignore cv Report Abuse What falling oil prices? All I've seen is prices going up!
Beboper Champion Author Virginia Posts:3,782 Points:1,188,360 Joined:Oct 2005	Message Posted: Mar 10, 2010 5:40:05 AM Ignore Beboper Report Abuse so they lost a little hold me back
RoadhogMA Champion Author Boston Posts:2,094 Points:477,600 Joined:Dec 2008	Message Posted: Mar 10, 2010 5:38:22 AM Ignore RoadhogMA Report Abuse SPIN
rtw777 Champion Author Florida Posts:4,424 Points:866,900 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:38:16 AM Ignore rtw777 Report Abuse That is a big drop, but they had to know it was coming.
colt453162 All-Star Author Houston Posts:625 Points:305,170 Joined:Mar 2008	Message Posted: Mar 10, 2010 5:38:04 AM Ignore colt453162 Report Abuse I do not know why they are blaming oil and gas prices, they are higher now than they were last year. They are probably just trying to find something to blame for there incompetence.
RichardoB Champion Author Fayetteville Posts:2,983 Points:1,069,135 Joined:Jun 2007	Message Posted: Mar 10, 2010 5:37:34 AM Ignore RichardoB Report Abuse They made a lower profit in 2009 than in 2008 and I'm supposed to care?
Don1222 Champion Author Michigan Posts:6,229 Points:766,080 Joined:Jul 2008	Message Posted: Mar 10, 2010 5:36:34 AM Ignore Don1222 Report Abuse Alternative fuels.
AvantiMick Champion Author Indiana Posts:8,031 Points:1,604,395 Joined:Dec 2005	Message Posted: Mar 10, 2010 5:35:58 AM Ignore AvantiMick Report Abuse Another whiney asses oil company that's making too much from the consumers.
DJRIO Champion Author Miami Posts:2,495 Points:459,550 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:35:52 AM Ignore DJRIO Report Abuse i guess they make it up somehow
03mdx Champion Author Syracuse Posts:1,971 Points:628,605 Joined:Sep 2008	Message Posted: Mar 10, 2010 5:32:30 AM Ignore 03mdx Report Abuse Gas prices are on the rise again, so that shouldn't be an issue for them any longer.
rogerparry Champion Author Florida Posts:4,624 Points:941,505 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:30:16 AM Ignore rogerparry Report Abuse They still made a profit!!!
pgerassi Champion Author Milwaukee Posts:5,969 Points:1,171,220 Joined:Apr 2007	Message Posted: Mar 10, 2010 5:29:44 AM Ignore pgerassi Report Abuse What falling oil prices?
packards42 Champion Author Washington Posts:1,682 Points:306,280 Joined:Feb 2005	Message Posted: Mar 10, 2010 5:29:28 AM Ignore packards42 Report Abuse Tullow said French oil firm Total , as well as Chinese state-owned China National Offshore Oil Corporation, will partner it to develop the Ugandan Lake Albert Rift Basin fields that it was formerly developing with Heritage Oil. With partner like that, they got to succeed.
dave364 Champion Author Lansing Posts:1,328 Points:537,205 Joined:Nov 2007	Message Posted: Mar 10, 2010 5:28:08 AM Ignore dave364 Report Abuse yet the prices of fuel is about twice as last year
Ringmaster2008 Champion Author Ontario Posts:2,952 Points:503,635 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:27:32 AM Ignore Ringmaster2008 Report Abuse Any profit is a good profit. Sorry for the stock owners.
fordfan1 Champion Author Indiana Posts:4,199 Points:917,140 Joined:Jul 2007	Message Posted: Mar 10, 2010 5:26:50 AM Ignore fordfan1 Report Abuse The prices sure are not falling here in Northeast Indiana!
mandoid Champion Author Colorado Springs Posts:2,894 Points:616,730 Joined:May 2008	Message Posted: Mar 10, 2010 5:23:57 AM Ignore mandoid Report Abuse too bad for the stockholders