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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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WCCurtis Champion Author San Bernardino Posts:2,823 Points:882,100 Joined:Oct 2005	Message Posted: Mar 10, 2010 2:39:29 PM Ignore WCCurtis Report Abuse Today, a barrel of Crude Oil closed up $.60 to $82.09. Wonder where prices are falling. Gasoline prices around here this year have been in a $.20 range. That shouldn't affect profits much.
FuelBarge Champion Author Long Island Posts:3,959 Points:1,060,390 Joined:Aug 2005	Message Posted: Mar 10, 2010 9:35:32 AM Ignore FuelBarge Report Abuse Their profits are falling? Odd.
condé Champion Author Michigan Posts:1,286 Points:1,295,705 Joined:Oct 2004	Message Posted: Mar 10, 2010 8:24:16 AM Ignore condé Report Abuse Where are the prices falling? My area must be making up the fall....
sivart Champion Author Arkansas Posts:11,682 Points:2,066,405 Joined:May 2004	Message Posted: Mar 10, 2010 7:23:32 AM Ignore sivart Report Abuse They are drilling all over the world except the US!!!! Why???
BeaverBilly Champion Author Alberta Posts:4,789 Points:1,538,085 Joined:Feb 2003	Message Posted: Mar 10, 2010 7:20:54 AM Ignore BeaverBilly Report Abuse 93% down? Sounds like they need better managers.
Skipper52 Champion Author Massachusetts Posts:2,356 Points:594,225 Joined:Oct 2008	Message Posted: Mar 10, 2010 7:14:23 AM Ignore Skipper52 Report Abuse When oil prices are down they make normal profits. When oil prices are high they make unreal profits. I don't fell sorry for them!
JimL1 Champion Author Phoenix Posts:2,944 Points:376,095 Joined:Jul 2003	Message Posted: Mar 10, 2010 7:10:39 AM Ignore JimL1 Report Abuse Speculators are manipulators, not the only manipulators, but manipulators just the same.
MUSTANGSRUS Champion Author Ontario Posts:4,539 Points:962,295 Joined:Sep 2006	Message Posted: Mar 10, 2010 7:09:51 AM Ignore MUSTANGSRUS Report Abuse Don't need articles like this, they only fuel the nonsense in the oil patch.
FocusGuy Champion Author Seattle Posts:1,914 Points:417,875 Joined:Apr 2009	Message Posted: Mar 10, 2010 7:08:52 AM Ignore FocusGuy Report Abuse If I decide to buy OIL or GAS at the price you want to sell for, how is that speculation. Can one of you folks explain that to me.
murushi Champion Author Ontario Posts:2,947 Points:584,180 Joined:Jul 2008	Message Posted: Mar 10, 2010 7:06:38 AM Ignore murushi Report Abuse Poor babies. Just $30 mil in profits. I'm gonna cry! Not really.
AuburnTim Champion Author Indiana Posts:3,321 Points:782,875 Joined:May 2005	Message Posted: Mar 10, 2010 7:05:27 AM Ignore AuburnTim Report Abuse Prices are not falling how stupid do they really think we are to believe them at all
JimL1 Champion Author Phoenix Posts:2,944 Points:376,095 Joined:Jul 2003	Message Posted: Mar 10, 2010 7:05:12 AM Ignore JimL1 Report Abuse Yes, I have been tracking speculator postings on this site for weeks. The least number of articles designed to increase speculation on any one day has been two. Today it is the highest ever with five out of five. Speculators tend to win more profits as more of those not deeply experienced in commodity speculation get into the game. It is very similar to a poker game in that respect. The new players/speculators normally get their clocks cleaned and the experienced players/speculators increase their winnings. Stirring up the frenzy of speculators increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel?
danny999 Champion Author Florida Posts:3,507 Points:623,680 Joined:Oct 2008	Message Posted: Mar 10, 2010 7:01:49 AM Ignore danny999 Report Abuse sounds good on their TAX RETURN
mk9999 Champion Author Rochester Posts:2,777 Points:656,620 Joined:Aug 2008	Message Posted: Mar 10, 2010 6:59:57 AM Ignore mk9999 Report Abuse What a lie. Falling prices, where???
throttle Champion Author Maryland Posts:7,672 Points:1,618,430 Joined:Jul 2004	Message Posted: Mar 10, 2010 6:59:42 AM Ignore throttle Report Abuse Sounds like an excuse for poor results.
ky_commuter75 Champion Author Cincinnati Posts:2,573 Points:974,635 Joined:Jul 2005	Message Posted: Mar 10, 2010 6:54:28 AM Ignore ky_commuter75 Report Abuse lets see if that ever happens.
DieselKat Champion Author Tennessee Posts:1,619 Points:1,376,935 Joined:Oct 2005	Message Posted: Mar 10, 2010 6:54:17 AM Ignore DieselKat Report Abuse Product at low price, sell more of it.
JimL1 Champion Author Phoenix Posts:2,944 Points:376,095 Joined:Jul 2003	Message Posted: Mar 10, 2010 6:53:20 AM Ignore JimL1 Report Abuse All five articles were put up by the same person, stpetebp . Is stpetebp a speculator? This question is valid since all articles on the Gas Buddy Blog/Recent News site today are designed to feed the speculator frenzy. 1)" Higher gasoline prices coming”, 2)“ Queensland picks banks for A$7bn rail IPO,” 3)“ Oil Struggles For Clear Direction From $81.50,” 4)" Tullow says profits have been hit by falling oil prices,” and 5)” OPEC President Vows to Reduce Oil-Price Speculation, Volatility.” The fifth article may be good news in the long run, but in the short, probably not. These articles are simply more attempts to stir up the frenzy of speculators. Stirring up the frenzy of speculators increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel?
alanhan Veteran Author Atlanta Posts:266 Points:300,015 Joined:Aug 2008	Message Posted: Mar 10, 2010 6:52:22 AM Ignore alanhan Report Abuse Low profits? Gee...what are you going to do, raise prices? Oh wait... you already have. That should help your profits!!!
Chitowner Champion Author Omaha Posts:1,992 Points:557,440 Joined:Jul 2007	Message Posted: Mar 10, 2010 6:51:37 AM Ignore Chitowner Report Abuse so what are you tellng us? Smaller parties at Tullow Corp.Quarters or what?
Tnerbeel Champion Author Houston Posts:3,559 Points:739,210 Joined:Mar 2007	Message Posted: Mar 10, 2010 6:50:59 AM Ignore Tnerbeel Report Abuse Tullow-now there's a company everyone recognizes.
Grismer Champion Author Kitchener-Waterloo Posts:3,512 Points:728,640 Joined:Apr 2008	Message Posted: Mar 10, 2010 6:50:34 AM Ignore Grismer Report Abuse Try to imagine how little I care about these lower profits.
MightyDude Champion Author Minnesota Posts:5,149 Points:1,635,720 Joined:Mar 2003	Message Posted: Mar 10, 2010 6:50:10 AM Ignore MightyDude Report Abuse bailout time
REKEY Champion Author South Carolina Posts:3,447 Points:691,600 Joined:May 2008	Message Posted: Mar 10, 2010 6:49:50 AM Ignore REKEY Report Abuse So you really gouged people in 2008?
sdhuper Sophomore Author Toronto Posts:174 Points:68,615 Joined:Dec 2009	Message Posted: Mar 10, 2010 6:49:12 AM Ignore sdhuper Report Abuse falling oil prices? where?
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Mar 10, 2010 6:49:06 AM Ignore foxups Report Abuse good the lower the better
df99 Sophomore Author Rhode Island Posts:154 Points:223,190 Joined:Oct 2009	Message Posted: Mar 10, 2010 6:47:59 AM Ignore df99 Report Abuse Awww - you mean you might actually have to cut your pay??
Zuman Champion Author New York Posts:1,319 Points:927,390 Joined:May 2005	Message Posted: Mar 10, 2010 6:47:56 AM Ignore Zuman Report Abuse Gee maybe we should bail them out.
Jamer Champion Author Orange County Posts:3,802 Points:664,825 Joined:Jul 2002	Message Posted: Mar 10, 2010 6:47:44 AM Ignore Jamer Report Abuse Oil prices may be falling but the price at the pump keeps rising.
rippinusoff Champion Author Lexington Posts:2,289 Points:476,815 Joined:May 2007	Message Posted: Mar 10, 2010 6:47:29 AM Ignore rippinusoff Report Abuse poor companies... no profits... boo hoo
braves89 Champion Author Chicago Posts:2,565 Points:619,770 Joined:Apr 2008	Message Posted: Mar 10, 2010 6:47:04 AM Ignore braves89 Report Abuse only a few billion in profit this quarter???????
goldilox88 Champion Author Montreal Posts:2,063 Points:586,930 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:46:42 AM Ignore goldilox88 Report Abuse Tullow needs a course in economics. To say "profits have been hit by falling oil prices" is a ridiculous statement.
QueenMother Champion Author New Hampshire Posts:2,543 Points:1,184,685 Joined:May 2006	Message Posted: Mar 10, 2010 6:44:39 AM Ignore QueenMother Report Abuse You can't tell me they didn't make a profit.
GasholeMI Champion Author Lansing Posts:5,099 Points:723,240 Joined:Jul 2008	Message Posted: Mar 10, 2010 6:44:31 AM Ignore GasholeMI Report Abuse Where are these falling oil prices? I thought we we at the high for the 2009 prices. It is also a little hard to believe that profits have been hit.
rvn4me Champion Author Texas Posts:1,819 Points:519,800 Joined:Jan 2009	Message Posted: Mar 10, 2010 6:42:58 AM Ignore rvn4me Report Abuse They could have madea profit with alot lower oil prices. They want their money now before oil drops again.
civicdutie Champion Author Rochester Posts:2,515 Points:508,725 Joined:Nov 2008	Message Posted: Mar 10, 2010 6:42:40 AM Ignore civicdutie Report Abuse How does that happen? They claimed profits when oil was at $80 before? Did their expenses go up that quickly along with the rising price of oil? I doubt it.
smoketown Champion Author Cincinnati Posts:2,880 Points:597,260 Joined:Feb 2008	Message Posted: Mar 10, 2010 6:41:40 AM Ignore smoketown Report Abuse YOUR STILL IN THE BUSINESS, Don't like it i'm sure there's a buyer out there.........
unicornpmb Champion Author Buffalo Posts:3,342 Points:613,775 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:37:40 AM Ignore unicornpmb Report Abuse Quit crying, you still made money.
TomT2Lee Champion Author Cincinnati Posts:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:32:58 AM Ignore TomT2Lee Report Abuse The price floor on oil has been forced higher by the destruction of paper currency value, the cheaper oil has been used up and global demand increasing. People want to live in a fantasy where oil is still $10 a barrel and that just isn't so right now.
Rick01 Champion Author Utah Posts:3,835 Points:1,376,065 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:32:50 AM Ignore Rick01 Report Abuse All I see are jumping prices!
jppezz Champion Author New Mexico Posts:3,438 Points:676,555 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:31:57 AM Ignore jppezz Report Abuse Tell me where oil prices are falling?
WonderfulMI Champion Author Michigan Posts:5,635 Points:771,775 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:30:46 AM Ignore WonderfulMI Report Abuse The cost of extraction will continue to rise. It is interesting that this story is in Uganda. Democrats can hardly be blamed for this, and environmentalists are rare there too.
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,009,660 Joined:Sep 2006	Message Posted: Mar 10, 2010 6:29:58 AM Ignore TeachR06 Report Abuse Profit is all a matter of who is reporting about it. They are not destitute by any means.
olcowboy14 Champion Author Spokane Posts:4,495 Points:722,260 Joined:Jul 2007	Message Posted: Mar 10, 2010 6:29:22 AM Ignore olcowboy14 Report Abuse Who is getting the lion's share of the 93%? It usually isn't the people on the bottom end of the totem pole.
THEDodgeman Champion Author Denver Posts:2,896 Points:935,900 Joined:Apr 2005	Message Posted: Mar 10, 2010 6:29:02 AM Ignore THEDodgeman Report Abuse LINE OF CRAP......I DON'T BELIEVE IT.
rtw777 Champion Author Florida Posts:4,217 Points:826,325 Joined:Jan 2008	Message Posted: Mar 10, 2010 6:28:00 AM Ignore rtw777 Report Abuse Of cousse, things will change soon.
MertieMan Champion Author Lexington Posts:9,637 Points:1,880,660 Joined:May 2005	Message Posted: Mar 10, 2010 6:26:06 AM Ignore MertieMan Report Abuse Where are you getting your information, oil prices sure aren't falling around this area right now.
biza4u Champion Author New Haven Posts:3,421 Points:619,855 Joined:Jan 2007	Message Posted: Mar 10, 2010 6:23:00 AM Ignore biza4u Report Abuse What a joke were still p[aying almost $3.00 a gallon and they claim profits down by 93%
jimraehl Champion Author Utah Posts:1,987 Points:631,015 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:8,571 Points:1,398,090 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.