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GasBuddy News Article

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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
Category: Daily News Article Discussions > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Tullow says profits have been hit by falling oil prices Post a Reply Back to Topics
REPLIES (newest first)
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WCCurtis
Champion Author San Bernardino

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Message Posted: Mar 10, 2010 2:39:29 PM

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.
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FuelBarge
Champion Author Long Island

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Message Posted: Mar 10, 2010 9:35:32 AM

Their profits are falling? Odd.
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condé
Champion Author Michigan

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Message Posted: Mar 10, 2010 8:24:16 AM

Where are the prices falling? My area must be making up the fall....
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sivart
Champion Author Arkansas

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Message Posted: Mar 10, 2010 7:23:32 AM

They are drilling all over the world except the US!!!! Why???
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BeaverBilly
Champion Author Alberta

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Message Posted: Mar 10, 2010 7:20:54 AM

93% down? Sounds like they need better managers.
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Skipper52
Champion Author Massachusetts

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Message Posted: Mar 10, 2010 7:14:23 AM

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!
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JimL1
Champion Author Phoenix

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Message Posted: Mar 10, 2010 7:10:39 AM

Speculators are manipulators, not the only manipulators, but manipulators just the same.
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MUSTANGSRUS
Champion Author Ontario

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Message Posted: Mar 10, 2010 7:09:51 AM

Don't need articles like this, they only fuel the nonsense in the oil patch.
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FocusGuy
Champion Author Seattle

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Message Posted: Mar 10, 2010 7:08:52 AM

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.
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murushi
Champion Author Ontario

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Message Posted: Mar 10, 2010 7:06:38 AM

Poor babies. Just $30 mil in profits. I'm gonna cry!

Not really.
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AuburnTim
Champion Author Indiana

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Message Posted: Mar 10, 2010 7:05:27 AM

Prices are not falling how stupid do they really think we are to believe them at all
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JimL1
Champion Author Phoenix

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Message Posted: Mar 10, 2010 7:05:12 AM

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?
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danny999
Champion Author Florida

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Message Posted: Mar 10, 2010 7:01:49 AM

sounds good on their TAX RETURN
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mk9999
Champion Author Rochester

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Message Posted: Mar 10, 2010 6:59:57 AM

What a lie. Falling prices, where???
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throttle
Champion Author Maryland

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Message Posted: Mar 10, 2010 6:59:42 AM

Sounds like an excuse for poor results.
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ky_commuter75
Champion Author Cincinnati

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Message Posted: Mar 10, 2010 6:54:28 AM

lets see if that ever happens.
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DieselKat
Champion Author Tennessee

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Message Posted: Mar 10, 2010 6:54:17 AM

Product at low price, sell more of it.
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JimL1
Champion Author Phoenix

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Message Posted: Mar 10, 2010 6:53:20 AM

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?
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alanhan
Veteran Author Atlanta

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Message Posted: Mar 10, 2010 6:52:22 AM

Low profits? Gee...what are you going to do, raise prices? Oh wait... you already have. That should help your profits!!!
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Chitowner
Champion Author Omaha

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Message Posted: Mar 10, 2010 6:51:37 AM

so what are you tellng us? Smaller parties at Tullow Corp.Quarters or what?
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Tnerbeel
Champion Author Houston

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Message Posted: Mar 10, 2010 6:50:59 AM

Tullow-now there's a company everyone recognizes.
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Grismer
Champion Author Kitchener-Waterloo

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Message Posted: Mar 10, 2010 6:50:34 AM

Try to imagine how little I care about these lower profits.
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MightyDude
Champion Author Minnesota

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Message Posted: Mar 10, 2010 6:50:10 AM

bailout time
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REKEY
Champion Author South Carolina

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Message Posted: Mar 10, 2010 6:49:50 AM

So you really gouged people in 2008?
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sdhuper
Sophomore Author Toronto

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Message Posted: Mar 10, 2010 6:49:12 AM

falling oil prices? where?
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foxups
Champion Author Toledo

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Message Posted: Mar 10, 2010 6:49:06 AM

good the lower the better
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df99
Sophomore Author Rhode Island

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Message Posted: Mar 10, 2010 6:47:59 AM

Awww - you mean you might actually have to cut your pay??
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Zuman
Champion Author New York

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Message Posted: Mar 10, 2010 6:47:56 AM

Gee maybe we should bail them out.
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Jamer
Champion Author Orange County

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Message Posted: Mar 10, 2010 6:47:44 AM

Oil prices may be falling but the price at the pump keeps rising.
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rippinusoff
Champion Author Lexington

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Message Posted: Mar 10, 2010 6:47:29 AM

poor companies... no profits... boo hoo
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braves89
Champion Author Chicago

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Message Posted: Mar 10, 2010 6:47:04 AM

only a few billion in profit this quarter???????
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goldilox88
Champion Author Montreal

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Message Posted: Mar 10, 2010 6:46:42 AM

Tullow needs a course in economics. To say "profits have been hit by falling oil prices" is a ridiculous statement.
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QueenMother
Champion Author New Hampshire

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Message Posted: Mar 10, 2010 6:44:39 AM

You can't tell me they didn't make a profit.
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GasholeMI
Champion Author Lansing

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Message Posted: Mar 10, 2010 6:44:31 AM

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.
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rvn4me
Champion Author Texas

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Message Posted: Mar 10, 2010 6:42:58 AM

They could have madea profit with alot lower oil prices. They want their money now before oil drops again.
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civicdutie
Champion Author Rochester

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Message Posted: Mar 10, 2010 6:42:40 AM

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.
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smoketown
Champion Author Cincinnati

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Message Posted: Mar 10, 2010 6:41:40 AM

YOUR STILL IN THE BUSINESS, Don't like it i'm sure there's a buyer out there.........
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unicornpmb
Champion Author Buffalo

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Message Posted: Mar 10, 2010 6:37:40 AM

Quit crying, you still made money.
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TomT2Lee
Champion Author Cincinnati

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Message Posted: Mar 10, 2010 6:32:58 AM

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.
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Rick01
Champion Author Utah

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Message Posted: Mar 10, 2010 6:32:50 AM

All I see are jumping prices!
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jppezz
Champion Author New Mexico

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Message Posted: Mar 10, 2010 6:31:57 AM

Tell me where oil prices are falling?
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WonderfulMI
Champion Author Michigan

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Message Posted: Mar 10, 2010 6:30:46 AM

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.
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TeachR06
Champion Author Raleigh

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Message Posted: Mar 10, 2010 6:29:58 AM

Profit is all a matter of who is reporting about it. They are not destitute by any means.
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olcowboy14
Champion Author Spokane

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Message Posted: Mar 10, 2010 6:29:22 AM

Who is getting the lion's share of the 93%? It usually isn't the people on the bottom end of the totem pole.
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THEDodgeman
Champion Author Denver

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Message Posted: Mar 10, 2010 6:29:02 AM

LINE OF CRAP......I DON'T BELIEVE IT.
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rtw777
Champion Author Florida

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Message Posted: Mar 10, 2010 6:28:00 AM

Of cousse, things will change soon.
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MertieMan
Champion Author Lexington

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Message Posted: Mar 10, 2010 6:26:06 AM

Where are you getting your information, oil prices sure aren't falling around this area right now.
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biza4u
Champion Author New Haven

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Message Posted: Mar 10, 2010 6:23:00 AM

What a joke were still p[aying almost $3.00 a gallon and they claim profits down by 93%
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jimraehl
Champion Author Utah

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Message Posted: Mar 10, 2010 6:22:27 AM

What falling oil prices?
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turbosaab
Champion Author Cleveland

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Message Posted: Mar 10, 2010 6:22:02 AM

Where have oil prices been falling? This sounds like mismanagement to me.
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