UPDATE 1-Tullow to use cash pile to invest, reduce debt, not dividends [Reuters]
Seadrill Limited Common Shares (SDRL)
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Source: Reuters
UPDATE 1-Tullow to use cash pile to invest, reduce debt, not dividends | Reuters Reuters Staff 3 Min Read * CFO had raised prospect of dividends in April * Kenya operations stopped due to security issues * Uganda FID still planned for end 2018, Kenya end 2019 (Adds detail, analyst comment, Kenya update) LONDON, July 25 (Reuters) - Africa-focused Tullow Oil will use free cashflow of $401 million to pay down debt and invest rather than pay an interim dividend, it said on Wednesday, after having raised the possibility of a return to payouts. Tullow returned to profit last year after three years in the red and Chief Financial Officer Les Wood in April indicated that the company could start to pay dividends again. “The Board considered carefully whether to pay an interim dividend but concluded that, for the moment, free cash flow is best used to continue to pay down debt and to invest in assets,” Tullow said in a statement. Wood said on Wednesday the company did not need to reach its gener
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