Investor wrath pushes Tullow Oil shares down more than 70%
The company has given shareholders an exciting ride for a long time, but Tullow has never managed the challenge of shifting from small explorer to explorer-producer
Everything has gone horribly wrong at Tullow Oil. The one-time darling of the stock market has had a painful reckoning with the wrath of investors in the past few days. Its share price tumbled more than 70 per cent last Monday after it announced yet another downward revision to its oil production forecast, eliminated its dividend, and sent its chief executive and head of exploration packing.
Such a steep fall in any company’s stock market value...
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