Bets against Tullow Oil shares at highest in over a year - data [Reuters (UK)]
TULLOW OIL PLC UNSP/ADR (TUWOY)
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Source: Reuters
Bets against Tullow Oil shares at highest in over a year: data - Reuters 3 Min Read LONDON (Reuters) - Short positions on Tullow Oil shares hit a more than 15-month high on Monday, data from industry tracker FIS’ Astec Analytics showed, in a sign of investors growing pessimism over the company’s prospects ahead of its 2019 results on Thursday. Shares in Tullow have nosedived around 92% in the past six months on the back of weak output in Ghana, delays in East Africa, lower-than-hoped-for oil quality in Guyana and a dry well in Peru. Short positions involve investors borrowing stock to bet the price will fall. Tullow is cutting around a third of its workforce, seeking to sell stakes in some of its assets and hunting for a new chief executive. Its shares, like those of other exploration and production-focused companies such as Premier Oil, have come under further pressure since Monday’s oil price slump, the worst since 1991. Brent crude oil brenchmark futures were trading just under $36
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