Apr 23 2024
Resources
Recent Research
Kenmare, Q1 production data
Apr 11 2024
Kenmare, FY2023 results
Mar 20 2024
Tullow Oil, FY2023 results
Mar 6 2024
Tullow Oil, Trading statement
Jan 24 2024
Meet your Resources Research team
Kenmare
New forecasts reflect the benefit of factoring
We are publishing new forecasts for Kenmare. The most significant change is that we now assume $100m of factoring of receivables in 2024 prior to drawing down the new $200m credit...
Kenmare
Q1 production data
Kenmare has reported Q1 production that is broadly in line with last year (as it previously indicated). This was impacted by power interruptions and maintenance works. The company has...
Tullow Oil
FY2023 results
Tullow’s FY2023 results follow the trading statement provided on January 24th. The company retains its forecast of achieving $800m of free cashflow during 2023-2025. Net debt was...
Kenmare
New forecasts and revisiting the outlook
We update our Kenmare forecasts following the Q4 production report last week. Changes reflect a softer pricing backdrop in 2023 and latest volume and capex guidance. Current capex...
Tullow Oil
The investment case is shifting
Tullow Oil has made huge strides in dealing with its debt. Most recently, this includes the Glencore loan facility and tender offers – leading to a rally in its bond price despite weakness...
Tullow Oil
Tender offer results provide pause for thought
Tullow has announced the final results of its recent tender offer for its 7% March 2025 notes. $141m was validly tendered at a price of 92%, with Tullow previously offering to buy back...
Tullow Oil
Positive update on bond tender offers
Tullow has released updates on progress with its bond tender offers. The 2026 tender offer has been completed and was slightly increased. The 2025 tender offer is ongoing. So far,...
REITS
Hard assets positioned for outperformance
Yield curves have clearly broken out of their 40-year downtrend. This could signify a secular change in the investment landscape. Commodity-related assets are currently trading close...
Kenmare
Q3 production report
Kenmare’s production in Q3 is in line with our forecasts. The timing of some shipments slipped into Q4 and were also impacted by customer delays. Prices softened in Q3 as expected, and...
Kenmare
Refreshing forecasts
We have updated our Kenmare forecasts following the interim results. Due to the impact of the lightning strike in H1, we have lowered 2023 volume forecasts – which has impacted...
