Tullow Oil CEO Paul McDade resigns on poor African output
Technical difficulties have hampered output in Ghana, projects in Uganda and Kenya have faced delays, and results from wells in Guyana missed expectations
London — Tullow Oil’s CEO Paul McDade and exploration director Angus McCoss quit after the company cut its production outlook and suspended the dividend, sending shares tumbling more than 60%.
McDade and McCoss resigned with immediate effect, marking the exit of Tullow’s old guard after founder Aidan Heavey departed in 2018. Both had been stalwarts at the company for over a decade, presiding over discoveries from West Africa to Guyana, but also a slew of recent operational setbacks...