Tullow Oil plunged after the CEO and the exploration director suddenly quit. The company also halted its dividend and reduced its production guidance.
Tullow Oil, a British oil company, tanked on Monday morning after the company announced the resignation of its CEO and exploration director as well as cutting its production guidance. Tullow's board also suspended its dividend. As of Friday's close, Tullow Oil's market cap was just under $1.2 billion . The stock tanked 60% in the first hour of trading in London, wiping over $700 million from its market cap. View Business Insider's homepage for more stories.
Tullow Oil, a British oil company, tanked on Monday morning after the company announced the resignation of its CEO and exploration director as well as cutting its production guidance. Tullow's board also suspended its dividend. As of Friday's close, Tullow Oil's market cap was just under $1.2 billion . The stock tanked 60% in the first hour of trading in London, wiping over $700 million from its market cap. View Business Insider's homepage for more stories.
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