Tullow Oil has $700 million liquidity, cuts capex to $300 million

LONDON (Reuters) - Tullow Oil's lenders have approved the size of its reserves-based lending facility at $1.9 billion (1.53 billion pounds), giving the group $700 million of undrawn loans and cash at the start of the second quarter, it said on Friday.The company also said it was cutting its 2020 capital expenditure to $300 million, down $50 million from previous guidance, mainly through delaying activity. It said its cashflow breakeven point was an oil price of $35 a barrel.