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2012 HALF YEARLY RESULTS – Tullow Oil Plc

Tullow Oil Plc · Jul 25, 2012 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 1
    2012 half-yearly results Tullow Oil plc 25 July 2012
  2. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 2
    2012 half-yearly results Contents Section Page Introduction 4 Finance 6 Development and Operations 12 Exploration and Appraisal 21 Conclusion 33 Appendix 35 Slide 3
  3. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 3
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Introduction Aidan Heavey
  4. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 4
    2012 half-yearly results Repeatable strategy delivering success Record results & strong balance sheet High impact exploration success continues Increasing production profile Strong pipeline of exploration & development…
  5. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 5
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Finance Ian Springett
  6. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 6
    2012 half-yearly results 2012 half-yearly results summary 1H 2012 1H 2011 Change Sales revenue 1,167m 1,062m +10% Operating profit 834m 608m +37% Net profit 567m 347m +63% Basic earnings per share 60.3c 36.9c +63% Dividend…
  7. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 7
    2012 half-yearly results Net income 1H 2012 v 1H 2011 m 1,250 1,000 750 397 701 24 23 49 500 105 60 2 125* 567 250 347 0 Net Income Price Volume Costs Gain on Exploration Net Finance Tax IAS 39 Net Income 1H…
  8. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 8
    2012 half-yearly results Sources and uses of funds m 1H 2012 Net cash inflow 129m Cash inflow 3,574m Sources 15m Uses Operating cash flow 862m* (1H 2011:777m*) 165m Disposals 2,568m (1H 2011:0m) 204m Share proceeds 15m (1H…
  9. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 9
    2012 half-yearly results 2012 capital expenditure 2 billion capex for full year 2012 2012 735m 300m 965m 2,000m Ghana: Jubilee and Phase 1A & TEN developments Uganda: Lake Albert drilling Other Africa: Maintaining mature…
  10. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 10
    2012 half-yearly results Strong Balance Sheet Record results and successful financing strategy have transformed the balance sheet Strong, well funded balance sheet - Debt facilities 4 billion; net debt 695 million - Increasing…
  11. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 11
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Development and Operations Paul McDade
  12. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 12
    2012 half-yearly results Strong production performance in 1H 2012 Group working interest production Current production Oil production North Sea Future production boepd (x000) Africa Ghana Asia Europe 20 Other licence areas Gas…
  13. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 13
    2012 half-yearly results Jubilee field benefitting from a fast track phased approach Fast tracking delivered significant benefits First oil delivered 40 months after discovery Captured contract market window Early revenue - c.4bn…
  14. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 14
    2012 half-yearly results Jubilee Phase 1A and near field development options Phase 1A development underway PoD approved by GoG in early 2012 5 producers; 3 water injectors; subsea expansion Estimated 1.1bn budget; 18 month project…
  15. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 15
    2012 half-yearly results Successful appraisal underpins TEN development TEN appraisal program underpins PoD mmboe P90 P50 P10 Successful appraisal of Enyenra, Ntomme and Tweneboa TEN Contingent Resources * 200 360 600 Interference…
  16. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 16
    2012 half-yearly results Uganda Lake Albert Development Plan Lake Albert Development Concept Development concept work completed Base case contingent and prospective resource of 1.8bn bls with upside potential of 2bn bls Expected…
  17. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 17
    2012 half-yearly results East Africa Regional Development Opportunities Kenya/Ethiopia EA1A Rift Basins Crude Export 20-30kbd Refinery Pipeline Lamu Oil c. 1.5 2.5 bn Crude Export Export Pipeline & Sale EA1 EA2 Product…
  18. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 18
    2012 half-yearly results Significant development investment activity in 2012 Current development activities 2012 D&O capex spend Gabon - Significant ongoing development activity, involved in 60 wells Rest of - Net production back…
  19. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 19
    2012 half-yearly results Significant progress across the development portfolio TEN project moving towards sanction Jubilee productivity issue resolved and Phase 1A first oil second half 2012 Uganda deal completed and development…
  20. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 20
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Exploration & Appraisal Angus McCoss
  21. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 21
    2012 half-yearly results Exploration campaigns gather momentum over next 12 months North Atlantic Exploration Studies & Business Development Central Atlantic Central Atlantic Major Exploration Margin East African Campaign…
  22. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 22
    2012 half-yearly results Exploration enterprise value creation & monetisation Development & Operations Exploration Core Campaigns Developments Business Discovery & follow-up Appraisal Development Basin Entry East African Rifts: Ghana…
  23. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 23
    2012 half-yearly results East Africa exploration campaigns in 2012 Onshore Rift Basins Core Campaigns in Kenya and Ethiopia Multiple rift basins analogous to Lake Albert Rift Basin Ngamia-1 finds 1.1 kilometre gross oil bearing…
  24. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 24
    2012 half-yearly results Kenya Ethiopia Rift Basins exploration core campaign Three scales of exploration ongoing simultaneously in multiple basins: 1. Appraisal & testing of Ngamia-1 2. Drill-out of South Lokichar Basin 3.…
  25. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 25
    2012 half-yearly results Kenya: South Lokichar Rift Basin Ngamia follow up South Lokichar Rift Basin potential similar to Lake Albert Two de-risked rift basin sub-plays being explored Rift bounding fault string of pearls Ngamia,…
  26. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 26
    2012 half-yearly results South America: E&A follow-up in core campaign French Guiana exploration & appraisal Zaedyus-2 appraisal well drilling up-dip & deepening to test exploration objectives Wildcat exploration well to test…
  27. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 27
    2012 half-yearly results Mauritania: new Central Atlantic Margin core campaign Significant play diversity in Mauritania acreage 80 Prospects 80 prospect inventory, with risk spread through core play diversity, within Central Atlantic…
  28. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 28
    2012 half-yearly results West Africa Transform Margin core campaign Campaign finds oil but hub class needed Sierra Leone & Liberia: - Oil & gas condensate system proven - Thick sands only have oil shows (breached traps) - Oil…
  29. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 29
    2012 half-yearly results Exploration enterprise value creation and monetisation Development & Operations Exploration Core Campaigns Developments Appraisal Business Discovery & follow-up Ghana drill-out & appraisal Development Basin…
  30. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 30
    2012 half-yearly results E&A in support of key developments Accelerated appraisal & West of Nile exploration in Uganda Accelerated appraisal targets material un-drilled fault blocks & field limits - Success in Ngege, Jobi & Ngiri…
  31. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 31
    2012 half-yearly results Exploration campaigns gather momentum over next 12 months North Atlantic Exploration Studies & Business Development Central Atlantic Central Atlantic Major Exploration Margin East African Campaign…
  32. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 32
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Conclusion Aidan Heavey
  33. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 33
    2012 half-yearly results Repeatable strategy delivering success Record results & strong balance sheet High impact exploration success continues Increasing production profile Strong pipeline of exploration & development…
  34. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 34
    2012 half-yearly results Tullow Oil plc 2012 half-yearly results Appendix
  35. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 35
    2012 half-yearly results Creating shareholder value High-impact exploration portfolio Consistent and repeatable strategy Ghana; Jubilee production, Sustainable long term value growth progressing T.E.N project Balance exploration,…
  36. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 36
    2012 half-yearly results 77% global E&A success ratio year to date MAURITANIA UK 1 well PAKISTAN -1 well BANGLADESH Seismic Key 739 sq km 739 sq km 3,780 sq km Ketch-10 Jabbi-1 620 sq km Acquisition 3D 3D PSTM 3D PSDM 3D PSDM…
  37. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 37
    2012 half-yearly results 12 month Exploration and Appraisal programme mmboe Country Block Prospect Interest Mean Gross Upside * Spud Date WEST & NORTH AFRICA Cte dIvoire CI-103 Calao-1 45% (op) 150 400 2013 Gabon Kiarsseny 2…
  38. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 38
    2012 half-yearly results 12 month Exploration and Appraisal programme (cont.) mmboe Country Block Prospect Interest Mean Gross Upside* Spud Date EUROPE, SOUTH AMERICA & ASIA K8 K8-FC-W (308) 9.95% 3 5 In progress The Netherlands…
  39. 2012 HALF YEARLY RESULTS – Tullow Oil Plc – slide 39
    2012 half-yearly results Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Follow Tullow on: Email: chris.perrytullowoil.com

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