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2012 EARNINGS CALL – Tullow Oil Plc

Tullow Oil Plc · Feb 13, 2013 · 44 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 EARNINGS CALL – Tullow Oil Plc – slide 1
    2012 FULL YEAR RESULTS Tullow Oil plc 13 February 2013
  2. 2012 EARNINGS CALL – Tullow Oil Plc – slide 2
    2012 FULL YEAR RESULTS Contents Section Page Introduction 4 Finance 7 Development and Operations 16 Exploration and Appraisal 25 Conclusion 37 Appendix 39 Slide 3
  3. 2012 EARNINGS CALL – Tullow Oil Plc – slide 3
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Introduction Aidan Heavey
  4. 2012 EARNINGS CALL – Tullow Oil Plc – slide 4
    2012 FULL YEAR RESULTS Significant progress in 2012 Substantially strengthened and de-risked the business through: Exploration success in Kenya Five new country entries (4 x Atlantic Margin, 1 x East Africa) Successful and…
  5. 2012 EARNINGS CALL – Tullow Oil Plc – slide 5
    2012 FULL YEAR RESULTS Tullows exploration-led value growth strategy Additional cash flow from new production 4bn debt facilities Exploration and High Margin Monetisation Production Appraisal Options & Selective Cash flow…
  6. 2012 EARNINGS CALL – Tullow Oil Plc – slide 6
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Finance Ian Springett
  7. 2012 EARNINGS CALL – Tullow Oil Plc – slide 7
    2012 FULL YEAR RESULTS 2012 full year results summary 2012 2011 Change Sales revenue 2,344m 2,304m +2% Operating profit 1,185m 1,132m +5% Profit after tax 666m 689m -3% Basic earnings per share 68.8c 72.5c -5% Full year…
  8. 2012 EARNINGS CALL – Tullow Oil Plc – slide 8
    2012 FULL YEAR RESULTS Net income 2012 v 2011 m 1,500 1,250 179 1,000 701 371* 38 66 750 58 7 47 63 47 18* 500 689 666 250 0 Net Income Price Volume Cash Other costs Gain on Exploration Net Finance Tax IAS 39 Net…
  9. 2012 EARNINGS CALL – Tullow Oil Plc – slide 9
    2012 FULL YEAR RESULTS Sources and uses of funds m 2012 Net cash inflow 44m Cash inflow 4,380m Sources Uses 4,500 25m Operating cash flow 1,785m* (2011:1,903m*) 380m Disposals 2,570m (2011:0m) 4,000 264m Share proceeds 25m…
  10. 2012 EARNINGS CALL – Tullow Oil Plc – slide 10
    2012 FULL YEAR RESULTS 2013 capital expenditure 2,000m for full year 2013 2013 800m 270m 580m 350 Ghana: Jubilee phase 1A & TEN development 2,000m Uganda: Continuing appraisal and development Other Africa: Maintaining mature…
  11. 2012 EARNINGS CALL – Tullow Oil Plc – slide 11
    2012 FULL YEAR RESULTS Increased scale 2009 2012 Change Sales revenue 916m 2,344m +156% Net profit 31m 666m +2050% Cash generated from operations1 588m 1,778m +202% Capital investment 1,189m 1,870m +57% Net Debt2 1,144m 989m…
  12. 2012 EARNINGS CALL – Tullow Oil Plc – slide 12
    2012 FULL YEAR RESULTS Step change in cash flow over last three years 2009 Cash Inflow OCF* Tax & E&A D&O Cash Outflow Finance capex capex Cash Inflow OCF* Asset disposals Cash Outflow Tax & D&O Finance E&A capex…
  13. 2012 EARNINGS CALL – Tullow Oil Plc – slide 13
    2012 FULL YEAR RESULTS Tullows exploration-led value growth strategy Additional cash flow from new production 4bn debt facilities Exploration and High Margin Monetisation Production Appraisal Options & Selective Cash flow…
  14. 2012 EARNINGS CALL – Tullow Oil Plc – slide 14
    2012 FULL YEAR RESULTS Strong balance sheet; Financed to deliver next stage of growth Strong results and successful financing strategy have transformed the balance sheet Clear funding strategy for next phase of growth -…
  15. 2012 EARNINGS CALL – Tullow Oil Plc – slide 15
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Development and Operations Paul McDade
  16. 2012 EARNINGS CALL – Tullow Oil Plc – slide 16
    2012 FULL YEAR RESULTS Converting Resources - portfolio management and development Group Reserves and Resources Reserves and Resources 1,203 mmboe 2,000 Commercial Reserves - 388 mmboe 1,800 1,600 - TEN transferred to Reserves -…
  17. 2012 EARNINGS CALL – Tullow Oil Plc – slide 17
    2012 FULL YEAR RESULTS High quality African focused oil production Group Working Interest Production Ghana Jubilee operated Current production production Future production 100 Other licence areas Europe 40 90 Asia 35 80 Ghana…
  18. 2012 EARNINGS CALL – Tullow Oil Plc – slide 18
    2012 FULL YEAR RESULTS West Africa high quality portfolio being sustained 2012 D&O capex spend Current producing fields Rest of the World Gabon 107m - Significant ongoing development activity involving 60 wells p.a. Ghana - Net…
  19. 2012 EARNINGS CALL – Tullow Oil Plc – slide 19
    2012 FULL YEAR RESULTS Jubilee field production stable; Phase 1A on track Jubilee field well potential Jubilee production stable 160 Well recovery plan delivered below capex guidance Well Potential 140 Excess Capacity Well rates…
  20. 2012 EARNINGS CALL – Tullow Oil Plc – slide 20
    2012 FULL YEAR RESULTS Jubilee area future potential being confirmed Jubilee full field development plan Supports P50 Reserves of 700 mmboe, with upside 20 infill well locations already identified 4D seismic planned to enhance…
  21. 2012 EARNINGS CALL – Tullow Oil Plc – slide 21
    2012 FULL YEAR RESULTS TEN development progressing to sanction PoD submitted November 2012 mmboe P90 P50 P10 Discussions with GoG progressing towards approval TEN Reserves & Resources * 200 360 600 Negotiations on gas ongoing…
  22. 2012 EARNINGS CALL – Tullow Oil Plc – slide 22
    2012 FULL YEAR RESULTS Uganda development - negotiations ongoing Uganda Resources Successful Uganda appraisal being completed Risked Prospective Resource Successful appraisal results increase contingent resources 0.2bn bls Limited…
  23. 2012 EARNINGS CALL – Tullow Oil Plc – slide 23
    2012 FULL YEAR RESULTS Delivering focused portfolio of high quality oil Significant progress in commercialisation of contingent resources Development investment managed within funding capacity Focus on core assets, with…
  24. 2012 EARNINGS CALL – Tullow Oil Plc – slide 24
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Exploration & Appraisal Angus McCoss
  25. 2012 EARNINGS CALL – Tullow Oil Plc – slide 25
    2012 FULL YEAR RESULTS Oil exploration strategy focused on Africa & Atlantic Margins Norwegian North Atlantic Continental Shelf Exploration Studies & Business Development Central Atlantic Central Atlantic Major Exploration…
  26. 2012 EARNINGS CALL – Tullow Oil Plc – slide 26
    2012 FULL YEAR RESULTS Sustained industry-leading exploration & appraisal performance 100 93% Appraisal Success 90 80 77% E&A Success % 70 60 58% Exploration Success 50 2012 46 E&A Wells 40 34 E&A Successes Number of…
  27. 2012 EARNINGS CALL – Tullow Oil Plc – slide 27
    2012 FULL YEAR RESULTS Industry-leading exploration acreage position Exploration wells Appraisal wells Key trigger wells South American Atlantic Margins 2 0 Priodontes-1, Cebus-1 Central Atlantic Margins 3 0 Frgate-1, Tapendar-1…
  28. 2012 EARNINGS CALL – Tullow Oil Plc – slide 28
    2012 FULL YEAR RESULTS Campaign approach to exploration: East Africa example UGANDA 21 PROSPECTS DRILLED Follow-on Prospect 1.2 Follow-on Prospect 1.2bn Kasamene-1 Jobi-East Follow-on Prospect 1.0 10,000 sq km*…
  29. 2012 EARNINGS CALL – Tullow Oil Plc – slide 29
    2012 FULL YEAR RESULTS Exploring over 10 related basins in Kenya & Ethiopia Three scales of exploration ongoing simultaneously in multiple basins 1. Appraisal & testing of Ngamia-1 & Twiga South-1 (25 sq km scale) 2. South Lokichar…
  30. 2012 EARNINGS CALL – Tullow Oil Plc – slide 30
    2012 FULL YEAR RESULTS Kenya: South Lokichar Rift Basin drill-out towards commerciality Etom Agete North Basin Bounding Fault Play: Agete South Twiga-1 String of pearls Ekales like Kingfisher in Amosing Lake Albert Ekosowan…
  31. 2012 EARNINGS CALL – Tullow Oil Plc – slide 31
    2012 FULL YEAR RESULTS Mozambique offers exciting opportunities with play diversity Oil seeps to west & oil shows to north in recent Ironclad-1 Rifted transform margin with broad play diversity - Large structural highs - Carbonate…
  32. 2012 EARNINGS CALL – Tullow Oil Plc – slide 32
    2012 FULL YEAR RESULTS Mauritania core campaign drilling this year Significant play diversity in Mauritania acreage 80 prospects with risk spread through multiple Central Atlantic plays Light oil & gas-condensate already proven in…
  33. 2012 EARNINGS CALL – Tullow Oil Plc – slide 33
    2012 FULL YEAR RESULTS West Africa Transform Margin campaign extended to Guinea Guinea Acquired significant operated acreage position; 1.5 times existing WATM acreage Play diversity offsets exploration risks; large structural -…
  34. 2012 EARNINGS CALL – Tullow Oil Plc – slide 34
    2012 FULL YEAR RESULTS Guyanas: extensive Jubilee play potential plus upside plays Jubilee play campaign continues across the Atlantic; Multiple Ghana-scaled prospective fan systems New 3D seismic surveys reveal exciting drilling…
  35. 2012 EARNINGS CALL – Tullow Oil Plc – slide 35
    2012 FULL YEAR RESULTS North Atlantic margins campaign in Greenland & Norway Greenland - highly prospective acreage 1,800 sq km 3D seismic acquired Evaluation of licence to continue to 2015 Norway - relatively unexplored vs UK…
  36. 2012 EARNINGS CALL – Tullow Oil Plc – slide 36
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Conclusion Aidan Heavey
  37. 2012 EARNINGS CALL – Tullow Oil Plc – slide 37
    2012 FULL YEAR RESULTS Positioned to add significant value in 2013 Strong financial position Focus on big oil and basin-opening exploration Cashflow generated from high quality production and asset sales Development capex within…
  38. 2012 EARNINGS CALL – Tullow Oil Plc – slide 38
    2012 FULL YEAR RESULTS Tullow Oil plc 2012 Full Year Results Appendix
  39. 2012 EARNINGS CALL – Tullow Oil Plc – slide 39
    2012 FULL YEAR RESULTS 74% global E&A success ratio in 2012 GREENLAND UK - 1 well NETHERLANDS - 1 well GABON - 6 wells Seismic Key 1,814 sq km 3D PSDM Ketch-10 K8-FA-308 Limande-8 OMOC-N-703 Acquisition Tchatambe-B9 OMOC-N-203…
  40. 2012 EARNINGS CALL – Tullow Oil Plc – slide 40
    2012 FULL YEAR RESULTS 12 month Exploration and Appraisal programme (Feb 2013) mmboe Country Block Prospect Interest Gross Mean Net Mean Spud Date WEST & NORTH AFRICA Cte dIvoire CI-103 Calao 45% (op) 150 68 Q2 2013 This…
  41. 2012 EARNINGS CALL – Tullow Oil Plc – slide 41
    2012 FULL YEAR RESULTS 12 month Exploration and Appraisal programme mmboe Country Block Prospect Interest Gross Mean Net Mean Spud Date SOUTH & EAST AFRICA Sabisa 61 26 In progress Ethiopia South Omo Shimela 50% (op) 88 37 Q3 2013…
  42. 2012 EARNINGS CALL – Tullow Oil Plc – slide 42
    2012 FULL YEAR RESULTS 12 month Exploration and Appraisal programme (Feb 2013) mmboe Country Block Prospect Interest Gross Mean Net Mean Spud Date EUROPE, SOUTH AMERICA & ASIA The Netherlands E11 Vincent 60% (op) 17 5 2H 2013 PL…
  43. 2012 EARNINGS CALL – Tullow Oil Plc – slide 43
    2012 FULL YEAR RESULTS Value creation & monetisation planning from E to P A B Execute the exploration Value Value Take the asset all the way from and appraisal with full equity. exploration through appraisal, Farm-down prior…
  44. 2012 EARNINGS CALL – Tullow Oil Plc – slide 44
    2012 FULL YEAR RESULTS Download the Tullow Investor Relations and Media App from the Apple and Android stores: Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on: Tel: +44 (0)20…

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