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H1 2013 EARNINGS CALL – Tullow Oil Plc

Tullow Oil Plc · Jul 31, 2013 · 46 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. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 1
    2013 HALF-YEARLY RESULTS Tullow Oil plc 31 July 2013
  2. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 2
    2013 HALF-YEARLY RESULTS Contents Section Page Introduction 4 Finance 6 Development and Operations 13 Exploration and Appraisal 21 Conclusion 40 Appendix 42 Slide 3
  3. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 3
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half-Yearly Results Introduction Aidan Heavey
  4. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 4
    2013 HALF-YEARLY RESULTS Running business for the long-term Financial strength and funding of the business has never been stronger Core oil producing assets continue to generate significant cash flow Successfully adding…
  5. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 5
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half-yearly results Finance Ian Springett
  6. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 6
    2013 HALF-YEARLY RESULTS 2013 half-yearly results summary 1H 2013 1H 2012 Change Sales revenue 1,347m 1,167m +15% Gross profit 764m 679m +13% Administrative Expenses (89m) (95m) Profit on disposal - 702m Exploration costs written…
  7. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 7
    2013 HALF-YEARLY RESULTS Net income 1H 2013 v 1H 2012 m 1,000 275 750 72 199 11 702 500 23 567 89 9 250 0 313 0 Net Income Price Volume Operating Other costs Exploration Gain on Net Finance Tax IAS 39 Net Income…
  8. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 8
    2013 HALF-YEARLY RESULTS Sources and uses of funds Cash inflow 1,961m 1H 2013 Net cash inflow 227m Operating cash flow 1,057m* (1H 2012:862m*) m Sources Uses 3m Disposals nil (1H 2012:2,568m) 2,000 Net loan draw down 901m (1H 2012…
  9. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 9
    2013 HALF-YEARLY RESULTS 2013 capital expenditure 2.0 billion capex for full year 2013 2013 900m 250m 850m 2,000m Ghana: Jubilee Phase 1A & TEN developments Uganda: Appraisal activities Kenya: Exploration drilling Other Africa:…
  10. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 10
    2013 HALF-YEARLY RESULTS Tullows exploration-led value growth strategy Additional cash flow from new production Exploration and Monetisation 4bn debt facilities High Margin Appraisal Options & Production Selective 1bn + p.a.…
  11. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 11
    2013 HALF-YEARLY RESULTS Strong Balance Sheet Improved 2013 revenues, operating cash flow and income (exc. 1H12 disposal profits) Strong, well funded balance sheet - Debt facilities 4 billion; net debt 1.7 billion; un-utilised debt…
  12. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 12
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half-yearly results Development and Operations Paul McDade
  13. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 13
    2013 HALF-YEARLY 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 70…
  14. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 14
    2013 HALF-YEARLY RESULTS West Africa high quality non-operated portfolio of assets Gabon 1H 2013 Dev Capex Portfolio of 10 fields with net production 13,000 bopd Mauritania / Congo 18% Continuous campaign of development and appraisal…
  15. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 15
    2013 HALF-YEARLY RESULTS Jubilee field on track to exit year at over 120,000 bopd Current production stable Existing wells stable and productivity stable post acid jobs Initial Phase 1A wells onstream and performing to target Well…
  16. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 16
    2013 HALF-YEARLY RESULTS TEN development approval received and project underway Recent well results encouraging Enyenra-6A confirms deeper OWC Nt-04 confirms OWC and supports water injection plans Base case reserves of initial…
  17. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 17
    2013 HALF-YEARLY RESULTS Early South Lokichar Basin success Significant early drilling success 100% exploration success from first 3 wells in Blocks 13T/10BB Successful testing of Ngamia-1 and Twiga South-1 - Net oil pay estimates…
  18. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 18
    2013 HALF-YEARLY RESULTS Moving closer to regional export pipeline Ugandan appraisal underpins resources Successful appraisal activity supports discovered resources of 1.7bn Further seismic, drilling and testing ongoing Development…
  19. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 19
    2013 HALF-YEARLY RESULTS High quality portfolio of production and developments Strong production delivery from West African production portfolio TEN first oil in mid-2016 whilst managing exposure to development capex Kenya/Uganda…
  20. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 20
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half-Yearly Results Exploration & Appraisal Angus McCoss
  21. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 21
    2013 HALF-YEARLY RESULTS Oil exploration strategy focused on Africa & Atlantic Margins Norwegian North Atlantic Continental Shelf Exploration Campaign & Business Development Central Atlantic Central Atlantic Major Exploration…
  22. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 22
    2013 HALF-YEARLY RESULTS Exploration delivers volumes & value 700 30% Jobi-3/4/5 Low volume, High volume, Jobi East-1, high value high value Gunya-A 600 25% Leading Independents 500 Nigiri-2 Tullow Net MMboe 20%…
  23. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 23
    2013 HALF-YEARLY RESULTS Exploration campaigns compete & evolve to grow value 2005 Adapting to outcomes & reproducing successes 2015+ East Africa East African Rift Basins Uganda: prolific oil basin opened Kenya Uganda: 2.9B dilution…
  24. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 24
    2013 HALF-YEARLY RESULTS Industry-leading exploration acreage position Balanced spread of E&A campaigns provide robust feedstock to sustain Tullows average annual addition of 200MMboe mean resources Slide 25
  25. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 25
    2013 HALF-YEARLY RESULTS Industry-leading exploration acreage position South American Atlantic Margins 1 out of 4 French Guiana wells successful, next well to delineate Zaedyus water leg Mid-term focus turns to Suriname operated…
  26. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 26
    2013 HALF-YEARLY RESULTS Campaign of 12 East African Tertiary Rift Basins Campaign concept proved in Lake Albert Rift Basin, Uganda Tullow Oils 12 East African Tertiary Rift Basins Follow-on Prospect Uganda Ethiopia Follow-on…
  27. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 27
    2013 HALF-YEARLY RESULTS Technology steps up from FTG to AEI (Ambient Enhanced Inversion) Ambient enhancement Active methods Well Logs Seismic Surveys Electro-Magnetic Laboratory Borehole Seismic Earthquakes Gravity High…
  28. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 28
    2013 HALF-YEARLY RESULTS Kenya Ethiopia: World class petroleum province potential Three scales of exploration in multiple basins 1. Ngamia-1 & Twiga South-1 appraisal testing doubles pay (25 sq km) 10kbopd total combined flow rate…
  29. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 29
    2013 HALF-YEARLY RESULTS Kenya: South Lokichar Basin exceeds threshold for development Ekales (Drilling) Agete North Agete South Rift Bounding Fault Play: Twiga S-1 Etom 75m net pay String of pearls Amosing (down flank)…
  30. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 30
    2013 HALF-YEARLY RESULTS Kenya: Early success in South Lokichar Rift Basin de-risks basins Drilling Drilling Drilling Drilling Drilling Drilling Drilling Drilling Drilling 2014+ 2013+ 2014+ 2015+ 2014+ 2012+ 2013+ 2014+ 2014+…
  31. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 31
    2013 HALF-YEARLY RESULTS Industry-leading exploration acreage position Balanced spread of E&A campaigns provide robust feedstock to sustain Tullows average annual addition of 200MMboe mean resources Slide 32
  32. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 32
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half-Yearly Results Conclusions Aidan Heavey
  33. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 33
    2013 HALF-YEARLY RESULTS Running business for the long-term Financial strength and funding of the business has never been stronger Core oil producing assets continue to generate significant cash flow Successfully replacing…
  34. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 34
    2013 HALF-YEARLY RESULTS Tullow Oil plc 2013 Half Yearly Results Appendix
  35. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 35
    2013 HALF-YEARLY RESULTS Converting Resources - portfolio management and development Year End Group Reserves and Resources 2012 YE Reserves and Resources 1,203 mmboe 2,000 Commercial Reserves - 388 mmboe 1,800 1,600 - TEN…
  36. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 36
    2013 HALF-YEARLY 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…
  37. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 37
    2013 HALF-YEARLY RESULTS Mauritania core campaign drilling this year Significant play diversity in Mauritania acreage 80 prospects with risk spread through multiple plays Light oil & gas-condensate already proven in the basin Testing…
  38. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 38
    2013 HALF-YEARLY 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…
  39. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 39
    2013 HALF-YEARLY 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…
  40. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 40
    2013 HALF-YEARLY RESULTS Focus on Suriname operated exploration for Jubilee play Jubilee play campaign continues across the Atlantic, after Tullows successful Zaedyus-1 basin opener Multiple Ghana-scaled prospective fan systems…
  41. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 41
    2013 HALF-YEARLY RESULTS North Atlantic exploration shifts into exciting drilling phase Greenland - highly prospective acreage Norway - relatively unexplored vs UK 1,800 sq km 3D seismic acquired Spring Energy: experienced…
  42. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 42
    2013 HALF-YEARLY RESULTS 63% global E&A success ratio year to date Seismic Key Acquisition NORWAY - 2 wells Processing/ Carlsberg-1 Mjosa-1 CONGO (BRAZZAVILLE) - 4 wells Re-processing 2,600 sq km 3D PSTM Mboundi - 2101A Multi…
  43. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 43
    2013 HALF-YEARLY RESULTS 12 month Exploration and Appraisal programme (Jul 2013) mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date WEST & NORTH AFRICA Cte dIvoire CI-103 Paon-2A 30% (op)1 287 86 Q4 2013 This…
  44. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 44
    2013 HALF-YEARLY RESULTS 12 month Exploration and Appraisal programme (Jul 2013) mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date SOUTH & EAST AFRICA Tultule 25 13 Aug 2013 Ethiopia South Omo Shimela 50%…
  45. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 45
    2013 HALF-YEARLY RESULTS 12 month Exploration and Appraisal programme (Jul 2013) mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date EUROPE, SOUTH AMERICA & ASIA The Netherlands E11 Vincent 60% (op) 32 19 Q3…
  46. H1 2013 EARNINGS CALL – Tullow Oil Plc – slide 46
    2013 HALF-YEARLY 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…

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