2014 Full Year Results Tullow Oil plc 11 February 2015
2014 Full Year Results Contents Section Page Introduction 4 Finance 6 Development and Operations 14 Exploration and Appraisal 22 Conclusion 30 Appendix 32 Slide 3
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS AIDAN HEAVEY
2014 Full Year Results Business reset for current market conditions Strong production and development business Reduced exploration budget focusing on low cost plays and long term options Reducing costs and dividend suspension…
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS IAN SPRINGETT
2014 Full Year Results Taking action to operate in a low oil price environment Allocating capital to high-margin cash generating West Africa assets Prioritising future production and development activities in West Africa; low…
2014 Full Year Results 2014 Full year results summary 2014 2013 Sales revenue 2,213m 2,647m Gross profit 1,096m 1,493m Administrative expenses (192m) (219m) (Loss)/profit on disposal (482m) 30m Goodwill impairment (133m) -…
2014 Full Year Results Net income 2014 v 2013 500 250 216 186 0 248 18* -250 13 33 -500 787 -750 1,640 m -1,000 -1,250 543 -1,500 -1,750 512 505 -2,000 133 -2,250 16 Review of three year forward…
2014 Full Year Results 2015 Capex guidance 2015 capex of 1.9bn Ghana: Jubilee & TEN developments - 1,300m 2015 200m 1,700m 1,900m Other Africa: maintaining mature production and near field drilling activities - 200m Uganda and…
2014 Full Year Results Strong liquidity position through TEN first oil Debt maturity profile Key metrics m Commitment size Maturity m 31 Dec 2014 31 Dec 2013 RBL 3,500 Oct 2019 Cash and cash equivalents 319 353 Corporate Facility…
2014 Full Year Results Oil Hedging Hedge strategy Hedge strategy is approved by the Board and reviewed quarterly Hedges are executed rateably on a three year forward rolling basis Hedge by purchasing a mix of Dated Brent options…
2014 Full Year Results Outlook remains strong during period of low oil price High margin production Stable Jubilee performance, with further upside delivers significant cash flow TEN production due on-stream mid-2016 ramping up…
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS PAUL McDADE
2014 Full Year Results Strong production and development business Strong production and development business robust to low oil prices Production: significant near-term production growth of high margin oil Operating costs: low opex…
2014 Full Year Results Group production significant growth potential West Africa oil production KENYA South Lokichar Basin 2014 actual: 65,300 bopd* Development studies underway Single basin has potential to FY 2015 guidance:…
2014 Full Year Results Stable low-cost portfolio of non-operated oil production Portfolio of 24 non operated fields across 5 countries Low operating cost c.15/bbl and cash break-even c.30-40/bbl Increased focus on efficient…
2014 Full Year Results World-class Jubilee field continues to perform strongly Strong 2014 production and cost performance Jubilee exceeded production guidance at 102,000 bopd High FPSO operating efficiency underpinned 2014…
2014 Full Year Results TEN development to deliver significant cash flow in 2016 Base case development 300 mmboe reserves being developed 80% oil 24 well development - 10 wells on-stream at start up Gross development capex of 4.9…
2014 Full Year Results Progressing East Africa regional development East Africa upstream developments Good progress on development studies & resource base - Uganda and South Lokichar gross oil resources total c.2.3 billion barrels -…
2014 Full Year Results Strong record of resource additions & commercialisation 2P Commercial Reserves and 2C Contingent Resources Total Resource Potential as of December 31, 2014 as of December 31, 2014 South & East Africa 2P…
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS ANGUS McCOSS
2014 Full Year Results Adapting our E&A strategy to current environment Focus on high margin oil Extend production in core assets Realise upside Big fields get Bigger Adding Value Campaign Feedback - positive & negative during all…
2014 Full Year Results Low-cost high-value E&A investment options Caribbean-Guyanas Norway Atlantic Margin Plays Atlantic Margin Plays 1. Licence activity 1. Licence activity - Prospecting & - Johan Sverdrup charge farming down…
2014 Full Year Results Ghana: focus on high margin oil Big Fields get Bigger Material resource base : long-term value growth Industry experience: Big oil fields get Bigger Development geoscience & engineering targeting the…
2014 Full Year Results Africa Atlantic Margin: shift to simple lower-cost plays Shelf edge plays: lower-cost to develop Vast acreage positions - Mauritania to Namibia Oil plays proven - diversity in prospect inventory Experience,…
2014 Full Year Results Caribbean-Guyanas Atlantic Margin: shift to shelf Three major basins with proven oil systems Shelf edge plays lower cost to develop Spari (non-op) drilling Q3 2015 Seismic evaluation ongoing to high-grade…
2014 Full Year Results Norway Atlantic Margin: cost-effective upside Tullow Oil JV Johan Sverdrup JV Prospects in Oil Fairway Giant Oil Field Barents Sea - Frontier Major oil finds at Wisting & Hanssen. Hassel & Bjaaland…
2014 Full Year Results Upside in Kenya: Basin testing wildcats & new play testers Northernmost Area Central Core Area Southernmost Area West Turkana Basin: Engomo-1 wildcat testing basin, multiple follow-up prospectivity ongoing…
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS AIDAN HEAVEY
2014 Full Year Results Business reset for current market conditions Strong production and development business Focusing exploration on low cost plays and long term options Dividend suspension reflects prudent capital allocation in…
2014 Full Year Results TULLOW OIL PLC 2014 FULL YEAR RESULTS
2014 Full Year Results Sources and uses of funds Cash inflow 2,738m m 2014 Net cash outflow 38m 3,000 Operating cash flow 1,516m* (2013:1,901m*) Sources Uses 21m Disposals 21m (2013:80m) 3m 389m 2,500 Net loan draw down 1,198m…
2014 Full Year Results Current & Planned 2015 Exploration & Appraisal Programme Gross mean Net mean Country Block/Licence Prospect/Well Interest mmboe mmboe Spud Date WEST & NORTH AFRICA Gabon Nziembou Igongo-2 40% 4 2 2H 2015*…
2014 Full Year Results East Africa: Establishing a new Oil Province E&A campaign delivery parallel approach South Lokichar Basin drill-out, appraisal & testing Discovered over 600 mmbo Pmean gross resources Twiga-2: natural flow at…
2014 Full Year Results Finding oil in 2014 2014 E&A Commercial Technical Dry Hole We continue to find our own oil Outcomes Discovery Discovery EAST AFRICA Cost-effective feedstock for value creation Exploration Ewoi-1 Emong-1…
2014 Full Year Results Strategic E&A value options as cash becomes available Finding Commercial Oil: New Frontiers & Frontier Exploration Core E&A Exploration Business Higher-Risk Lower-Risk Balanced investment Development…
2014 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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