Overview Presentation A leading global independent exploration & production company 22 345mmboe 908 2C Contingent 75,400 2P Reserves boepd Countries Resources production Established record of delivering successes The business…
Overview Presentation The Tullow strategy Additional cash flow from new production Monetisation High Margin Exploration Selective Options & Production and Development Portfolio Cash flow Appraisal Management Costs &…
Overview Presentation 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…
Overview Presentation 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 cost…
Overview Presentation 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:…
Overview Presentation 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…
Overview Presentation Low cost high-value E&A investment options Caribbean-Guyanas Atlantic Margin Plays 1. Licence activity - Prospecting & farming down 2. Frontier wildcatting - Spari in Suriname 18 320,000 200m Countries with Sq…
Overview Presentation 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 through…
Overview Presentation OVERVIEW PRESENTATION
Overview Presentation 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) -…
Overview Presentation 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…
Overview Presentation Historical performance key metrics Adj. EBITDAX (mm) 1,847 1,779 1,908 1,565 800 Strong growth in Adjusted EBITDAX driven by increasing production 2010 2011 2012 2013 2014 Capital investment (mm) Over…
Overview Presentation High margin production and competitive cost base Realized oil price per bbl ()1 Operating costs per boe ()2 Brent avg. 79.5 111.3 111.7 108.7 98.9 18.6 16.5 108.0 108.0 105.7 97.5 14.6 13.5 78.0 12.5…
Overview Presentation 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 break-even…
Overview Presentation 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…
Overview Presentation Strong liquidity position through TEN first oil Debt maturity profile Key metrics m Commitment size Maturity m 31 Dec 2014 24 Apr 2015 RBL 3,700 Oct 2019 Cash and cash equivalents 319 632 Corporate Facility…
Overview Presentation 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…
Overview Presentation OVERVIEW PRESENTATION
Overview Presentation West Africa: stable production and future growth 7 Countries 26 Licences 29 Years experience 71,300 Sq km 63,400 bopd mmboe 580 acreage 2014 production Reserves & Resources West & North Africa…
Overview Presentation 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…
Overview Presentation World-class Jubilee field continues to perform strongly Strong production and cost performance Q1 2015 gross average Jubilee production of 103,000 bopd Continued high FPSO operating efficiency underpins…
Overview Presentation 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…
Overview Presentation 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…
Overview Presentation 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,…
Overview Presentation OVERVIEW PRESENTATION
Overview Presentation Progressing East Africa regional development 3 Countries 10 Licences 10+ Years experience 85,000 Sq Km 2.3 Bbo Discovered 1 to 5 Bbo Risked yet to find acreage Resources (Gross) Resources (gross)…
Overview Presentation 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…
Overview Presentation Upside in Kenya: Basin testing wildcats & new play testers Northernmost Area Central Core Area Southernmost Area West Turkana Basin: Engomo-1 wildcat well; no significant hydrocarbon shows South Lokichar…
Overview Presentation OVERVIEW PRESENTATION EUROPE & SOUTH AMERICA
Overview Presentation 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 Norwegian Sea - Near…
Overview Presentation 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 underway Seismic evaluation ongoing to high-grade…
Overview Presentation OVERVIEW PRESENTATION
Overview Presentation 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…
Overview Presentation 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*…
Overview Presentation 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…
Overview Presentation 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…
Overview Presentation Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on: Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: irtullowoil.com Web: www.tullowoil.com
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