2015 FULL YEAR RESULTS Tullow Oil plc 10 February 2016
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS AIDAN HEAVEY
2015 FULL YEAR RESULTS Early actions taken to position Tullow for future growth Decisive action taken Financial flexibility Fit for the future Re-set to deal with Step change for Tullow Portfolio with major low oil prices: with TEN…
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS IAN SPRINGETT
2015 FULL YEAR RESULTS 2015 Full Year Results summary 2015 (m) 2014 (m) Sales revenue 1,607 2,213 Gross profit 591 1,096 Administrative expenses (194) (192) Restructuring costs (41) - Loss on disposal (57) (482) Goodwill…
2015 FULL YEAR RESULTS Early action mitigates impact of low oil prices Strong focus on cash from operations 99/bbl Increased to 67 kbopd in 2015 98/bbl West African production TEN to deliver growth to around 100 kbopd in 2017 Oil…
2015 FULL YEAR RESULTS Industry leading hedge position Hedge strategy Tullow has proactively hedged production to protect revenues for more than 10 years Significant liquidity benefit through protecting future revenues and generating…
2015 FULL YEAR RESULTS Managing balance sheet and liquidity bn Overall 1.9 billion facility headroom and free Committed Drawings cash at year-end 2015 Debt Facilities liquidity 1.0 RBL March 2016 semi-annual redetermination Debt…
2015 FULL YEAR RESULTS Potential to reduce capex to c.300m at low oil prices Major reduction in Capex Working to reduce 2016 capex to c.900m Final year of committed TEN first oil capex fixed at 600m Potential to reduce Group…
2015 FULL YEAR RESULTS Capex flexibility and operating cash flow sensitivities bn Significant operating cash flow continues to be delivered at low oil prices; underpinned by 90/bbl hedges 80/bbl Capex flexibility creates surplus…
2015 FULL YEAR RESULTS Tullow continues to be resilient to low oil prices Growing oil production Growing to c.100 kbopd in 2017; TEN onstream Revenues protected Significant hedging in place 2016 and 2017 Low cost operations…
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS PAUL McDADE
2015 FULL YEAR RESULTS Strong delivery across West Africa production portfolio Strong FY 2015 West Africa oil production: 66,600 bopd FY 2016 West Africa oil production guidance: 73-80,000 bopd 2017 West Africa oil production…
2015 FULL YEAR RESULTS Low cost West Africa portfolio to deliver c.100,000 bopd Ghana operated Opex/bbl Material reduction in Ghana Opex Realising synergies from operating Jubilee & TEN in Ghana Reducing per barrel Opex to around…
2015 FULL YEAR RESULTS Jubilee - long term asset with flexible investment opportunities Strong performance continues in 2016 FY15 average gross production: 103 kbopd FY16 guidance: 101 kbopd Gas export system operating reliably…
2015 FULL YEAR RESULTS TEN on schedule to deliver first oil - July/August 2016 Project over 85% complete FPSO conversion complete - FPSO sailed 23 January 2016; zero carry over - Arrival offshore Ghana early March 2016 - Mooring…
2015 FULL YEAR RESULTS East Africa development making steady progress 2015 activities underpin Kenya development resource base 9 appraisal wells drilled; 2 EWTs completed Significant result at Etom-2 using new 3D seismic Success to…
2015 FULL YEAR RESULTS Growing portfolio of low cost oil 2P Commercial Reserves and 2C Contingent Resources Total Resource Potential as of 31 December 2015 as of 31 December 2015 East Africa 2P Commercial Reserves 49% 321.8…
2015 FULL YEAR RESULTS Business differentiated by strong delivery and quality assets Production West Africa on track to deliver c.100k bopd in 2017 Delivery Operating costs Reducing Opex per barrel in Ghana Incremental capex…
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS ANGUS McCOSS
2015 FULL YEAR RESULTS Sustaining exploration upside at low cost Exploration capital expenditure m Material acreage access building & rejuvenating Focus on low-cost material oil plays in Africa & Latin America Entry with partners for…
2015 FULL YEAR RESULTS Kenya: Identifying upside in South Lokichar Basin Material proven oil basin 9 oil accumulations discovered 600mmbo resource base confirmed by tests Significant upside potential 20 oil prospects & leads yet…
2015 FULL YEAR RESULTS Onshore East Africa: Finding low-cost oil Location Activity Uganda Lake Albert 17+ oil fields discovered (90% success) Basin 1.7 billion barrels of oil discovered Kenya North Basin margin play unsuccessful at…
2015 FULL YEAR RESULTS West Africa: Long-term future upside Near field upside in Ghana: 3D/4D seismic, quantitative interpretations & reservoir modelling Major basins with proven oil systems & shelf edge plays lower cost to…
2015 FULL YEAR RESULTS Latin America: Long-term future upside Basins with proven oil systems & shelf edge plays lower cost to develop Seismic evaluation ongoing to high-grade prospects for future selective drilling Pursuing…
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS AIDAN HEAVEY
2015 FULL YEAR RESULTS Early actions taken to position Tullow for future growth Decisive action taken Financial flexibility Fit for the future Re-set to deal with Step change for Tullow Portfolio with major low oil prices: with TEN…
2015 FULL YEAR RESULTS TULLOW OIL PLC 2015 FULL YEAR RESULTS
2015 FULL YEAR RESULTS Net income 2015 v 2014 m 2014 Price Hedging Volume Cash DD&A Admin Restructuring Disposals Goodwill E&E Impairment Provision Other Net Tax 2015 Operating Expenses Costs Impairment Write for onerous…
2015 FULL YEAR RESULTS Sources and uses of funds Cash inflow 2,388m 2015 Net cash inflow 44m m Sources Uses Operating cash flow 1,316m* (2014:1,516m*) 56m Net loan draw down 977m (2014:1,198m) 232m Disposals 56m (2014:21m) Cash…
2015 FULL YEAR RESULTS Future project pipeline making significant progress Future Development Projects Countries with ongoing operations Key oil producing countries TEN Development East Africa Development 85% project…
2015 FULL YEAR RESULTS TEN to deliver significant Group cash flow from 2H 2016 Base case development 300 mmboe reserves being developed - 80% oil 24 well development Gross development capex of c.5 billion Leased FPSO, facility…
2015 FULL YEAR RESULTS Suriname: Exciting material prospects in Blocks 47 & 54 Block 54 farmed-down (Tullow Oil 30% op) converting licence equity into carries Demerara Plateau 3D seismic survey reveals exceptionally high-quality…
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