2016 HALF YEAR RESULTS Tullow Oil plc 27 July 2016
2016 HALF YEAR RESULTS TULLOW OIL PLC 2016 HALF YEAR RESULTS AIDAN HEAVEY
2016 HALF YEAR RESULTS Well-positioned for growth Decisive action taken Financially robust Fit for new oil era Re-set to deal with Step change for Tullow Flexible portfolio with low oil prices: with TEN first oil: major growth…
2016 HALF YEAR RESULTS TULLOW OIL PLC 2016 HALF YEAR RESULTS IAN SPRINGETT
2016 HALF YEAR RESULTS Proactive financial management Realising the benefits of early actions Significant cost savings Gross G&A of 215m, down 32% from 1H 2015 Net admin expenses of 69m, down 31% from 1H 2015 Good progress on…
2016 HALF YEAR RESULTS 2016 Half Year Results Summary 1H 2016 (m) 1H 2015 (m) Sales revenue 541 820 Gross profit 182 342 Administrative expenses (69) (100) Restructuring costs (7) (25) Loss on disposal (3) (44) Exploration costs…
2016 HALF YEAR RESULTS Generated first half profit in a challenging environment 200 115 100 85 53 30 30 0 (68) 49 -100 63 29 m (144) 18 32 -200 IMPACT OF JUBILEE m Lower volumes (175) 109 (196) -300 30 Higher…
2016 HALF YEAR RESULTS Jubilee turret insurance expectations Spread moor Install Claims Loss Root Cause FPSO Deepwater notified to adjusters Analysis Temporary Permanent Offloading insurers appointed commenced heading heading…
2016 HALF YEAR RESULTS Industry leading hedge position Hedge strategy unchanged Tullow has proactively hedged production to protect revenues over the last 10 years Significant liquidity benefit through protecting future revenues and…
2016 HALF YEAR RESULTS Managing balance sheet, debt diversification and liquidity Committed Debt Facilities Drawings bn Overall 1.0bn facility headroom plus free cash at mid-year 1.3bn 6 0.3 liquidity 2016 (1.3bn including the 300m…
2016 HALF YEAR RESULTS Significant Capex reduction in 2017 post TEN project 2500 Jubilee Turret 2016 Capex of c.1bn Exploration Includes Jubilee turret project c.35m East Africa 2000 Final year of TEN first oil capex of c.600m…
2016 HALF YEAR RESULTS Financial strategy provides flexibility for future growth Continuing to drive down Opex and G&A Significant hedging in place for 2H 2016 and 2017 Financial Capex flexibility post TEN; 2017 potential below…
2016 HALF YEAR RESULTS TULLOW OIL PLC 2016 HALF YEAR RESULTS PAUL McDADE
2016 HALF YEAR RESULTS Significant West African oil production growth post TEN 1H 2016 West Africa oil production: 51,800 bopd FY 2016 guidance: 62-68,000 bopd Jubilee turret project impacting physical production West Africa Oil…
2016 HALF YEAR RESULTS West Africa portfolio: low underlying opex and flexible capex Ghana underlying operated Opex/bbl 15 Strong underlying opex performance in Ghana Underlying Ghana opex reduced to 9/bbl in 1H 2016 10 - Contract…
2016 HALF YEAR RESULTS Jubilee turret project under way Spread moor Install Identification Revised Long-term FPSO Deepwater of operating solution Temporary Permanent Offloading issue procedures designed heading heading Buoy Feb…
2016 HALF YEAR RESULTS Jubilee long-term asset with flexible investment opportunities Performance in 2016 1H 2016 average gross production: 63 kbopd FY 2016 guidance: 74 kbopd (2H 2016: 85 kbopd) Gas exports continue to onshore…
2016 HALF YEAR RESULTS TEN Project industry leading project execution First Oil expected early August Government approvals in place to start up production Water injection at Enyenra to begin next week Project remains on time and…
2016 HALF YEAR RESULTS Firming-up Kenyas oil resources ahead of development Appraisal to continue South Lokichar resource - 750 mmbo; 1 bnbo upside Successful extended well tests in Amosing & Ngamia Water injection testing 3Q 2016…
2016 HALF YEAR RESULTS Progressing Ugandas Lake Albert basin development Upstream developments progressing towards FEED 30% Annual percentage life of field capex of 25% Project definition is mature; de-risked resource of 1.7 billion…
2016 HALF YEAR RESULTS Portfolio with significant future production potential TEN Project delivery Industry leading project execution, first oil early August Significant resource upside, low cost incremental Ghana upside options…
2016 HALF YEAR RESULTS TULLOW OIL PLC 2016 HALF YEAR RESULTS ANGUS McCOSS
2016 HALF YEAR RESULTS Exploring in the current environment Strategy steadily evolves Exploration continues to be central to Tullows value growth strategy Strong portfolio & attractive programmes adapted for current environment &…
2016 HALF YEAR RESULTS Guyana-Suriname: excellent position in new oil province Liza-1 deepwater oil discovery significantly de-risks the basin & Tullows regional acreage Araku: 500mmbo prospect in four-way closure, good seismic…
2016 HALF YEAR RESULTS Guyana: prospects up-dip of Liza-1 discovery, in shallow water Exploration activity commenced Preparing to acquire 3D seismic Jubilee-like setting up-dip of Liza oil discovery Kaieteur estimated well cost…
2016 HALF YEAR RESULTS Onshore East Africa: exploring regional oil play Location Activity Uganda Lake Albert 17+ oil fields discovered (90% success) Basin 1.7 billion barrels of oil discovered Kenya North Basin margin play…
2016 HALF YEAR RESULTS Kenya: E&A drilling programme in South Lokichar Basin Material proven oil basin 9 oil accumulations discovered 750mmbo resource base confirmed by tests Significant upside potential Billion barrel basin…
2016 HALF YEAR RESULTS Africa: Long-term future upside & portfolio replenishment LAKE MWERU WANTIPA BASIN Mauritania: exploration shifted to low-cost shelf-edge oil plays Zambia: extension of East African Rift Basin Play;…
2016 HALF YEAR RESULTS Exploration is central to our growth Game-changing opportunities Guyana-Suriname: low-cost, multiple prospect potential Africa: Growth options Oil prone acreage in Namibia, Mauritania and Zambia Kenya:…
2016 HALF YEAR RESULTS TULLOW OIL PLC 2016 HALF YEAR RESULTS
2016 HALF YEAR RESULTS Latin America: Long-term future upside Jamaica: early stage of frontier exploration, interpreting new 2D seismic data Guyana: attractive acreage up-dip of material Liza-1 oil discovery Suriname:…
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