2016 FULL YEAR RESULTS Tullow Oil plc 8 February 2017
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS AIDAN HEAVEY
2016 FULL YEAR RESULTS High-quality portfolio with major growth potential Action taken Solid business base Focus on growth Business reset High-margin Transformational and restructured production exploration assets Deleveraging…
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS LES WOOD
2016 FULL YEAR RESULTS Proactive financial management Self-help delivery Deleveraging started Prudent financing Cash cost savings Free cash flow in 2017 Liquidity headroom Significant G&A cash savings TEN production onstream 345m…
2016 FULL YEAR RESULTS 2016 Full Year Results summary Income statement 2016 (m) 2015 (m) Sales revenue 1,270 1,607 Other operating income - lost production insurance proceeds 90 - Gross profit 547 591 Administrative expenses (116)…
2016 FULL YEAR RESULTS Disciplined capital allocation targeting areas of future growth 1800 Ghana 2016 Capex of c.0.9bn 1600 West Africa non-op (incl Europe) Exploration c.20% down from initial forecast of 1.1bn East Africa 1400…
2016 FULL YEAR RESULTS Hedging strategy provides protection to oil price volatility Prudent approach provides significant benefits to the business Tullow has proactively hedged production to protect revenues over the last 10 years…
2016 FULL YEAR RESULTS Managing balance sheet, debt diversification and liquidity bn Committed Debt Facilities Drawings Liquidity 1.0bn facility headroom and free cash at year-end 6 Minimum 0.5bn headroom going forward 1.0…
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS PAUL McDADE
2016 FULL YEAR RESULTS Significant pipeline of high-margin production growth Actual and forecast future oil production 2016 Production Future estimated potential production West Africa oil production: 65,500 bopd* 2020s+ inc. East…
2016 FULL YEAR RESULTS TEN on stream following exceptional project delivery Successful project execution and completion Project delivered on time and on budget Benchmarking shows industry-leading project execution Commissioning…
2016 FULL YEAR RESULTS Strong Jubilee performance; remediation work underway Turret remediation project Interim Temporary heading nearing completion spread moor 100 kbopd All equipment installed Final pull of anchors expected by end…
2016 FULL YEAR RESULTS Jubilee & TEN Material, long-life and low-cost fields Operating cost reductions on track Ghana underlying operated Opex/bbl 15.0 Underlying opex reduced to 9/bbl in 2016 Opex/bbl Targeting opex in 2018+ of…
2016 FULL YEAR RESULTS Uganda farm-down supports Lake Albert development FID Farm-down to Total announced 900m consideration: - 200m cash - 100m on completion, 50m at FID, 50m at first oil - 700m in deferred consideration Deferred…
2016 FULL YEAR RESULTS Kenya: Firming-up oil resources ahead of development Continuing to de-risk and build on resources South Lokichar E&A programme recommenced in Q4 2016 Upcoming appraisal wells to test upside in Amosing & Ngamia…
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS ANGUS McCOSS
2016 FULL YEAR RESULTS Exploration central to long-term growth strategy Focus on low-cost, high-margin, light oil plays Portfolio of high-impact prospects suited to current environment Working on our seismic and geological assets to…
2016 FULL YEAR RESULTS 2017 Africa & South America planned exploration activity JAMAICA MAURITANIA KENYA Walton Morant (100%) C3 (90%), C-10 (76.5%) Block 12A (50%) 2D Seismic Q1 17 3D Seismic Q2 17 2D Seismic Q1 17 Block 10BB/13T…
2016 FULL YEAR RESULTS Kenya: E&A drilling programme in South Lokichar Basin Material proven oil basin 12 exploration prospects drilled 10 oil accumulations discovered 22 appraisal wells drilled for delineation & testing 750 mmbo…
2016 FULL YEAR RESULTS Guyana-Suriname: excellent position in new oil province Liza-1 deepwater oil discovery significantly de-risks the basin & Tullows regional acreage Araku: Estimated 500mmbo prospect in four-way structural…
2016 FULL YEAR RESULTS Guyana: prospects up-dip of Liza-1 discovery, in shallow water Exploration activity commenced 3D seismic programme to commence in Q1 2017 Jubilee-like setting up-dip of Liza oil discovery Estimated well…
2016 FULL YEAR RESULTS Africa: Shallow water plays and Cretaceous turbidite leads Mauritania Namibia Shallow water plays focused around oil kitchen Multiple Cretaceous leads in high-quality 3D seismic Low-cost, high-impact…
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS AIDAN HEAVEY
2016 FULL YEAR RESULTS High-quality portfolio with major growth potential Action taken Solid business base Focus on growth Business reset High-margin Transformational and restructured production exploration assets Deleveraging…
2016 FULL YEAR RESULTS TULLOW OIL PLC 2016 FULL YEAR RESULTS
2016 FULL YEAR RESULTS A leading global independent exploration & production company Established record of delivering successes The business has developed organically and through acquisitions since 1985 Management team with decades…
2016 FULL YEAR RESULTS The Tullow strategy Additional cash flow from new production Monetisation High Margin Exploration Selective Options & Production and Development Portfolio Cash flow Appraisal Management Costs &…
2016 FULL YEAR RESULTS A sustainable future production base Key production and development Countries with ongoing operations Key oil producing countries TEN field First oil achieved in August 2016 FPSO gross capacity of…
2016 FULL YEAR RESULTS Affirmation of Jubilee insurance cover Revised Remediation Spread operating solution moor FPSO Install Deepwater Identification Temporary Permanent of issue procedures designed heading heading Offloading…
2016 FULL YEAR RESULTS New venture campaigns focused on long-term value Commercial Screening Off-limits Exploration Tested at 50/bbl Low cost of supply Ultra-deepwater Value accretive Deepwater gas High Margin Oil Shale oil…
2016 FULL YEAR RESULTS Onshore East Africa: exploring regional oil play Location Activity Uganda Lake Albert 17+ oil fields discovered (90% success) Basin Estimated 1.7 billion barrels of oil discovered Kenya North Basin margin…
2016 FULL YEAR RESULTS South America: Significant positions in under-explored region Jamaica: early stage of frontier exploration, interpreting new 2D seismic data Guyana: attractive acreage up-dip of material Liza-1 oil…
2016 FULL YEAR RESULTS Africa: Long-term future upside & portfolio replenishment LAKE MWERU WANTIPA BASIN Mauritania: exploration shifted to low-cost shelf-edge oil plays, 3D seismic planned for Q2 2017 Zambia: extension of…
2016 FULL YEAR RESULTS Ghana acreage Slide 36
2016 FULL YEAR RESULTS 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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