Overview presentation DEFINING TULLOWS POSITION IN THE E&P INDUSTRY The pillars of our growth ambitions A balanced E&P business, focused on oil & specialising in emerging markets Slide 4
Overview presentation OUR PORTFOLIO OF ASSETS NEW VENTURES - exploration EAST AFRICA - development Kenya Extensive acreage in Africa and South America, in well-known plays Significant discoveries in South Lokichar basin Multiple…
Overview presentation A BALANCED SELF-FUNDING E&P COMPANY IN ACTION DELEVERAGE MAXIMISING & PRODUCTION RE-INVEST GROWTH FROM BALANCE DISCOVERED SHEET RESOURCES FREE INVESTING IN CASH OUR BUSINESS CASH FLOW FLOW FROM…
Overview presentation A STRONG COMMITMENT TO SUSTAINABILITY Local content Developing Social and capacity local skills Investment Climate resilience Ecosystems Safety and wellness Responsible production Good…
Overview presentation DRIVING FORWARD TO ACHIEVE OUR GROWTH AMBITIONS Investing in 150kbopd Investing to grow production, develop our assets production potential discoveries and find new oil Low…
Overview presentation
Overview presentation 2018 FULL YEAR RESULTS SUMMARY Underlying cash Revenue1 Adjusted EBITDAX Profit after tax2 operating costs 1,859million 10.0/boe 1,600million 85million FY 2017: 1,723 million FY 2017: 11.1/boe FY 2017:…
Overview presentation RELENTLESS FOCUS ON RETAINING COST DISCIPLINE /bbl m Unit Opex Net G&A 20 250 200 15 150 10 100 5 50 0 0 2015 2016 2017 2018 2019f 2015 2016 2017 2018 2019f m Financing costs 400 Competitive…
Overview presentation CONTINUED PRUDENT FINANCIAL MANAGEMENT Diversified and evolving capital structure Revenue protection through hedging A balance of funding sources Proven hedging policy over 10 years Revolving RBL provides…
Overview presentation DISCIPLINED CAPITAL INVESTMENT IN OUR BUSINESS MAXIMISING GROWTH FROM FINDING PRODUCTION DISCOVERED RESOURCES NEW OIL FY 2018 204m 92m 65m 50m 62m 423m Ghana Non-op Kenya Uganda* Exploration FY 2019…
Overview presentation A BUSINESS DELIVERING SIGNIFICANT FREE CASH FLOW m Free cash flow1 Factors impacting 2018 free cash flow: 1000 Strong underlying operating cash flow 70 800 One-off cash outflow from Seadrill litigation 65…
Overview presentation DELEVERAGING THE BALANCE SHEET REMAINS A PRIORITY Net debt (bn) Gearing ratio (times) 5.0 5 Net debt Gearing 4.0 4 Continued strengthening the balance sheet 3.0 3 Significant deleveraging achieved…
Overview presentation CAPITAL ALLOCATION FRAMEWORK DEBT AND LIQUIDITY INVESTING IN OUR BUSINESS SHAREHOLDER RETURNS Balance sheet robust to Apply strict criteria to allocate Demonstrating financial future oil price volatility…
Overview presentation
Overview presentation MAXIMISING PRODUCTION IN WEST AFRICA Growing & sustaining our production business Ramping up production to 100,000 bopd net in 2019 Infill, near-field & exploration opportunities to sustain & grow production…
Overview presentation PRODUCTION OPERATIONS ACROSS WEST AFRICA Ghana infill programme delivering results New wells meeting/exceeding expectations Seven new wells planned in 2019 180,000 bopd gross production forecast 2019 Focus…
Overview presentation GHANA RESERVES & RESOURCES: FIELDS IN EARLY LIFE TEN & Jubilee Fields Significant reserves & resource base Fields in early life; only 25% of reserves & resources produced Progressively maturing 2C into 2P,…
Overview presentation GHANA LONG-TERM PRODUCTION OUTLOOK 200,000 Prospective 3P Reserves Production rate (bbl oil per day) 2C Resources TEN 2P Reserves 150,000 Jubilee 2P Reserves 100,000 50,000 0 2018 2019…
Overview presentation CENTRAL & WEST AFRICA PERFORMANCE Booked net resource Reliable long-term production with capex flexibility 35,000 Potential business 30,000 Cte dIvoire development Net Production (boe/day)…
Overview presentation
Overview presentation DEVELOPING OUR DISCOVERIES: EAST AFRICA PRODUCTION HUB Group net oil production growth 150 KENYA UGANDA MATERIAL OIL DISCOVERIES 560mmbo 1.7bbo 125 Gross 2C resource Gross 2C resource 100…
Overview presentation DEVELOPING KENYA'S DISCOVERED RESOURCES South Lokichar development plan Agete Erut Discovered resources support development via Etom export pipeline to Lamu TWIGA 9 wells Ekales 1 pad Phased development…
Overview presentation KENYA STEPPING STONES TO FID To achieve FID in 2019, the following tasks must be completed: Complete pipeline & Submit Environmental upstream Front End and Social Impact Engineering & Design Assessment…
Overview presentation
Overview presentation EXPLORATION CRITERIA FOR VALUE CREATION Targeted exploration Light conventional oil COMMERCIAL SCREENING Low cost simple wells Tested at 50/bbl Low complexity deep water Low cost of development HIGH MARGIN…
Overview presentation FINDING NEW OIL EXECUTING OUR EXPLORATION PROGRAMME 2019 2020 2021 GUYANA 1 priority SURINAME Ranked highly CTE DIVOIRE COMOROS Material entries PERU MAURITANIA/ Prospect NAMIBIA/ JAMAICA…
Overview presentation 2019 DRILLING FOCUS ON GUYANA 4BBO Gross mean un-risked resources ORINDUIK KANUKU Shelf-edge acreage in JETHRO CARAPA industry hot-spot prospect selected for 2Q 2019 drilling prospect selected for…
Overview presentation GUYANA: ORINDUIK-KANUKU BLOCKS Multiple Cretaceous and Tertiary leads & prospects Tullows acreage sits up dip of giant Liza discoveries Transformational opportunity with multiple follow-up potential…
Overview presentation SPOTLIGHT ON CTE DIVOIRE 1.5 BBO Low-cost Using both Carried work High-value Light footprint Gross mean un-risked exploration in proven & programme; barrels & low execution across resources core West…
Overview presentation SPOTLIGHT ON COMOROS 7 BBO 17 Leads 16,063 sq km 35% equity Large, operated, offshore oil play in East Africa Simple drilling and attractive fiscal terms Managed cost exposure in frontier acreage…
Overview presentation MATURING EXPLORATION ACREAGE FOR FUTURE DRILLING Suriname: low-cost oil plays; Araku-1 drilled in 2017; further prospects being evaluated Mauritania: low-cost shelf-edge oil plays, 3D seismic acquired;…
Overview presentation
Overview presentation 2019 OUTLOOK GENERATE DISCOVER significant free cash flow oil in Guyana RETURN GROW 100m MAINTAIN net production minimum cost discipline dividend ACHIEVE Uganda & COMPLETE Kenya FIDs Uganda…
Overview presentation 2019 DATA OVERVIEW Group average working interest production - 2019 forecast Operating data 2019 FY 2019 Forecast forecast OIL PRODUCTION (bopd) OPERATING COSTS 1 (/boe) Ghana 73,000 Equatorial Guinea 14.5…
Overview presentation Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT Follow Tullow on: United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: irtullowoil.com Web: www.tullowoil.com…
Loading...
