2019 HALF YEAR RESULTS SUMMARY OF 2019 PROGRESS AND PERFORMANCE West Africa 89-93,000 Production forecast revised but low-cost production production forecast (bopd) assets continue to provide a solid base Cash flow 400m Business…
2019 HALF YEAR RESULTS WORKING RESPONSIBLY AS WE GROW OUR BUSINESS The focus of our growth ambitions ENVIRONMENTAL STEWARDSHIP Avoid, reduce & mitigate GHGs Deliver positive biodiversity impacts Independent & robust ESIA best…
2019 HALF YEAR RESULTS
2019 HALF YEAR RESULTS 2019 HALF YEAR RESULTS SUMMARY Underlying cash Revenue1 Adjusted EBITDAX Profit after tax2 operating costs 872 million 9.0/boe 1,623 million 103 million 1H 2018: 905 million 1H 2018: 10.9/boe 1H 2018:…
2019 HALF YEAR RESULTS DISCIPLINED CAPITAL INVESTMENT IN OUR BUSINESS MAXIMISING GROWTH FROM FINDING PRODUCTION DISCOVERED RESOURCES NEW OIL 1H 140m 33m 40m 16m 35m 248m 2019 Ghana Non-op Kenya Uganda* Exploration 1H 2018:…
2019 HALF YEAR RESULTS SUSTAINABLE FREE CASH FLOW GENERATION Free cash flow1 m 700 225m 423m 570m capex capex capex Factors impacting 2019 free cash flow: 600 Uganda 58/bbl Revised Group production forecast 500 543m 68/bbl…
2019 HALF YEAR RESULTS CAPITAL ALLOCATION FRAMEWORK DEBT AND LIQUIDITY INVESTING IN OUR BUSINESS SHAREHOLDER RETURNS Balance sheet robust to Apply strict criteria to allocate Sustain financial future oil price volatility capital…
2019 HALF YEAR RESULTS
2019 HALF YEAR RESULTS SOLID PRODUCTION BASE FROM AFRICAN ASSETS Confidence in underlying production business Assets continue to deliver strong free cash flow 2019 production impacted by TEN completions Revised oil production…
2019 HALF YEAR RESULTS GHANA PRODUCTION OPERATIONS Significant reserves & resource base Focus on maximising and sustaining long-term production Infill drilling programme continues with Maersk Venturer 7 new wells onstream and…
2019 HALF YEAR RESULTS CONTINUED REVIVAL OF OUR NON-OPERATED PORTFOLIO Portfolio provides a platform for growth Capex of 100m per year delivering 25,000 bopd net production Gabon exceeding expectations e.g. Simba-1 Additional…
2019 HALF YEAR RESULTS UGANDA DEVELOPMENT PROJECT AT AN ADVANCED STAGE 1.7bbo 230,000 Gross 2C bopd gross resource production PROJECT UPDATE Major technical aspects completed: FEED studies Tilenga ESIA approval Geophysical…
2019 HALF YEAR RESULTS PROJECT OIL KENYA STEPS TO FID PROJECT UPDATE 560 mmbo 60-80,000 Gross 2C bopd gross Significant progress made in 2019: resource production EOPS - Trucking 2,000 bopd, first export in Q3, well performance…
2019 HALF YEAR RESULTS FINDING NEW OIL EXECUTING OUR EXPLORATION PROGRAMME 2019 2020 2021 GUYANA Currently drilling PERU Forecast 2020 drilling SURINAME CTE DIVOIRE Seismic 2H 2019 COMOROS ARGENTINA New entries…
2019 HALF YEAR RESULTS 2019 GUYANA PROGRAMME TESTING THREE PLAY TYPES ORINDUIK KANUKU JETHRO JOE CARAPA Drilling ongoing Drilling planned to commence August 2019 Drilling planned to commence September 2019 100 30m 100 11m 200 20m…
2019 HALF YEAR RESULTS
2019 HALF YEAR RESULTS OUTLOOK FOR 2019 GENERATE DISCOVER strong free cash flow oil in Guyana DELIVER RETURN solid 100m MAINTAIN production minimum cost discipline dividend PROGRESS Uganda & Kenya OPERATE COMPLETE FIDs…
2019 HALF YEAR RESULTS
2019 HALF YEAR RESULTS OUR PORTFOLIO OF ASSETS NEW VENTURES - exploration EAST AFRICA - development Extensive acreage in Africa and South America, in Kenya well-known plays Significant discoveries in South Lokichar basin Multiple…
2019 HALF YEAR RESULTS 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…
2019 HALF YEAR RESULTS 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…
2019 HALF YEAR RESULTS DEVELOPING KENYA'S DISCOVERED RESOURCES South Lokichar development plan Discovered resources support development via export pipeline to Lamu Phased development approach planned Incremental developments to…
2019 HALF YEAR RESULTS EXPLORATION CRITERIA FOR VALUE CREATION Targeted exploration Conventional light sweet oil COMMERCIAL SCREENING Low cost simple wells Tested at 50/bbl Low complexity operations Low cost of development HIGH…
2019 HALF YEAR RESULTS GUYANA EXPLORATION CAMPAIGN COMMENCED 4BBO Gross mean un- risked resources Multiple prospects Transformational Shelf-edge acreage in up-dip of giant oil basin-wide opportunity industry hot-spot…
2019 HALF YEAR RESULTS 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…
2019 HALF YEAR RESULTS EXPLORATION DRILLING CONFIRMED FOR 2020 PROGRAMME Suriname: Trigger well with significant follow on potential MARINA 350m 1H 2020 Goliathberg-Voltzberg North prospect water depth drilling prospect Located…
2019 HALF YEAR RESULTS BUILDING NEW ACREAGE ACROSS EXPLORATION PORTFOLIO Argentina: Successful bid-round Entry to three offshore blocks in Malvinas West Basin Shallow water Tertiary and Cretaceous turbidite plays Geological studies…
2019 HALF YEAR RESULTS 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…
2019 HALF YEAR RESULTS 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…
2019 HALF YEAR RESULTS 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 64,000 Equatorial Guinea 15…
2019 HALF YEAR RESULTS 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…
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