2021 Half Year Results Tullow Oil plc 15 September 2021 Public
TULLOW OIL PLC - 2021 HALF YEAR RESULTS 15 September 2021 Tullow Oil (Tullow) announces its Half Year results for the six months ended 30 June 2021. Details of the presentation (virtual) and conference call are available on the last page…
ESG Net Zero 2030 Tullow is committed to becoming a Net Zero Company by 2030 on its Scope 1 and 2 emissions. Over the period, this will be achieved through a combination of decarbonising its operated assets in Ghana and pursuing a…
Operational improvement plan The operational improvement plan in Ghana is an important part of our strategy to optimise reservoir performance, address production decline and support long term stable production. The plan is delivering good…
Operating costs, depreciation and expenses Underlying cash operating costs amounted to 143 million; 12.9/boe (1H 2020: 155 million; 11.0/boe). The increase in cash unit operating costs is principally due to lower production and increased…
active markets. To the extent that market prices are not available, fair values are estimated by reference to market-based transactions or using standard valuation techniques for the applicable instruments and commodities involved. All of…
Profit/ (Loss) after tax from continuing activities and earnings /(loss) per share The profit after tax for the period amounted to 93 million (1H 2020: 1,327 million loss). Basic earnings per share was 6.5 cents (1H 2020: basic loss per…
throughout the going concern period required to reduce headroom to zero during the assessment period is 42/bbl. Based on the analysis above, the Directors have a reasonable expectation that the Company has adequate resources to continue…
Independent review report to Tullow Oil plc Conclusion We have been engaged by the Tullow Oil Plc (the Company) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2021…
Condensed consolidated income statement Six months ended 30 June 2021 Six months Six months Year ended ended ended Notes 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Continuing activities Revenue 6 726.8 731.0…
Condensed consolidated statement of comprehensive income and expense Six months ended 30 June 2021 Six months Six months Year ended ended ended 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Profit/ (loss) for the…
Condensed consolidated balance sheet As at 30 June 2021 Six months Six months Year ended ended ended 30.06.20 30.06.21 31.12.20 Restated Unaudited Audited Unaudited Notes m m m Assets Non-current asset Intangible…
Condensed statement of changes in equity As at 30 June 2021 Equity component Foreign Hedge of currency reserve Share Share convertible translation Hedge Time Merger Retained Total capital premium bonds reserve1 reserve2 value reserve…
Condensed consolidated cash flow statement Six months ended 30 June 2021 Six months Six months ended ended Year ended Notes 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Cash flows from operating activities Profit/…
Notes to the condensed financial statements Six months ended 30 June 2021 1. General information The condensed financial statements for the six-month period ended 30 June 2021 have been prepared in accordance with UK adopted…
3. Accounting policies continued analysis above, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they have adopted the going…
6. Segmental reporting continued Reconciliation of segment result Six months Six months Year ended ended ended 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Segment result 263.8 (1,195.7) (834.8) Add back…
6. Segmental reporting continued Ghana Non-Operated Kenya Exploration Corporate Total m m m m m m Six months ended 30 June 2020 Sales revenue by origin 480.1 250.9 731.0 Segment result (293.1) (368.6) (429.2) (93.2) (11.6) (1,195.7)…
6. Segmental reporting continued Sales revenue Sales revenue six months six months Sales revenue *Non-current *Non-current *Non-current ended ended Year ended assets assets assets 30.06.21 30.06.20 31.12.20 30.06.21 30.06.20…
7. Operating profit Six months Six months Year ended ended ended 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Operating profit is stated after charging: Operating costs 143.3 155.3 331.7 Depletion and amortisation…
9. Taxation on profit/ (loss) on ordinary activities The overall net tax expense of 120.4 million (1H 2020: credit of 108.7 million) primarily relates to expenses in respect of Ghana and West Africa non-operated assets net of…
9. Taxation on profit/ (loss) on ordinary activities continued Uganda Joint Venture Partner tax assessments TOTAL E&P Uganda B.V. and CNOOC Uganda Limited have reached a settlement with the Uganda Revenue Authority on all existing and…
10. Disposals continued Uganda 31.12.2020 Audited Book value of assets disposed m Intangible exploration and evaluation assets 580.4 Trade receivables 0.3 Other current assets 2.8 Total assets disposed 583.5 Trade and other…
11.Intangible exploration and evaluation assets continued In the prior year, the Group received a licence extension in Kenya to 31 December 2021. In order to obtain a further license extension, the Group is required to submit a…
12. Property, plant and equipment Other Other property, Right of Other Oil and Right of property, Oil and Right of plant and Oil and use property, gas assets use plant and Total gas assets use equipment Total gas assets plant and…
12. Property, plant and equipment continued Trigger for 30.06.21 impairment/ Impairment/ Remaining (reversal) (reversal) recoverable six months 30.06.21 amount ended (unaudited) (unaudited) 30.06.21 m m Limande and Turnix CGU…
12. Property, plant and equipment continued The Group applied the following nominal oil price assumption for impairment assessments: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 onwards 1H20 40/bbl* 45/bbl* 50/bbl 55/bbl 60/bbl 60/bbl…
16. Assets and liabilities classified as held for sale On 9 February 2021, the Group announced that it had signed two separate sale and purchase agreements with Panoro Energy ASA of its entire interest in Equatorial Guinea and its entire…
18. Borrowings 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Current Borrowings within one year 6.625% Convertible Bonds due 2021 (300 million) 297.8 290.9 6.25% Senior Notes due 2022 (650 million) 646.7 7.00%…
18. Borrowings continued Senior Notes covenants The Senior Notes are subject to customary high yield covenants including limitations on debt incurrence, asset sales and restricted payments such as dividends. The key debt incurrence…
21. Contingent Liabilities 30.06.21 30.06.20 31.12.20 Unaudited Unaudited Audited m m m Contingent liabilities Performance guarantees 102.8 111.6 115.6 Other contingent liabilities 83.6 116.5 82.9 186.4 228.1 198.5 Performance…
Commercial Reserves and Contingent Resources summary working interest basis Ghana Non-Operated Kenya Exploration Total Oil Gas bcf Oil Gas Oil Gas Oil Gas Oil Gas Total mmbbl mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboe COMMERCIAL…
Alternative performance measures The Group uses certain measures of performance which are not specifically defined under IFRS or other generally accepted accounting principles. These non-IFRS measures include capital investment, net debt,…
Net debt Net debt is a useful indicator of the Groups indebtedness, financial flexibility and capital structure because it indicates the level of cash borrowings after taking account of cash and cash equivalents within the Groups business…
Underlying cash operating costs Underlying cash operating costs is a useful indicator of the Groups costs incurred to produce oil and gas. Underlying cash operating costs eliminates certain non-cash accounting adjustments to the Groups…
Free cash flow Free cash flow is a useful indicator of the Groups ability to generate cash flow to fund the business and strategic acquisitions, reduce borrowings and provide returns to shareholders through dividends. Free cash flow is…
EVENTS ON THE DAY In conjunction with these results, Tullow is conducting a virtual presentation webcast. 09:00 GMT UK/European conference call To access the call please dial the appropriate number below shortly before the call and ask…
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