Business
2015 Full Year Financial Results
2015 Full Year Financial Results.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 5863O Tullow Oil PLC 10 February 2016 \n\nTullow Oil plc - 2015 Full Year Results\n2015 revenue of $1.6 billion and pre-tax operating cash flow of $1.0 billion\nTEN Project over 85% complete and on track for first oil between July and August 2016\nAction being taken to reduce $1.1 billion 2016 capex; Ability to reduce to $0.3 billion from 2017 \n10 February 2016 - Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, announces its full year results for the year ended 31 December 2015. Details of a presentation in London, webcast and conference calls are available on page 26 of this report or visit the Group's website www.tullowoil.com.\nCOMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE, SAID:\n\"Today's results demonstrate that Tullow adjusted well to low oil prices in 2015. We secured current and future cash flow through good operational delivery in West Africa, continued to build our resource base in East Africa, significantly cut costs across the Group and benefitted from our strong hedging position. Our challenge in 2016 is to be equally robust in responding to the uncertainties that remain in the sector. In the year ahead, we have three key priorities: ensuring continued low cost production from West Africa - including the start-up of production from TEN between July and August 2016; driving further reductions in operating costs and capital expenditure; and focusing on deleveraging the balance sheet through free cash flow generation and strategic portfolio management. As we look ahead, we have a portfolio of world class, low cost oil assets which will produce around 100,000 bopd in 2017 and a major position in one of the world's newest, low cost, oil provinces in East Africa, both enabling us to create substantial value.\"\n2015 FULL YEAR RESULTS summary\n\n\n\n\n· \n\n\nRevenues down 27% on previous year; write-offs and impairment charges also impacted by the oil price decline, \nresulting in a loss after tax of $1.0 billion. Strong operating cash flow generation of $1.0 billion from stable production. \n\n\n\n\n· \n\n\nYear-end 2015 net debt of $4.0 billion with significant facility headroom and free cash of $1.9 billion. RBL and RCF \ncapacity increased by $450 million in March 2015; banking discussions with regard to March 2016 re-determination hav...