Business
AGM Statement
AGM Statement.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n\n\nTULLOW OIL PLC\n2023 Annual General Meeting - CEO Statement\n24 May 2023 - Tullow Oil plc (Tullow) issues the following statement from its Chief Executive Officer, Rahul Dhir, ahead of its Annual General Meeting (AGM). The meeting will take place at Tullow Oil plc, Building 9, Chiswick Park, London, W4 5XT at 11:00 BST today. We are also enabling shareholders to listen to the AGM as well as participate remotely. Instructions for joining the audio cast can be found at the end of this statement or within the Notice of Meeting.\nThe Group will publish a Trading Statement and Operational Update on 12 July 2023.\nStatement from Rahul Dhir, Chief Executive Officer, Tullow Oil plc:\n\"Dear Shareholders,\nI would like to take the opportunity at today's Annual General Meeting to reflect on the progress we have made since our last meeting and focus on the conviction we have that our business is on a path from recovery to growth. We find ourselves today at an inflection point. Strong operational and financial performance has created a business with strong foundations that is consistently delivering free cash flow, and concurrently, we have created a unique platform of assets and capabilities to deliver growth and value.\n2022 - a year of strong delivery\nAs I outlined at our 2022 Full Year results in March, it was a year of strong business and financial performance. The cornerstone of strong performance is always safety, and I am proud that we recorded a second successive year of industry top quartile safety performance with no recordable incidents and no Tier 1 or 2 process safety events during the year. Other notable milestones in the year included:\n- Group net production of 61,120 bopd, up 6% year-on-year, leading to free cash flow of $267 million.\n- Accelerated deleveraging to net debt to $1.9 billion, hitting our gearing target of below 1.5x, 3 years ahead of plan.\n- Excellent drilling and completion performance enabled us to accelerate the 2022 drill schedule and four Jubilee wells and two Enyenra wells were brought onstream during the year.\n- Transition of operatorship to Tullow on the Jubilee FPSO is resulting in increased uptime and lower operating costs.\n- &nbs...