Business
TULLOW OIL PLC - 2022 FULL YEAR RESULTS
TULLOW OIL PLC - 2022 FULL YEAR RESULTS.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \n \n Tullow oil PLC - 2022 FULL Year Results\n \n \n \n 8 March\n \n \n 2023\n \n - Tullow Oil plc (\"Tullow\"), the independent oil and gas exploration and production group (\"Group\"), announces its Full Year Results for the year ended 31 December 2022. Details of a management presentation and webcast are available on the last page of this announcement or visit the Group's website www.tullowoil.com.\n \n \n \n \n \n Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:\n \n \n \n \"2022 saw Tullow successfully deliver against our business plan. A high focus on cost control and a disciplined approach to operational efficiency has driven a very strong performance for the year, with group production in line with guidance and expectations, delivering free cash flow of $267 million, lowering net debt to $1.9 billion and reducing cash gearing to 1.3x net debt to EBITDAX.\n \n \n \n \n \"Looking ahead, we have multiple catalysts to deliver further profitable growth. There is strong momentum across the portfolio with the commissioning of Jubilee South East on track for the second half of 2023, bringing undeveloped reserves online and Jubilee gross production to more than 100 kbopd before the end of the year. Engagements to secure a strategic partner for the Kenya development project continue and we are preparing a plan of development to monetise the remaining resources at TEN.\n \n \n \n \n \"We have created a unique platform of assets and capability, including industry leading safety performance, which positions us strongly to create significant value for all our stakeholders.\"\n \n \n \n \n \n \n 2022 FULL YEAR results HIGHLIGHTS\n \n \n · \n Significant growth in revenue to $1,783 million (including hedge costs of $319 million), representing a c.40% increase versus 2021.\n \n \n · \n Gross profit of $1,086 million (2021: $647 million); profit after tax of $49 million (2021: loss after tax of $81 million).\n \n \n · \n Increase in underlying operating cash flow1 to $972 million (2021: $711 million) and free cash flow1 to $267 million (2021: $245 million), despite increased capital expenditure of $354 million (2021: $263 million), decommissioning expenditure of $72 million (2021: $69 million) and $126 million consideration for the pre-emption transaction in Ghana.\n \n \n · \n ...