Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2024 Earnings Presentation
15 slides from Tullow Oil's earnings presentation, Aug 7, 2024
Slide 1: 2024 Half Year Results
2024 Half Year Results 7 August 2024
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected herein to be reasonable in light of the informa
Slide 3: Overview
Overview 2024 Half Year Results
Slide 4: Building a unique Pan-African platform
Building a unique Pan-African platform Tullow is well positioned with a reputation as a trusted partner and responsible operator Africa: a growing global energy supplier Tullow: opportunities to • 8% of global energy supply; potential to play growing role utilise expertise in energy mix • Significan
Slide 5: Financial
Financial 2024 Half Year Results
Slide 6: 2024 Half Year Results
2024 Half Year Results Improved key metrics compared to 1H 2023 1H23 Actual 1H24 Actual Production 60.8 kboepd 63.1 kboepd Oil price $ 73.3 /bbl $ 77.7 /bbl realised realised Capital expenditure $ 187 million $ 157million Decommissioning $ 44million $ 9million Free cash flow $ (142) million $ (126)
Slide 7: Reiterating 2024 full-year guidance
Reiterating 2024 full-year guidance Sustainable, cash generative business providing investment optionality 1H-2H cash flow drivers 1H24 2H24 62-68 Production kboepd expected to be at lower end of the range Production (62-68 kboepd) C.$230 million Capex reduced by $20 million versus previous guidance
Slide 8: Continued balance sheet strengthening
Continued balance sheet strengthening Net debt evolution No uncovered debt maturities until May 2026 $2.4bn Track record of managing maturities and reducing net debt YE20 • Over $700 million net debt reduction 2020-23 $2.1bn Demonstrated access to long-term capital YE21 • $2.7 billion raised over 20
Slide 9: Operations
Operations 2024 Half Year Results
Slide 10: Jubilee entering period of lower capital intensity
Jubilee entering period of lower capital intensity Field continues to underpin and deliver material cash generation Drill programme completed safely, and ahead of schedule • Completed approximately six months early and with zero recordable EHS incidents Final well of campaign onstream in June 2024 •
Slide 11: Strong production from TEN and Non-op portfolio
Strong production from TEN and Non-op portfolio Ongoing optimisation of fields delivering results TEN 1H24 FPSO uptime Non-op c. 96% 1H24 production above expectations 1H24 production in-line • Positive reaction to injection and optimisation Simba re-start 2H24 Additional Ntomme/Enyenra projects • P
Slide 12: FID taken on unique nature-based carbon offset initiative
FID taken on unique nature-based carbon offset initiative In partnership with the Ghana Forestry Commission Emissions Reduction Purchase Agreement (ERPA) • Project will deliver high integrity, certified carbon offsets in line with Tullow’s 2030 Net Zero roadmap Up to 1 million tonnes per annum of ce
Slide 13: Conclusion
Conclusion 2024 Half Year Results
Slide 14: Strong FY 2024 outlook; continued business delivery
Strong FY 2024 outlook; continued business delivery A cash generative platform for growth 2024 delivery and outlook Compelling value Continued focus on costs and capital discipline proposition Strong financial and operational performance Increased oil price upside exposure Cash-generative business O
Slide 15: Tullow Oil plc
Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com